Retail value sales of luxury goods in Japan grew by 4% in 2023 in current terms, to amount to JPY5.3 trillion.
In 2023, sales of luxury goods increased even though there were headwinds caused by the cost-of-living crisis, the war in Ukraine, supply-chain issues and inflation. Japan is also home to numerous affluent adults, with around two million calling the country home in 2023, accounting for 2% of the population.
Luxury goods remains highly competitive. With mindfulness creeping into consumer choices, luxury players are focusing more on creating innovative products that offer consumers value, ensuring the affordability of their product and service portfolios.
Digitalisation is reshaping the luxury retail landscape, transforming the way consumers engage with luxury brands and retailers, and also influencing how they shop. This is leading to a rise in the importance of online shopping amongst some consumers, whilst also forcing retailers to rethink the role of physical outlets.
The outlook for luxury goods is positive on the whole, with the demand that built up during the pandemic likely to be released, leading consumers to buy more high-end goods during the forecast period. Retail sales of luxury goods in Japan look likely to rise at a CAGR of 2% in current value terms (0.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Japan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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