30 Apr '17, 1pm

Luxury spending trends 2017: Japan second largest luxury market in the world

Luxury spending trends 2017: Japan second largest luxury market in the world

Tight-fisted shoppers, unsteady economic growth and a shrinking population: Japan doesn’t exactly fit the image of a spending powerhouse these days. But you would never know it in Ginza — Tokyo’s answer to the Champs-Elysees or Fifth Avenue — where a new 13-storey upscale mall is proving that Japan is still a whale in the luxury business. The country logs some $22.7 billion in annual spending on top-end goods made by brands including Chanel , Dior, and Prada , ranking it as the world’s number two luxury market behind the United States. “Luxury products may be more expensive, but they are very well-made,” said 79-year-old Toshiko Obu, carrying her longtime Fendi bag outside the Ginza Six building, which has been drawing big crowds since last week’s opening. Japan is renowned among the world’s priciest retailers for its discriminating clientele—Chanel tries to keep local cus...

Full article: http://www.luxuo.com/culture/luxury-spending-trends-2017-...

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