Retail value sales of luxury goods in Japan are set to increase in current terms in 2024, although growth is expected to be slower than in the previous few years. While in previous years, there was recovery from the COVID-19-related decline in 2020, sales of luxury goods had already returned to the pre-pandemic (2019) level, therefore limiting the growth prospects in 2024.
Experiential luxury is expected to show the strongest retail current value growth in Japan in 2024, driven by consumers’ increasing desire for unique and memorable experiences. This trend is evident as more individuals are willing to spend money on high-end experiences, rather than just products.
Toyota Motor Corp regained the lead within luxury goods in Japan in 2023, thanks to the success of its Lexus luxury cars brand. Over the early review period, Daimler AG held leadership of luxury goods due to the consistent performance of its Mercedes-Benz brand.
Despite the rise of retail e-commerce, physical shopping remains the cornerstone of sales of luxury goods in Japan. The in-store experience offers a unique combination of sensory stimulation, personalised service, and a sense of exclusivity that is difficult to replicate online.
Luxury goods in Japan showed a robust rebound in sales post-COVID-19, but after the expectation of a slowdown in retail current value growth in 2024, this trend is set to continue into the forecast period. This deceleration is mainly attributed to weak local demand resulting from economic uncertainties and a shrinking population.
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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.
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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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