Japan’s luxury buyers are back

7 years ago by in Entertainment, Featured

Japan’s luxury buyers are starting to return in the spotlight, more than one year after the natural disasters that affected the economy and shifted consumer attitudes.

According to the results of a survey to be released by research company McKinsey & Co., fewer than 20 percent of luxury goods-buying consumers are less interested in shopping such goods now, compared to before last year’s quake.

More than 1,400 people were surveyed. Among them, people in their 20s were the most ready to start buying luxury again. Only 10 percent of them said they were not ready to turn again to high-end labels.

Among consumers in their 20s, about 5 percent are now active on the luxury market. In contrast, consumers over 50 years old are active only 2.3 percent. The latter category was actually the most affected by the consequences of the natural disasters, with 28 percent of them saying they feel less attracted to buying luxury now.

According to McKinsey, Japan is the third-largest luxury market after the U.S. and China. It generates between $10 million and $20 million in annual sales.