Picture: Soon Japanese ladies have to do with less luxury handbags!
Which is the world’s biggest luxury goods market? Nope, not Europe and neither is it the United States. It’s Japan. With about 40% of world luxury consumption luxury goods, they have achieved the mainstream market in the land of the raising sun. Gucci, Louis Vuitton and the lot grew not because of superrich buyers, but because the middle-class Japanese buyer kept on splurging. With Japanese’s economy stagnating and spending power decreasing, so do sales at the luxury brands outlet. And maybe the Japanese market is just the first luxury market to go into decline. The USA and also Europe will surely follow. In the future the waiting-lists of Hermes bags and Panerai watches will surely decline.
Read more here: http://www.economist.com/business/displaystory.cfm?story_id=12270950
Comments