Luxury goods in 2024: The big picture
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.
2024 key trends
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.
Competitive landscape
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.
Retailing developments
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.
What next for luxury goods?
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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Overview:
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:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
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.
The Luxury Goods in Japan report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in Japan?
- Which are the leading brands in Luxury Goods in Japan?
- How are products distributed in Luxury Goods in Japan?
- How important is tourism in evaluating demand for Luxury Goods in Japan?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in Japan
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Japan
KEY DATA FINDINGS
Luxury foodservice drives growth in experiential luxury, thanks to new openings
Armani leads experiential luxury with an award-winning restaurant
Interest in wellness and self-care creates opportunities for players in experiential luxury
New hotel openings will support growth for luxury hotels
Government push towards Japan as a tourist nation will change experiential luxury
Fine Wines/Champagne and Spirits in Japan
KEY DATA FINDINGS
Solid value growth observed, while volume growth is limited
Other fine wine and other luxury spirits continue to perform well in 2024
MHD Diageo Moët Hennessy KK continues to lead a highly fragmented category
Fine wines/champagne and spirits forecast to see rising retail current value sales, backed by the Experience More trend
Premiumisation in Japanese sake and whisky will continue to support value growth
Increase in inbound tourism will support growth
Premium and Luxury Cars in Japan
KEY DATA FINDINGS
A more challenging year, but still up historically
The stand-out performance of Lexus propels it into the lead
Hybrids preferred by Japanese consumers
Ultra luxury set to drive demand
Differentiation influences purchasing decisions
Electric vehicles set to grow despite limited infrastructure and policy hurdles
Personal Luxury in Japan
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear)
Luxury eyewear
Luxury jewellery
Luxury leather goods
Luxury wearables
Luxury timepieces
Luxury writing instruments and stationery
Super premium beauty and personal care
A physical presence will be important to serve inbound tourism demand
Entry-level luxury key to attracting new consumers
Domestic luxury brands appeal to a global audience
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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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 definitionsWhy buy this report?
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This report originates from Passport, our Luxury Goods research and analysis database.
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