From high end single malts to fine cuisine and fashion Japan has been gaga over luxury icons for as long as I can remember so are Japanese falling out of love with luxury as Michiyo Nakamoto suggests (Financial Times, June 3, 2009).
The first paragraphs of the piece outline the trend:
"Japan’s trend-chasing office workers and ladies who lunch are giving up
Louis Vuitton handbags and Chanel jackets for Zara dresses and Gap jeans, making what was a favourite market for luxury manufacturers into one of their biggest headaches.
The
downturn is forcing customers in Japan to scale back purchases of
luxury goods, accelerating a long-term shift in consumer attitudes,
according to a report by McKinsey, the consultants.
“This is not
a blip. This is a long-term shift in the market,” said Brian Salsberg,
the author of a McKinsey report on the Japanese luxury goods market,
the world’s second largest."
The Economist offered the same diagnostic with Japan’s luxury-goods market, Losing its shine in September 2008.
It's amazing how fast things change.
In its March 2007 newsletter, French luxury group PPR take on The luxury market in Japan: what’s the reality? was that (I quote) "In Tokyo, 92% of young 20-year-old women own a product from the Gucci brand" and "We have always known that the Japanese are passionate about quality and
sophistication. The trend is being confirmed in almost every industry,
from electronics to cars through cosmetics. It goes without saying that
luxury brands, held in adoration, are no exception to this wave."
Recently, some young Japanese seem more attracted by a return to rural (pastoral) life than a trip to the nearest Louis Vuitton shop.
Feel free to share your experience up close and personal of these changes if you live in Japan or visit frequently…
Ever changing moods for Tokyo Thursdays # 90
Last week on Tokyo Thursdays: Tokyo Beer and Blog, A Monthly Get Together: Locals and Expats Alike