Special Focus: Luxury Goods

Knowing the specifics of the Japanese market is vital for any project to succeed. This month in “Special Focus”, we focus on Luxury Goods. Information on the related sub-topics, latest reports, and webinars on this topic are available on the following links. 

Topics: 

The Japanese luxury market is one of the fastest growing in all of Asia. Increased interest in luxury goods by millennials and foreign tourists are boosting the industry with two-digit growth rates. Not only prestigious foreign brands are on the rise, but local luxury goods are also in high demand. The period of growth is expected to continue – 82% of luxury brand executives surveyed that their sales outlook was significantly better for 2017 than for 2016, and annual spending on luxury goods is now at about 33 billion euros with a growth of 8% each year. To read more, please click on the link below: 

About Luxury Goods

Japan is the third largest jewellery market in the world. With a large customer base willing to spend much on precious objects, the Japanese jewellery market is thriving once again. The recent years are marked by strong growth rates in the luxury sector in general, with inbound tourism contributing to the success of domestic retailers. Ahead of the 2020 Tokyo Olympics, the number of luxury-loving tourists is expected to increase dramatically, and companies are preparing for a rapid growth in the near future. To find out more, please see below:

Jewellery

Japan’s cosmetic market is growing at a fast pace, and companies are observing a steady increase in their sales. Japan’s domestic cosmetics market attained a value of 2,471 billion yen in FY2016, an increase of 2.9% relative to the previous year. Inbound tourism contributed largely to a stable market, and all cosmetic categories have exceeded the sales of FY2015. Skincare remains the most important category with over 46% of the market, with successful subcategories including sensitive skincare and natural/organic cosmetics. In the men’s cosmetic market, odour controlling haircare products have been popular. For further reading, please click below:

Cosmetics & Perfumes

   

Publications:

The Japanese market for silver jewellery represented a total market value of 220 billion yen in 2017, while the country was ranked fastest growing market for diamond jewellery in the world with 8.1 percent growth in 2016. The report titled "Opportunities for European SMEs on the Japanese Jewellery Market" provides an overview of the Japanese jewellery market, including key market segments, strategic price points, current market trends and future direction of the market. Furthermore, it provides a critical discussion of distribution channels on the Japanese market and, through a number of company case studies, it gives specific advice and practical guidance on how to evaluate the different market entry options. To access the report, please click below:

Report: Opportunities for European SMEs on the Japanese Jewellery Market

Although Japan is the second largest cosmetics market in the world, its specificity and complexity can prevent European companies, in particular the SMEs, from exploring its full potential. The report titled "Japanese Cosmetics Market Obstacles and Opportunities for European SMEs" provides compehensive information about the Japanese cosmetic market, focusing on the new trends and the promising sub-sectors, and highliting the way to successfully enter this promissing market. For further reading, please click below: 

Report: Japanese Cosmetics Market Obstacles and Opportunities for European SMEs  

The Japanese market represents a great opportunity for Europeans a when it comes to Cosmetics. However, the unique and complicated exporting/importing procedures and requirements, as well as the lack of documentation in English, prevents exploring the full potential of this market. This Guide titled "Exporting/Importing Cosmetics to Japan" attempts to provide a contribution towards bridging the information gap, covering the whole legal and administrative process of exporting/importing cosmetics to Japan.  

Report: Guidebook for Exporting/Importing Cosmetics to Japan

Past Webinar:

The Japanese Jewellery Market

The aim of this webinar was to present an overview of trends and opportunities on the Japanese jewellery market, drawn from the experiences of European SMEs, and to deliver strategic insight, tactical guidance and real-life examples of how to succeed in the Japanese jewellery market. The webinar included an overview of the Japanese jewellery market, a critical discussion of distribution channels on the Japanese market and practical guidance on how to evaluate the different market entry options, and a presentation of new ways to rethink strategy and market entry on the Japanese jewellery market. Case studies and company examples were introduced to show novel approaches to market entry. 

Webinar: The Japanese Jewellery Market