Japan Is Affected By The Economic Crisis, And Luxury Sales Are Down.
Designer brand shops in Tokyo are still full of delicate young men and women, but few of them are carrying shopping bags nowadays.
As the Japanese economy has declined and the stock market has been at a low level for five years, Japanese shoppers have tightened their purse strings, which has great influence on the European fashion industry.
In Japan, which is next to the US luxury market, the European fashion brand from Louis Weedon (LouisVuitton) to Versace (Versace) is testing new market strategies, such as attracting the top wealthy people or making Tokyo a shopping base for Asia. But at present, no company has found a cure for the disease in Japan's luxury market. "Some of my friends like to buy designer products, but now brands are not so important," said Takahashi Hiromi, a 38 year old white collar worker. "We are talking about food prices, oil and living costs."
Gaoqiao is looking at JeanPaulGaultier's jacket and AlexanderMcQueen's jacket at a boutique in Midtown, in the Tokyo shopping center, ViaBusStop, but says she is not ready to buy these brands, preferring to choose some cheaper brands.
Around her, young couples and girl students are carrying small shopping bags with mid - end brand accessories.
In June of April this year, Japan's gross domestic product (GDP) decreased by 0.7%, a drop larger than expected. At the same time, prices are rising while wages and salaries have not changed. In August, Japan's core inflation rate remained at a ten year high of 2.4%, but the cash income of the people actually decreased by 0.3% and household expenditure by 4%. "It's not just the luxury industry, the non luxury clothing industry, the catering industry, the automotive industry and the oil products industry have all been hit," said Kato Azusa, chief analyst at the Bank of Paris in France. She said the luxury industry was particularly affected by the decline in the Japanese stock market, which was greatly affected by the middle class.
In the bright store of Louis Weedon, the smiling lady of the shopping guide bowed to every visitor, and several guests were counting the bags, shoes and advanced ladies' clothes that cost up to 5000 dollars. When the Louis Weedon store opened, the long queue purchased outside the shop. "In this year, fewer and fewer guests came to the store," TakashiHara said. "The economy is on the decline. However, we have received more and more Chinese tourists.
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