The Japanese luxury market is one of the fastest growing in all of Asia. Increased interest in luxury goods by millennials and GenZ are boosting the industry. Not only prestigious foreign brands are on the rise, but local luxury goods are also in high demand.
Japan is the third largest market in the world for cosmetics and personal care products. Even though the global pandemic resulted in a significant drop in consumer traffic and inbound tourism, the domestic market continues to grow.
Japan is the second largest jewellery market in the world, despite this fact the industry has remained flat over the past few years, and in the long term it is shrinking. This can be attributed to the decline in inbound demand from foreign visitors to Japan as well as the decline of domestic consumers and the tendency to marry later in life.
Joint venture established in 1987 by the European Commission (DG GROW) and the Japanese Government (METI) for promoting all forms of industrial, trade and investment cooperation between the EU and Japan.