With the improvement of the economic situation and Japan’s bid to host the 2020 Olympic Games, Japan’s entire fashion industry is showing a positive and optimistic trend. Japanese retailers and fashion brands have clearly felt the improvement in market conditions in recent months. Consumer spending has also begun to increase, and the number of tourists has reached a record high.
But on the other hand, Japanese Prime Minister Shinzo Abe’s policy of increasing the sales tax from the original 5% to 8%, and even to 10% in 2015, is bound to have an impact on sales, coupled with the continued decline of the yen , the sales of overseas fashion brands may be greatly affected.
Mr. Tadashi Yanai, President of Fast Retailing Group, is conservative about the group’s full-year performance and believes that growth will slow down this year. Mr. Kazumasa Terada, President of Samantha Thavasa Company, also said that if wages do not change, the increased sales tax will definitely give Japan People bring a lot of pressure. According to CLSA’s survey, a large number of Japanese consumers expressed their desire to purchase luxury goods such as jewelry and clothing before the sales tax was raised, which may drive luxury consumption in Japan.
In addition, the Japanese tourism industry, which has been deeply affected since the 2011 tsunami, is also showing a recovery trend. The number of tourists in Japan exceeded 1 million in July, setting a record high. Most of the tourists are from South Korea, Taiwan and China. They It also drives a considerable portion of consumption.
