Japan has been the El Dorado for the luxury industry – the Japanese consumer accounts for 30 to 40 per cent of global revenues for leading luxury brands. It is also the number one in terms of penetration – for example, as many as 94 per cent of Tokyo women in their 20s own a Louis Vuitton piece.
With other countries in Asia now posting dramatic economic growth, the question is whether the Japan luxury story will be repeated. China, and eventually India, will develop into Japan-sized luxury markets, but there will be a significant qualitative difference. Japanese consumers are special in that they have always had a deep appreciation for the keener aspects of luxury. A sense of aesthetics, an understanding of craftsmanship, an eye for quality, a reverence for heritage, a thirst for detailed know-how are programmed into the Japanese DNA – it is as if the Japanese consumer was purpose-built for luxury.
