In 2019, the long-delayed rise in VAT boosted sales of luxury jewellery as consumers rushed to purchase products before it was finally implemented in October. This demand was bolstered by the aggressive activity of department stores, which held jewellery fairs in the September immediately prior to the tax increase.
Prior to the pandemic, e-commerce was forcing store-based retailers to focus on enhancing key competitive advantages, and particularly consumers’ in-store experience. At the same time, the digitalisation of Japanese culture and the rise of e-commerce had been blurring the boundaries between traditional store-based retailing and e-commerce.
Despite all the unprecedented negative pressures on the category in 2020, luxury jewellery captured the tail wind from the ongoing active appetite to shop for luxury goods among the most affluent consumers in the domestic market. Many consumers bought luxury jewellery with the government cash hand out of JPY100,00 in order to commemorate COVID-19 and create a special memory.
The luxury jewellery category in Japan plummeted in 2020 as people chose to stay at home and work from home in a bid to avoid transmission of the virus. Stores also closed or introduced shorter opening hours.
In order to continue to appeal to ever-changing circumstances and consumer demand, luxury jewellery is expected to increasingly be marketed to appeal to customers’ emotions. Luxury jewellery is often purchased to commemorate an event, such as a wedding, with each piece having a unique meaning and backstory for its owner.
In the mid-to-longer term, luxury jewellery is expected to recover to pre-pandemic levels by 2023 supported by the return of inbound tourists to Japan and a steady recovery of the country’s economy. Men’s luxury fine jewellery is expected to outpace women’s luxury fine jewellery although growth will be from a much lower base, given its niche status.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Jewellery research and analysis database.
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