According to a latest report from McKinsey, Japan's luxury market is getting better.
McKinsey dose survey on common consumers and professionals respectively. It finally concludes that Japanese consumers become more cautious when they decide whether to buy luxury products or not. What's more, price becomes a more important factor than ever. However, it is sure that Japan's luxury market is on its way of recovery.
Although Japan's luxury market won’t surge, consumers' confidence improve significantly. 80% of 15 senior officials of luxury brands surveyed say that performances of their companies in 2010 are better than that in 2009. 33% of them predict that their sales will increase over 10%.
In 2009, 21% Japanese consumers thought that affordable common products could well meet their requirements, so there was no need to buy luxury products. In 2010, this rate decreases to 12%. All these statistics show that Japanese consumers' confidence improves.
