Data
Staff Reporters
Nov 1, 2012

DATA POINTS: Japan's retains its appetite for luxury

Desire for luxury goods remains strong in Japan despite the tumultuous events of last year and continuing uncertain economic circumstances, according to a report by McKinsey & Company’s Consumer and Shopper Insights division. The Japan Luxury Consumer Survey, now in its fourth year, canvassed 1,450 consumers online between April and May.

Running against the predictions of many market observers, the study finds that attitudes to luxury purchases have changed little following last year’s earthquake. Less than 20 per cent of respondents showed diminished desire in shopping for luxury goods than before the disaster. Ten per cent of chief executives surveyed even said the event had a positive impact on company performance, and 70 per cent were optimistic about the short-term prospects for the luxury sector.

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