Economic woes cramp style of Japanese luxury shopp
By Sophie Hardach
TOKYO (Reuters) - Designer boutiques in Tokyo are still packed with well-dressed young people, but these days, few of them carry shopping bags.
As Japan's economy heads toward recession and its stock market hovers around a 5-year-low, shoppers are closing their wallets, and the impact on European fashion houses has been dramatic.
From Louis Vuitton to Versace, brands are testing new strategies for the world's second-largest luxury goods market after the United States, such as wooing the super-wealthy or using Tokyo as a shopping mall for the rest of Asia.
But so far, no company appears to have found the magic formula to cure Japan's luxury malaise.
"Some of my friends really like to buy designer brands, but in general, brands are less important now," said Hiromi Takahashi, a 38-year-old office worker wearing a black top embellished with studs and sequins.
"We all talk about food prices, oil, the cost of living."
Takahashi was browsing through Jean-Paul Gaultier jackets and Alexander McQueen tops at Via Bus Stop, a boutique in Tokyo's sleek Midtown shopping mall. She did not plan to buy any of the clothes, preferring cheaper labels.
Around her, young couples and groups of women were toting small gift bags with accessories by mid-range brands -- affordable treats in the midst of a shrinking economy.
Japan's gross domestic product contracted 0.7 percent in the April-June quarter, more than expected.
At the same time, prices are rising while wages are not. Core inflation was stuck at a decade-high 2.4 percent in August due to high fuel and raw material costs, but cash earnings actually slipped 0.3 year-on-year that month and household spending was down 4 percent.
No wonder consumer confidence hit a record low in September.
"It's not just luxury goods but also other clothes and eating out and cars and oil products, mainly because of the price rises," said Azusa Kato, chief economist at BNP Paribas.
She attributed the luxury goods slide especially to the decline in Tokyo's stock market, which hurt the middle class. The Nikkei share average has lost about 45 percent so far this year.
YOUNG SPENDERS
The downturn has also erased another much-cited Japanese phenomenon, the so-called "parasite singles," young professionals living with their parents who would spend all their money on Louis Vuitton wallets and Chanel bags.
長引く不況、先が見えませんね。こんな日本にも、今日なんかは、外国資本の日本店が原宿でオープンし数百人の日本人が開店前に並んだとか・・・。
日本への、有名ブランドの寝室も顕著ですが、直近のニーズに対応して、変革していく企業が生き残っていくようですね。
スニータは、ブランド物を身に付けていませんが、とってもチャーミングに僕の目には写ります。ファッション業界って言うのは、より一層細分化し、ターゲットを絞って行った方が、デパート業界のような不況に出会わないチャンスがあるんでしょうね。
TOKYO (Reuters) - Designer boutiques in Tokyo are still packed with well-dressed young people, but these days, few of them carry shopping bags.
As Japan's economy heads toward recession and its stock market hovers around a 5-year-low, shoppers are closing their wallets, and the impact on European fashion houses has been dramatic.
From Louis Vuitton to Versace, brands are testing new strategies for the world's second-largest luxury goods market after the United States, such as wooing the super-wealthy or using Tokyo as a shopping mall for the rest of Asia.
But so far, no company appears to have found the magic formula to cure Japan's luxury malaise.
"Some of my friends really like to buy designer brands, but in general, brands are less important now," said Hiromi Takahashi, a 38-year-old office worker wearing a black top embellished with studs and sequins.
"We all talk about food prices, oil, the cost of living."
Takahashi was browsing through Jean-Paul Gaultier jackets and Alexander McQueen tops at Via Bus Stop, a boutique in Tokyo's sleek Midtown shopping mall. She did not plan to buy any of the clothes, preferring cheaper labels.
Around her, young couples and groups of women were toting small gift bags with accessories by mid-range brands -- affordable treats in the midst of a shrinking economy.
Japan's gross domestic product contracted 0.7 percent in the April-June quarter, more than expected.
At the same time, prices are rising while wages are not. Core inflation was stuck at a decade-high 2.4 percent in August due to high fuel and raw material costs, but cash earnings actually slipped 0.3 year-on-year that month and household spending was down 4 percent.
No wonder consumer confidence hit a record low in September.
"It's not just luxury goods but also other clothes and eating out and cars and oil products, mainly because of the price rises," said Azusa Kato, chief economist at BNP Paribas.
She attributed the luxury goods slide especially to the decline in Tokyo's stock market, which hurt the middle class. The Nikkei share average has lost about 45 percent so far this year.
YOUNG SPENDERS
The downturn has also erased another much-cited Japanese phenomenon, the so-called "parasite singles," young professionals living with their parents who would spend all their money on Louis Vuitton wallets and Chanel bags.
長引く不況、先が見えませんね。こんな日本にも、今日なんかは、外国資本の日本店が原宿でオープンし数百人の日本人が開店前に並んだとか・・・。
日本への、有名ブランドの寝室も顕著ですが、直近のニーズに対応して、変革していく企業が生き残っていくようですね。
スニータは、ブランド物を身に付けていませんが、とってもチャーミングに僕の目には写ります。ファッション業界って言うのは、より一層細分化し、ターゲットを絞って行った方が、デパート業界のような不況に出会わないチャンスがあるんでしょうね。
- 始動 |
- comments(599) |
- trackbacks(0) |
- 2009-04-29 17:36:07