Chinese shoppers flock to Japan to take advantage of weak yen

TOKYO, Japan – Chinese shoppers are coming en masse to Japan to take advantage of the weak yen, and that should translate into a bit of a bottomline boost for Japanese retailers.

TOKYO, Japan – Chinese shoppers are coming en masse to Japan to take advantage of the weak yen, and that should translate into a bit of a bottomline boost for Japanese retailers.

There is good reason why iconic Japanese watchmaker Seiko has picked Chinese American actor and singer Wang Leehom to sell its brand. โ€œI have been collaborating with Seiko worldwide, in advertisements and at events,” he said.

โ€œAt the premium watch boutique, there were Chinese people waving to him from the bus,โ€ said Shinji Hattori, president and CEO of Seiko Watch. โ€œIt shows how extremely popular he is. His influence is great.โ€

That is exactly what Seiko wants – attracting the attention of Chinese buyers. The watches do not come cheap with some costing US$6,000, while the most expensive costs over US$250,000.

Chinese shoppers have been aggressively buying luxury items. According to the ministry responsible for tourism, Chinese visitors pay an average of ยฅ100,000 (US$800) for watches – more than any other nationality.

In the first six months of the year, the number of tourists from mainland China has doubled to more than two million.

One retailer at a popular mall says sales have improved 30 per cent compared to last year for everything from cosmetics to expensive booze.

โ€œSeventy per cent of our sales among foreign customer are Chinese,โ€ said Nobuhiro Hattori, manager of the marketing and sales planning section at Matsuya. โ€œThey are our very important customers.โ€

The weaker yen is proving to be a boost for retailers in Japan, with Chinese tourists buying everything from shoes to diamond wedding rings.

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Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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