Chinese tourists revive Tokyo luxury goods market
TOKYO, Japan - It seems not all neighbors are bad neighbors, at least where Japanese tourism is concerned, seeing as Chinese visitors have helped boosting Japan’s economy as of late.
TOKYO, Japan – It seems not all neighbors are bad neighbors, at least where Japanese tourism is concerned, seeing as Chinese visitors have helped boosting Japan’s economy as of late.
According to China News, the number of Chinese tourists visiting Japan has roughly doubled since the summer of 2014, and the over 2 million new Chinese visitors have created new opportunities for the higher-end fashion brands, which have reopened their exclusive boutiques in Tokyo. Chinese visitors are known for appreciating the nicer things in life such as luxury goods, and have the means to bring a luxurious souvenir home from their fellow Asian countries.
Fueled by the strong purchasing power brought on by Chinese tourists, upscale central Tokyo districts like Ginza and Minato have once again become prime real estate for the biggest European fashion and jewelry houses such as Versace, Harry Winston, Max Mara or Saint Laurent, all of which are set to open, reopen or completely redo their boutiques in the coming fall to accommodate the higher requirements of powerful and sophisticated Chinese men and women.
According to the most recent numbers, these new store openings follow a trend which has already started back in 2014, as twelve luxury goods boutiques are said to have opened in the business districts last year, making for a record number of such openings in the last 25 years.
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Other significant numbers which have likely inspired all of the aforementioned fashion houses to reestablish themselves in Tokyo are the increase of over 30% in sales registered by the two most famous and exclusive luxury leather goods brands in the world – Louis Vuitton and Hermès – over the second quarter of 2015.
This data should not be surprising, however, as the Chinese are some of the biggest contributors to the luxury goods market globally, making up for roughly a third of such purchases worldwide. This is, however, still great news for the Japanese economy, as this kind of activity can serve as a great boost to the country, in more than one area.