Today ’ s Japan is very different though ! Thanks partly to charismatic Prime Minister Shinzō Abe ' s economic strategy known as ‘ Abenomics ’… Launched in 2013 , the new economic policy laid out a plan to end the country ’ s years-long economic slump ( short-term goals being to boost GDP and raise inflation to 2 % while the long-term agenda is aimed at stimulating competition and cementing trade partnerships ). As per experts , this has propelled the country ’ s economy into a cycle of rising wages , spending and inflation . With unemployment rate going down and household wage increasing , consumer spending is at an all time high – aptly reflected in Bank of Japan ’ s forecast for 2018 that has pegged the rise of GDP to 1.4 per cent . Hence , the Japan market is poised for considerable growth in the coming days . |
There are more than 40 apparel items that we export to Japan ... Currently we are mostly doing the basic items , but if we intend to capture markets like Japan , we would have to come up with fancy , fashionable , and value-added items .
– Mohammed Nasir
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market volume of US $ 35.83 billion at the start of 2018 ) is expected to fuel the growth of the market . The women ’ s section with its strong inclination for fashionable and value-added products is made up of primarily two extremes . If the low-end part consists of reasonablypriced apparels and fashion accessories , the high-end comprises of expensive clothing items .
As per Euromonitor , sportswear has also witnessed substantial growth in 2017 following the athleisure trend gaining popularity in Japan … Thanks to the young consumers who enjoy
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sportswear as a fashion item as well as for sporting activities . People in the age group of 40s and 50s are also said to form a substantial chunk purchasing such products . The report further underlined that in footwear and apparels , there is a strong polarisation among the priceconscious consumers , many of whom are willing to invest in products with additional functions or offering extra comfort , and these products are mostly business related such as businesswear , belts , and bags .
Meanwhile Statista , in its outlook for the Japan market , has put women ’ s
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Market Dynamics |
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As per Statista , revenue in the Japan apparel market at the start of 2018 amounted to US $ 87.32 billion , which is expected to grow annually by CAGR 1.9 % to touch US $ 92.40 billion by 2021 .
The market ’ s largest segment , women ’ s / girls ’ apparel ( with a
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