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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