Japanese marketing research company Yano Research Institute has recently released a market report, stating that the local jewellery market has seen positive signs as the economy is steadily recovering. The overall jewellery sales in Japan in 2013 recorded a significant up by five to six percent. In Q1 2013, it increased by 3.9 percent in value and 2.8 percent in quantity with an average unit price up by 1.1 percent. The statistics indicates an obvious recovery trend since the slowdown in jewellery sales from the earthquake in 2011 to late 2012.
In Q2 2013, jewellery sales continued its upward trend to 5.3 percent in value and 2.1 percent in quantity. Its average price recorded an increase of 3.1 percent. Company’s editor-in-chief Yutaka Fukasawa told Hong Kong Jewellery: “The positive sales in 2013 were due to two reasons. First, though the average unit prices at department stores had a considerably increase, products including branded jewellery, high-end jewellery, diamond jewellery and high-priced jewellery were sold particularly well. Some jewellery were even sold at over hundreds of million or several billions japanese yen. Second, the sales recovery was due to the improvement of economic conditions by ‘Abenomics’ effects and high stock prices. Past experience proved that Japanese jewellery market was closely influenced by the stock market.”
Fukasawa added: “The economy had developed rapidly in China and India over the past 10 years; therefore many worldwide brands have shifted their branches to the two countries from Japan. However, they are relocating to Japan in recent years due to an economic slowdown in the two countries.” Take the international luxury brand Graff as an example. The brand set up its first store in Tokyo in 2006. Besides expanding its retail network in China in past several years, Graff also opened three stores in Tokyo, Fukuoka and Osaka around 2012 and 2013. According to its company release, Graff’s new store in Hankyu, Osaka, will open soon.
In addition, the Japanese government has decided to raise its sales tax rate to 8 percent starting 1 April 2014, from the current 5 percent. Regarding the policy, Fukasawa expressed that local jewellery retailers had already planned to hold promotion activities in coming March in order to boost their sales. He expected that the jewellery sales in Q1 2014 would be going well. After the introduction of new tax rate, the sales performance may be slightly affected until the end of summer. Generally, the Japanese jewellery market will see a buoyant mood in 2014.
As for Japanese consumer’s jewellery preference, Fukasawa concluded: “Diamond is the Japanese’s favourite. Our survey indicates that over 60 percent of sales were from diamond jewellery. Additionally, they love coloured gemstone and platinum jewellery. Participants in the survey showed their increasing demand for jewellery with special design, for example, designer jewellery and unique gemstone- or golden pearl-set jewellery, etc.”
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