Japan has been a consistent champion in the global market for luxury
goods. In 2015, Japan was the second-largest luxury goods market in the
world, worth €20 billion (about $22.7 billion), according to data
provided by consulting firm Bain & Company. In 2015, the nation’s
luxury goods market grew 13 percent at current exchange rates (9 percent
at constant exchange rates).
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Last year, 19.7 million overseas tourists landed in Japan, according to
the Japan National Tourism Organisation. About 5 million were from China
— an increase of over 100 percent on the previous year. And they came
to shop: of the record-breaking ¥3.48 trillion (about $31 billion) spent
by foreign visitors in Japan last year, Chinese people accounted for
40.8 percent.
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According to the New World Wealth APAC Wealth Forecast, in 2015, Japan
had 1,260,000 high net worth individuals (individuals with net assets of
$1 million or more), more than twice as many as China (654,000).
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