Japanese luxury consumer profile suffers major changes

In a recent interview to Italian daily IL SOLE 24 ORE, Mr Francesco Formiconi, COO of GIORGIO ARMANI SpA for Japan, explained the major chages brought about by the crisis in the Japanese luxury consumer profile. He speaks about shame, guilt and fear of arrogance as the main factor which continues to keep Japanese consumers away from luxury stores, both highstreet and department stores. He gave the example of Takashimaya, Tokyo’s largest luxury department store and the luxury district of Ginza, pointing out to several examples of Japanese luxury consumers who prefer to buy discreetly luxury branded products such as Armani, while ”allowing” themselves to a ‘treat” at H&M and ABERCROMBIE, both brands showing spectacular sales increases in Japan.