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The Japanese economy in 2Q 2013 is forecast to see stable GDP growth of 0.7% (Q-o-Q, seasonally adjusted), after posting 1.0% in previous quarter, sustained by stable domestic demand such as robust consumer spending. Luxury goods like high-end watches and jewels have been reported to drive consumer spending by nearly 25% Y-o-Y growth in May, marked 5 months consecutive double digit rises according to the Japan Department Stores Association. Despite the recent volatility of stock prices, wealth effects are not said to be weakened. Notably sales of luxury brands have been trending upwards after temporary reactionary fall in sales caused by raised prices by the brands, followed by increased sales of casual wares.
Source : Cushman & Wakefield
