Overall Japan's household spending in November 2022 fell 1.2% from the previous year in inflation-adjusted real terms, marking the first drop in six months. General retail sales in Japan rose 3.8% in December 2022 compared to a year earlier, exceeding forecasts for 3% growth and following a 2.5% gain in November.
However, the sales growth of platinum jewellery narrowed to 0.5% YoY in Q4, but growth was particularly strong among department stores (+10%) YoY and non-store channels. Contemporary chains and traditional chains had a weaker performance with a year-on-year sales decline.
By jewellery product type, Kihei chains led the growth, while men’s jewellery, necklaces/pendants, fashion rings, bracelets and earrings all had positive growth in sales. The only exception was bridal jewellery, due to prolonged COVID-19 having a negative impact on the number of marriages taking place in Japan.
By 2023, life in Japan is expected to regain leading normalcy with demand for jewellery to expand, although jewellery purchases, especially recovery in bridal jewellery sales.
Platinum Woman entered its third year in Q4 2022, with its new collection and brand videos launched in November for the winter season, seeing retail partners’ sales continue to grow in both Q4 and 2022.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
However, the sales growth of platinum jewellery narrowed to 0.5% YoY in Q4, but growth was particularly strong among department stores (+10%) YoY and non-store channels. Contemporary chains and traditional chains had a weaker performance with a year-on-year sales decline.
By jewellery product type, Kihei chains led the growth, while men’s jewellery, necklaces/pendants, fashion rings, bracelets and earrings all had positive growth in sales. The only exception was bridal jewellery, due to prolonged COVID-19 having a negative impact on the number of marriages taking place in Japan.
By 2023, life in Japan is expected to regain leading normalcy with demand for jewellery to expand, although jewellery purchases, especially recovery in bridal jewellery sales.
Platinum Woman entered its third year in Q4 2022, with its new collection and brand videos launched in November for the winter season, seeing retail partners’ sales continue to grow in both Q4 and 2022.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
