Exploring Beauty Shifts in Post-Earthquake Japan

摘要

While total damage estimates for the 2011 earthquake have been projected to hit $300 billion, its impact on the Japanese economy is yet to be fully realized.Within the beauty segment so far, products deemed essential such as skin care have seen little impact from the adjustments consumers have made following the disaster, but prestige beauty has felt the effects acutely.The luxury industry in Japan overall has been affected by the consumer shift with 60% of shopping malls and 50% of luxury brands in Tokyo reporting a drop in sales of luxury items.According to the World Luxury Association, 90% of luxury brands in Japan are reducing their investments in the country and instead are refocusing efforts on China, which has now overtaken Japan as second in luxury consumption behind the United States.