Luxury Losing Lustre Among Japans Seniors

Luxury goods are losing their luster among older consumers in Japan according to McKinsey research. Across demographic groups, one-third of all consumers-and as many as 43 percent of those 55 or older-agreed that “owning luxury goods is not as special as it used to be.” Only 32 percent of the respondents said they were “very” or “somewhat” interested in luxury products, compared with 51 percent in the same survey in 2004.

McKinsey research

Japanese luxury consumers today weigh the purchase of luxury goods against luxury experiences, such as a vacation, a meal at an expensive restaurant, or a day at a spa. Across demographic groups, almost half of the survey respondents said that they would rather spend money on such experiences than on luxury handbags, accessories, or apparel.