World Economy

Japan Luxury Sales Booming

Japan Luxury Sales BoomingJapan Luxury Sales Booming

Japan’s economy is hobbling out of a recession, inflation is a quarter of the central bank’s target and wages adjusted for price changes fell last year. And yet sales of luxury goods are growing and the stock market hit a 15-year hig, Bloomberg reported. Sales of high-end imported cars and luxury goods have been rising since Prime Minister Shinzo Abe took office in December 2012, outpacing the increase of total retail sales. Department stores sold 333b yen ($2.8b)worth of luxury goods including watches, artworks and jewelry in 2014, up 20% from 2012. Over the same period, total retail sales rose 2.6%.