Luxury goods fly off shelves in Japan even as economy struggles
The sales may be a manifestation of growing income gap and tourist shopping
Sat, Feb 21, 2015 - 5:50 AM
HIGH-END ECONOMY: The Ginza district of Tokyo. Department stores sold 333 billion yen worth of luxury goods including watches, artworks and jewellery in 2014, up 20 per cent from 2012.
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 high.