Weak domestic demand and weak consumption are restricting the positive development of Japanese clothing retail
The superposition of multiple factors has led to the decline of Japanese textiles and clothing Consumption is sluggish. Japan is one of the world’s most important traditional retail markets for textiles and clothing. However, compared with the United States, the European Union, China and other regions, its retail market is highly dependent on foreign countries and its own market size is relatively limited. In addition, after the collapse of the bubble economy, it has been in a long-term Trapped by weak consumption, the Japanese market has been experiencing weak demand since the outbreak, and the development of textile and apparel consumption has stagnated. Although the Japanese government is also working hard to issue cash subsidies through a series of measures, such as implementing supplementary budgets, to stimulate economic development and boost consumption, the main areas that will benefit are machinery and equipment, medicine and health, and fuel and energy, including clothing. The retail sales of daily consumer goods, including apparel, are still stagnant.
Lack of growth momentum, Japanese clothing retail recovery is more difficult
Compared with the “big ups and downs” In the European and American retail markets, although the Japanese market also experienced a “sudden drop in April” in the early stages of the epidemic, the degree of change was relatively mild, both in the initial decline and in the later rebound.
The monthly textile and apparel retail sales data released by Japan’s Ministry of Economy, Trade and Industry show that in April 2020, the world’s major retail markets were most affected, the Japanese market’s monthly clothing and apparel sales The maximum year-on-year decline in retail sales was 54.1%, which was far lower than the 87% in the United States and 78% in the European Union. However, in April 2021, one year later, under the dual influence of economic recovery and low base, Japan’s retail sales of textile and apparel products only rebounded by 63.3%, while Europe and the United States both experienced strong year-on-year growth (the United States increased by 764.6% year-on-year) , the EU grew by 130% year-on-year). In terms of sales volume, Japan’s clothing and apparel retail sales in 2021 will be 8.6 trillion yen, which is also far lower than the 11 trillion yen in 2019 before the epidemic, and the recovery is obviously weak.
In fact, looking at the development trends of the Japanese retail market in the past 10 years, it is not difficult to see that the consumption of textiles, clothing and apparel accounts for Japan’s overall retail consumption, showing a slow decline year by year. . Catalyzed by the epidemic, Japanese consumers’ desire to buy clothing and apparel has repeatedly decreased, and consumption recovery lacks stamina and is more difficult.
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