chanel store [사진 = 연합뉴스]
“You can save money on plane tickets by shopping in Japan.”
Foreign media reported that this kind of talk is happening among luxury brands around the world. This is a serious situation which has come to light as the value of the yen has fallen to its lowest level for around 34 years.
According to a Bloomberg News report on the 17th (local time) citing the Japan National Tourism Organization, the total number of foreigners who visited Japan last month was 3,081,600, a monthly record high.
Bloomberg said, “In Ginza, a luxury shopping district in Tokyo, Japan, you can hear English, Spanish and French constantly these days,” and added, “This is a change from before the pandemic, when wealthy Chinese tourists dominated shopping luxury in Japan.”
To buy a classic Chanel handbag in New York, USA, you have to pay $11,700 (about 16.07 million won). This is about 2 million won higher than the duty-free price of the same bag in Tokyo, Japan ($10,277, about 14.12 million won). This is because the selling price in the USA is on a pre-tax basis, so you have to pay the tax along with the actual purchase price.
The TAG Heuer Carrera Chronograph watch also has a duty-free price in Japan of $5,087 (approx. 6.99 million won), which is more than $1,300 cheaper than the US price of $6,450 (approx. 8.86 million won). Cartier Love bracelets and Burberry trench coats are also about $500 cheaper when bought in Japan than in the US.
Bloomberg said, “Major luxury brands are adjusting product prices around the world to a similar level to prevent arbitrage,” and added, “The recent faster-than-expected depreciation of the yen and the failure to reflect this in time has led. to the price gap between Japan, the United States, and Europe.” “I picked it up,” he analyzed.
He continued, “The fact that sales of Louis Vuitton Moët Hennessy (LVMH), the world’s largest luxury goods company, in Japan in the first quarter of this year increased by 32% compared to the same period last year also reflects the demand for luxury. grocery shopping due to the weak yen.” He added, “During the same period, sales in Asia excluding Japan increased due to demand in China “This is in contrast to the 6% decrease due to the slowdown,” he added.
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