What does it mean to be wealthy in 2022 Part 5 : Most Noteworthy (B)
Most Noteworthy: Shanghai, Tokyo, and Hong Kong
East of Hong Kong and China, Tokyo is almost as expensive as Shanghai. Japan is anything but cheap, with the Julius Bär report confirming that almost two-thirds of the items ranked in its list of expensive items, are more costly in Tokyo than anywhere else. Fine dining saw a 28% increase in 2020, while luxury watches and jewelry also increased by 10%. Possibly reflecting the work-home-trend that took the world by storm because of COVID, women’s shoes were down 14% while hotel suites were down 27%.
The temporary stagnant Japanese market is still projected to grow. Currently at $27.4 billion, it’s predicted to grow to $36.2 billion five years from now, indicating further analyst confidence in the growth of Asia.
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