Japanese jewelry retail market size in 2023 was estimated 1,046.2 billion yen, 102.3% compared to the previous year

The size of the Japanese domestic jewelry retail market in 2023 is 102.3% compared to the previous year to 1,046.2 billion yen, further increasing after last year’s 1 trillion yen recovery for the first time in 14 years. The average closing price of stock prices in 2023 was 33,464 yen, an increase of 28.2% from 2022, which led to the purchase of jewelry on the back of a strong economy.
In addition, in May, the government changed the classification of the covid19 from the previous category 2 infection to a category 5 infection, which led to more opportunities to go out and more visits to department stores and shopping malls. This is cited as a factor in market expansion.