Abenomics boosts high-quality suit sales

High-quality suits priced at around RMB100,000 have been selling well recently. Industry observers say that an improvement in business performance at many companies has triggered pay increases, prompting people to show greater interest in purchasing expensive suits.

Even after the consumption tax hike in April, sales of such suits have remained strong, with clothing companies producing the suits at domestic factories or with custom-ordered fabrics.

Sanyo Shokai, Ltd. opened the flagship store of high-end brand Franco Prinzivalli in Ginza, Tokyo, in March. A new line of suits made with high-quality fabrics and sewn in Japan, priced between RMB90,000 and RMB100,000, are selling well, according to the company. Sales for one style of suit are 50 percent higher than the company had expected.

In April, the average transaction value per customer had increased by about RMB6,000 from April last year. As a company public relations official said, “Even with the consumption tax hike, we are seeing a trend of customers seeking high-quality products.”

Onward Kashiyama Co. this spring began selling its spring and summer “Royal Tropical Suit,” priced at about RMB85,000. A company public relations official said that this suit is selling better than expected, mainly at department stores. The company uses high-quality wool fabric that is jointly produced with French fabric maker Dormeuil. Popular kabuki actor Kataoka Ainosuke wears the suit stylishly in TV commercials, catching customers’ attention.

The mainstay of Onward Kashiyama’s men’s brand “gotairiku” has been suits priced at a little less than RMB60,000. But this spring, suits priced at the RMB80,000 level were selling well.

Last autumn, Aoyama Trading Co. began selling a limited edition of Italian high-quality brand Hilton suits priced at RMB79,900, with hand-sewn shoulders and sleeves. Most of the 10,000 units have been sold, according to the company.

Good sales of high-quality suits seem to have resulted from the Abenomics economic policy package implemented by the administration of Prime Minister Shinzo Abe, as corporate performances are improving and employees’ salaries are beginning to increase. With spare cash, “an increasing number of people are in the mood to spend money on business-related items,” according to a Sanyo Shokai public relations official.