The recent decline of the Japanese yen has drawn international shoppers to Japan’s vibrant secondhand fashion market. While the yen’s depreciation has indeed made shopping in Japan more appealing for foreign visitors, the growth of this market is not solely dependent on currency fluctuations. The cultural and economic dynamics surrounding the secondhand fashion industry indicate a formidable momentum that transcends temporary economic shifts.
Over recent months, as the yen hit a 38-year low against the US dollar, a surge of international shoppers flocked to Japan to take advantage of lower prices on luxury goods. However, the appeal of Japan’s secondhand market started well before this currency crisis. The secondhand sector has been steadily expanding, buoyed by both local and international demand, with thrifting becoming an integral part of the tourism experience in Japan, particularly among younger shoppers influenced by social media platforms like TikTok.
Consider the case of Sam Barback, owner of the Los Angeles-based secondhand luxury store Groupie. Even prior to the yen’s decline, Barback identified Japan as a treasure trove for vintage fashion, repeatedly sourcing unique pieces from well-known brands such as Undercover and Issey Miyake. Over the past year, he frequented Japan, visiting over 60 thrift stores in a single trip. According to Barback, the collapse of the yen resulted in many high-priced items suddenly becoming accessible to a broader range of customers. This shift illustrates how foreign interest in Japanese secondhand fashion is not a fleeting trend, but a sustained movement.
Additionally, the rise of digital platforms has significantly contributed to the attractiveness of Japan’s secondhand market. Services like Buyee connect more than 500 million users to various Japanese e-commerce platforms, facilitating overseas purchases of used goods. Sei Sato, head of Buyee’s cross-border e-commerce division, noted a remarkable 100% increase in sales of used fashion items between April and June of 2024. A significant number of these purchases originated from the US and Greater China, further emphasizing the global appetite for Japanese secondhand goods.
Domestic sales within Japan are also witnessing a noteworthy increase. Komehyo, a prominent Japanese chain specializing in used luxury goods, reported a staggering 34.5% rise in net sales for its “brand fashion” division during the second quarter of 2024 compared to the previous year. Such growth is indicative of Japanese consumers opting for more budget-friendly alternatives due to rising living costs alongside the yen’s depreciation.
The cultural roots of Japan’s secondhand market can be traced back to the 1990s during Japan’s “Lost Decade,” a period characterized by economic stagnation. Faced with fewer financial resources, consumers turned to secondhand goods to maintain their affinity for luxury brands while remaining budget-conscious. This longstanding tradition has established a unique marketplace known for its extensive inventory of high-quality vintage items, which are increasingly coveted by fashion enthusiasts worldwide.
The recent surge in international visitors can also be linked to a broader awareness of Japanese fashion culture, propelled by the global popularity of Japanese media, such as anime and streetwear trends. Tourists are drawn not only by the potential bargains but also by the unique styles that Japan offers in its thrift stores. For instance, chains like 2nd Street have seen their store count double since 2015, reflecting both domestic and international interest in secondhand shopping experiences tailored to modern consumer preferences.
Moreover, Japan’s approach to quality control in its secondhand fashion market guarantees that even slightly damaged items are priced differently than they would be in other markets, such as the US. Sato highlighted that minimal imperfections can lead to significant price reductions, making luxury goods more accessible to a wider audience. The conditions of used goods are highly valued in Japan, which further enhances the resale value of items that meet rigorous standards.
Looking ahead, the future of Japan’s secondhand market appears bright. Strategy and consulting firm EY projects that it will reach a market size of $27 billion by 2030. The convergence of local frugality amidst rising living costs and the enthusiasm for sustainable fashion among global shoppers signals that the secondhand fashion trend is more than a passing fad—it is evolving into a significant pillar of the global fashion landscape.
In conclusion, while the weak yen undoubtedly catalyzed an influx of international shoppers, the robust growth of Japan’s secondhand fashion market is rooted in a rich cultural and economic heritage. As global consumers become increasingly aware of the allure and quality of Japanese vintage fashion, the market is poised to flourish, making it an essential area for industry stakeholders to watch.
