Japan is now an attractive market for foreign companies. The COVID-19 pandemic hasn’t had a significant negative impact, and imported goods continue to sell well. Sales of imported cars hit the highest record in 2021, and Japan continues to have the world’s highest iPhone market share.

In recent years, the Japanese consumer mindset has changed dramatically. Japan has been providing the world with highly functional and inexpensive products, but consumers have grown tired of that. They care not about price or functionality, but about whether they can relate to the product’s brand. This is why Sony and Panasonic cannot compete with Apple.

From the Japanese point of view, Western companies seem to convey their aspirations or the kind of society that they would like to create. This is very attractive to Japanese consumers and is well received. For example, Costco and IKEA are well received in Japan not only for their inexpensive products, but for the stylish values they attach. The Japanese market welcomes brands who convey values that Japanese consumers can relate to.