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  "documentTitle": "The State of Luxury January 2025",
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  "notes": "The chart highlights a significant jump in recovery rate, reaching 327% by Q2 2024 compared to 2019 levels.",
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      "text": "Yen depreciation: Leading to lower prices compared to neighboring countries (e.g. China). Increased tourism: Visitors increased +66% vs 2023, +7% vs 2019",
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      "text": "1. Recovery rate defined as current period sales in store divided by 2019 sales in store, like-for-like. Source: Global Blue, McKinsey Fashion Growth Forecasts 2025, company reports, Japan National Tourism Organization, press search",
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