Japan cosmetics defy consumer gloom

According to Bloomberg, the economic engine of growth in Japan (that is, the 30s-40s female consumer) is defying the credit crunch by buying cosmetics to keep itself ahead of the gloom and doom. Some of the best performers are the high-luxury end of the spectrum with some pots of the stuff going for a cool 1,000GBP for 40g.

Apparently, Guccis and high dining is out, expensive cosmetics are in. So bad news for the luxury groups who only recently pumped money into setting up glamorous and (now empty?) flagship stores in expensive downtown Ginza. More money for local cosmetics producers, hoping to sell on to the high-end department stores of Korea, China, Taiwan, and HK. Is this the start of protectionism/buy local as people cut back on the superfluous?