Cosmetics Sector (Japan): DATA & NEWS: Rate of YoY decline in inbound cosmetics purchases slows in Apr-Jun

Research evidence excerpt

Cosmetics Sector (Japan): DATA & NEWS: Rate of YoY decline in inbound cosmetics purchases slows in Apr-Jun

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Cosmetics Sector (Japan)

DATA & NEWS: Rate of YoY decline in inbound

cosmetics purchases slows in Apr-Jun

Cosmetics purchases by overseas visitors to Japan fell an estimated 6% YoY in Japan Equity Research

April-June 2026, falling for the third consecutive quarter, but the rate of decline

Cosmetics and Personal Care /

eased from 29% in January-March, and purchases turned upward QoQ. Cosmetics Paper and Packaging

purchases by visitors from China continued to decline significantly YoY, but faster AC Akiko Kuwahara

growth in cosmetics purchases by visitors from elsewhere partially offset this. We

(81-3) 6736-8617

view this as a data point that could slightly ease concerns about the earnings impact akiko.kuwahara@jpmorgan.com

of declining inbound demand on major Japanese cosmetics companies including JPMorgan Securities Japan Co., Ltd.

Shiseido (4911.T) and Kosé (4922.T).

• Apr-Jun inbound demand: The inbound visitor purchasing rate for cosmetics

and fragrances was 35.4% in April-June 2026 (33.4% in January-March), and

the average spend per person was ¥22,766 (¥17,104), according to the Japan

Tourism Agency’s International Visitor Survey (preliminary) released on July

15. Based on this data, we estimate total inbound spending on cosmetics was

around ¥83.9 billion in April-June, down about 6% YoY (down about 29% in

January-March). The number of inbound visitors took a downward turn, falling

5% YoY, and the average spend per person also fell 4% YoY, pushing down the

total purchase amount. However, inbound spending on cosmetics grew 37%

QoQ in April-June. Chinese visitors spent around ¥26.3 billion on cosmetics