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A new study revealed that Koreans spend the most money on branded goods in the world. While the Chinese are known as the 'big hands' in the brand market, the average per capita purchase price is higher for Koreans, according to the survey.
According to a recent report by US investment bank Morgan Stanley, South Koreans spent 24% more on luxury goods last year, reaching $16.8 billion. clarified. About $325 was spent on branded goods per person, surpassing China ($55) and the United States ($280).
Louis Vuitton and Gucci sometimes show their new products to Korea and Japan first before launching them worldwide. In other words, it recognizes Korea's role as an advanced market that tests the success of new products.
Morgan Stanley cited △increased purchasing power, △desire to appeal as a celebrity, and △Korean celebrities promoting luxury brands as the reasons for the strong demand for luxury goods in Korea.
According to the analysis, the atmosphere in society, where the appeal of celebrities is naturally accepted, also played a role. A McKinsey survey found that 22% of South Korean respondents said they were uncomfortable with the appeal of luxury goods, half the level of Japan (45%) and China (38%).
Morgan Stanley also cited the fact that luxury brands are selecting famous Korean artists to further boost consumer demand, which is another factor behind the increase in consumption of Korean luxury goods. Lee Min Ho (FENDI: Fendi), G-DRAGON, JENNI (CHANEL: Chanel), IU (GUCCI: Gucci) were selected as ambassadors for global brands, and recently Dior named BTS JIMIN globally.
Luxury brands are also showing strong sales in Korea.
luxury outdoor brand MONCLER is the owner of Cartier, revealing revenue in South Korea more than doubled in the second quarter of last year compared to before the COVID-19 virus outbreak. The Richemont Group announced that its sales in South Korea in 2022 will increase by double digits compared to a year or two ago. PRADA, a luxury goods brand, said that although sales declined last year due to the lockdown in China, the decline was mitigated by strong performance in South Korea and Southeast Asia.
2023/01/29 09:27 KST
