Luxury Goods in South Korea

December 2021
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Overview:

Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Experiential Luxury
  • Luxury Hotels
  • Fine Wines/Champagne
  • Premium and Luxury Cars
  • Personal Luxury
  • Designer Apparel and Footwear
  • Luxury Eyewear
  • Luxury Jewellery
  • Luxury Leather Goods
  • Luxury Portable Consumer Electronics
  • Luxury Timepieces
  • Luxury Writing Instruments and Stationery
  • Super Premium Beauty and Personal Care

If you're in the Luxury Goods industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Luxury Goods in South Korea report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Luxury Goods in South Korea?
  • Which are the leading brands in Luxury Goods in South Korea?
  • How are products distributed in Luxury Goods in South Korea?
  • How important is tourism in evaluating demand for Luxury Goods in South Korea?
  • How is the rise of e-commerce changing the retail and competitive landscape?
  • How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
  • Where is future growth expected to be most dynamic?

Luxury Goods in South Korea

EXECUTIVE SUMMARY

Luxury goods in 2021: The big picture
2021 key trends
Competitive landscape
Retailing developments
What next for luxury goods?

MARKET DATA

Table 1 Sales of Luxury Goods by Category: Value 2016-2021 Table 2 Sales of Luxury Goods by Category: % Value Growth 2016-2021 Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2016-2021 Table 4 NBO Company Shares of Luxury Goods: % Value 2016-2020 Table 5 LBN Brand Shares of Luxury Goods: % Value 2017-2020 Table 6 Distribution of Luxury Goods by Format and Category: % Value 2021 Table 7 Forecast Sales of Luxury Goods by Category: Value 2021-2026 Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2021-2026

DISCLAIMER

SOURCES

Summary 1 Research Sources

Experiential Luxury in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Experiential luxury beginning a slow recovery in 2021 after the impact of the slump in incoming tourists
Luxury hotels with their own fragrance
“Contact-free” hotel stays in the age of COVID-19

PROSPECTS AND OPPORTUNITIES

Gradual recovery expected as local consumers remain important
Long-term stays gaining in popularity
High-end hotels pushing wedding packages

CATEGORY DATA

Table 9 Sales of Experiential Luxury by Category: Value 2016-2021 Table 10 Sales of Experiential Luxury by Category: % Value Growth 2016-2021 Table 11 NBO Company Shares of Experiential Luxury: % Value 2016-2020 Table 12 LBN Brand Shares of Experiential Luxury: % Value 2017-2020 Table 13 Forecast Sales of Experiential Luxury by Category: Value 2021-2026 Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2021-2026

Luxury Hotels in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Luxury hotels seeing a slow recovery in 2021 after the loss of incoming tourists in 2020
Luxury hotels with their own fragrance
Development of the Busan area

PROSPECTS AND OPPORTUNITIES

Gradual recovery expected as local consumers remain important
“Contact-free” hotel stays in the age of COVID-19
Alternative accommodation types represent a threat to luxury hotels

CATEGORY DATA

Table 15 Sales in Luxury Hotels: Value 2016-2021 Table 16 Sales in Luxury Hotels: % Value Growth 2016-2021 Table 17 NBO Company Shares in Luxury Hotels: % Value 2016-2020 Table 18 LBN Brand Shares in Luxury Hotels: % Value 2017-2020 Table 19 Forecast Sales in Luxury Hotels: Value 2021-2026 Table 20 Forecast Sales in Luxury Hotels: % Value Growth 2021-2026

Fine Wines/Champagne and Spirits in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Slight dip in sales in 2020 will be followed by healthy retail value growth in 2021
Slight movement of drinking occasions into people’s home during the pandemic
Leading players see shares eroded in fragmented category

PROSPECTS AND OPPORTUNITIES

Healthy growth rates expected over the forecast period
Wine becoming more of an everyday drink in South Korea
High-priced wines increasingly appearing in convenience stores

CATEGORY DATA

Table 21 Sales of Fine Wines/Champagne and Spirits by Category: Value 2016-2021 Table 22 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2016-2021 Table 23 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2016-2020 Table 24 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2017-2020 Table 25 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2016-2021 Table 26 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2021-2026 Table 27 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2021-2026

Premium and Luxury Cars in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Consumption tax cut helps premium and luxury car sales to see strong growth during the pandemic
Supercars selling well in the pandemic
Leading brands maintain sales via contactless consultation

PROSPECTS AND OPPORTUNITIES

Further strong sales growth expected
Younger consumers shifting to long-term subscriptions
Electric car push to continue as South Korean consumers’ interest grows

CATEGORY DATA

Table 28 Sales of Premium and Luxury Cars: Value 2016-2021 Table 29 Sales of Premium and Luxury Cars: % Value Growth 2016-2021 Table 30 NBO Company Shares of Premium and Luxury Cars: % Value 2016-2020 Table 31 LBN Brand Shares of Premium and Luxury Cars: % Value 2017-2020 Table 32 Forecast Sales of Premium and Luxury Cars: Value 2021-2026 Table 33 Forecast Sales of Premium and Luxury Cars: % Value Growth 2021-2026

Personal Luxury in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Personal luxury expected to rebound in 2021
Luxury brands using a wide range of marketing activities, including pop-up stores and online sales
South Korea now the seventh biggest luxury goods market in the world

PROSPECTS AND OPPORTUNITIES

Positive growth expected throughout the forecast period
Retro trend enjoying popularity
E-commerce continues to gain distribution share

CATEGORY DATA

Table 34 Sales of Personal Luxury by Category: Value 2016-2021 Table 35 Sales of Personal Luxury by Category: % Value Growth 2016-2021 Table 36 NBO Company Shares of Personal Luxury: % Value 2016-2020 Table 37 LBN Brand Shares of Personal Luxury: % Value 2017-2020 Table 38 Distribution of Personal Luxury by Format: % Value 2016-2021 Table 39 Forecast Sales of Personal Luxury by Category: Value 2021-2026 Table 40 Forecast Sales of Personal Luxury by Category: % Value Growth 2021-2026

Designer Apparel and Footwear (Ready-To-Wear) in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Slight dip in sales in 2020 to be followed by a strong recovery in 2021
Women’s designer footwear performing strongly
Players invest in promotional activities as consumers shift spending priorities

PROSPECTS AND OPPORTUNITIES

Positive growth expected throughout the forecast period
Sportswear should help drive the recovery
Men’s designer apparel and footwear offers strong potential

CATEGORY DATA

Table 41 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2016-2021 Table 42 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2016-2021 Table 43 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2020 Table 44 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2017-2020 Table 45 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2016-2021 Table 46 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2021-2026 Table 47 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2021-2026

Luxury Eyewear in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Strong growth for luxury eyewear in 2021 as sales of sunglasses rebound strongly
E-commerce making gains in luxury eyewear distribution
Duty-free shops able to reach consumers through alternative channels

PROSPECTS AND OPPORTUNITIES

Sunglasses set to recover as travel resumes post-pandemic
“Young presbyopia” likely to help increase demand for more fashionable products in the eyewear market
Hyundai Homeshopping sees strong growth in its Q1 2021 sales

CATEGORY DATA

Table 48 Sales of Luxury Eyewear by Category: Value 2016-2021 Table 49 Sales of Luxury Eyewear by Category: % Value Growth 2016-2021 Table 50 NBO Company Shares of Luxury Eyewear: % Value 2016-2020 Table 51 LBN Brand Shares of Luxury Eyewear: % Value 2017-2020 Table 52 Distribution of Luxury Eyewear by Format: % Value 2016-2021 Table 53 Forecast Sales of Luxury Eyewear by Category: Value 2021-2026 Table 54 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2021-2026

Luxury Jewellery in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Women’s luxury fine jewellery continues driving the overall category performance
Department stores remain dominant in luxury jewellery distribution
Wedding delays impact sales during the pandemic

PROSPECTS AND OPPORTUNITIES

Men’s luxury fine jewellery to return to growth
Imported brands continue to be important in South Korean luxury jewellery
Weddings helping to drive rebound in luxury jewellery sales in 2021

CATEGORY DATA

Table 55 Sales of Luxury Jewellery by Category: Value 2016-2021 Table 56 Sales of Luxury Jewellery by Category: % Value Growth 2016-2021 Table 57 NBO Company Shares of Luxury Jewellery: % Value 2016-2020 Table 58 LBN Brand Shares of Luxury Jewellery: % Value 2017-2020 Table 59 Distribution of Luxury Jewellery by Format: % Value 2016-2021 Table 60 Forecast Sales of Luxury Jewellery by Category: Value 2021-2026 Table 61 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2021-2026

Luxury Leather Goods in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Positive performance for luxury leather goods in spite of COVID-19
Department stores remains the dominant distribution channel
Top global brands see value share gains

PROSPECTS AND OPPORTUNITIES

E-commerce will find it hard to chip away at the department stores’ sales share in luxury leather goods
Travel restrictions to continue influencing the category’s performance
Online promotional activities to become increasingly important

CATEGORY DATA

Table 62 Sales of Luxury Leather Goods: Value 2016-2021 Table 63 Sales of Luxury Leather Goods: % Value Growth 2016-2021 Table 64 NBO Company Shares of Luxury Leather Goods: % Value 2016-2020 Table 65 LBN Brand Shares of Luxury Leather Goods: % Value 2017-2020 Table 66 Distribution of Luxury Leather Goods by Format: % Value 2016-2021 Table 67 Forecast Sales of Luxury Leather Goods: Value 2021-2026 Table 68 Forecast Sales of Luxury Leather Goods: % Value Growth 2021-2026

Luxury Portable Consumer Electronics in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Spending power of more affluent consumers helps maintain strong growth
Citizen Watch continues to lead luxury wearables, ahead of Hermès
E-commerce channel continues gaining share

PROSPECTS AND OPPORTUNITIES

Luxury portable consumer electronics will continue growing over the forecast period
Luxury portable consumer electronics sales mostly made to domestic consumers
E-commerce expected to continue gaining in importance

CATEGORY DATA

Table 69 Sales of Luxury Portable Consumer Electronics by Category: Value 2016-2021 Table 70 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2016-2021 Table 71 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2016-2020 Table 72 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2017-2020 Table 73 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2016-2021 Table 74 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2021-2026 Table 75 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2021-2026

Luxury Timepieces in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Rebound in luxury timepiece sales in 2021 after dip in sales seen in 2020
Luxury timepiece sales in South Korea hit by the loss of sales to Chinese tourists
Importance of VIP-centric offline sales strategy

PROSPECTS AND OPPORTUNITIES

Desire for individuality evident among more affluent consumers
Travel restrictions boost luxury timepiece sales among local consumers
Breitling products now available online

CATEGORY DATA

Table 76 Sales of Luxury Timepieces by Category: Value 2016-2021 Table 77 Sales of Luxury Timepieces by Category: % Value Growth 2016-2021 Table 78 NBO Company Shares of Luxury Timepieces: % Value 2016-2020 Table 79 LBN Brand Shares of Luxury Timepieces: % Value 2017-2020 Table 80 Distribution of Luxury Timepieces by Format: % Value 2016-2021 Table 81 Forecast Sales of Luxury Timepieces by Category: Value 2021-2026 Table 82 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2021-2026

Luxury Writing Instruments and Stationery in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Pandemic weakens already lacklustre performance
Montblanc products now available via KakaoTalk Gift Giving Store
Players increase focus on more profitable areas

PROSPECTS AND OPPORTUNITIES

Luxury writing instruments and stationery struggle in the digital world
Parker launches modern update of its “best pen ever” – the 51 model
Digitalisation to continue eroding demand, as could personalisation services in non-luxury products

CATEGORY DATA

Table 83 Sales of Luxury Writing Instruments and Stationery: Value 2016-2021 Table 84 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2016-2021 Table 85 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2016-2020 Table 86 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2017-2020 Table 87 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2016-2021 Table 88 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2021-2026 Table 89 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2021-2026

Super Premium Beauty and Personal Care in South Korea

KEY DATA FINDINGS

2021 DEVELOPMENTS

Demand hit as consumers spend more time at home
Major share gains for e-commerce during the pandemic
Chanel focuses on gifting

PROSPECTS AND OPPORTUNITIES

Return to positive growth rates not expected until 2022
Shinsegae International launches sales of Swiss Perfection
E-commerce expected to continue gaining share

CATEGORY DATA

Table 90 Sales of Super Premium Beauty and Personal Care by Category: Value 2016-2021 Table 91 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2016-2021 Table 92 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2016-2020 Table 93 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2017-2020 Table 94 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2016-2021 Table 95 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2021-2026 Table 96 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2021-2026
The following categories and subcategories are included:

Luxury Goods

Luxury Goods

This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.

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This report originates from Passport, our Luxury Goods research and analysis database.

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