Luxury goods registered healthy retail current value growth in 2018, with positive performance in most categories. A difficult year was predicted luxury goods due to political tension between China and South Korea regarding deployment of THAAD (Terminal High Altitude Area Defence).
The number of high net worth individuals in South Korea continued to increase alongside luxury goods. However, luxury goods is also highly influenced by the middle class.
Due to the high unit price of luxury cars, the top four players in 2017 were motor vehicle manufacturers. Among top five luxury car manufacturers, Toyota Motor Corp saw a sharp increase in sales in 2017 due to the popularity of its fuel-efficient Lexus ES series.
Many consumers in South Korea rely on cross-border shopping for price benefits and broad product availability. Resellers are also retail disruptors in luxury goods.
Luxury goods is expected to register steady retail value growth over the forecast period. Inbound tourism is expected to recover by end of 2018 thanks in part to the annual Korea Sale Festa, a shopping tourism festival designed to drive sales in the manner of Black Friday in the US.
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