Executive Summary

Feb 2019
Strong and steady domestic demand supports luxury goods in 2018

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).

Luxury goods appeal to many consumers

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.

Daimler AG leads luxury goods in 2017

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.

Retailing disruptors work as a blind spot for luxury goods

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.

Retail value growth and government support expected

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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Luxury Goods in South Korea

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in South Korea with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Goods industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Goods in South Korea market research report includes:

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

Our market research reports answer questions such as:

  • What is the market size of Luxury Goods in South Korea?
  • What are the major brands in South Korea?
  • How dynamic is the growth of Luxury Goods internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Goods in South Korea

EXECUTIVE SUMMARY

Strong and steady domestic demand supports luxury goods in 2018
Luxury goods appeal to many consumers
Daimler AG leads luxury goods in 2017
Retailing disruptors work as a blind spot for luxury goods
Retail value growth and government support expected

MARKET INDICATORS

Table 1 Number of High Net Worth Individuals (HNWI): 2013-2018

MARKET DATA

Table 2 Sales of Luxury Goods by Category: Value 2013-2018
Table 3 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 5 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 6 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 7 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 8 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources

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

HEADLINES

PROSPECTS

Local taste more influential in designer apparel and footwear (ready-to-wear) than in other luxury categories
Brands consider designer apparel and footwear (ready-to-wear) consumers as the true VIP

COMPETITIVE LANDSCAPE

Goose and duck down becomes a necessity, with severe cold striking winter season
Shut-down of international luxury brands

CATEGORY DATA

Table 10 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2013-2018
Table 11 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2013-2018
Table 12 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2013-2017
Table 13 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2014-2017
Table 14 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2013-2018
Table 15 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2018-2023
Table 16 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2018-2023

Fine Wines/Champagne and Spirits in South Korea

HEADLINES

PROSPECTS

Domestic sales limited due to duty-free penetration
Threat from alternative products increases

COMPETITIVE LANDSCAPE

Two leading manufacturers target young generation for potential growth

CATEGORY DATA

Table 17 Sales of Fine Wines/Champagne and Spirits by Category: Value 2013-2018
Table 18 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2013-2018
Table 19 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2013-2017
Table 20 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2014-2017
Table 21 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2013-2018
Table 22 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2018-2023
Table 23 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2018-2023

Luxury Cars in South Korea

HEADLINES

PROSPECTS

Luxury cars in South Korea show highly uniform trend
Special consumption tax policy works benefits luxury cars
Setting up standards for electric cars remains an issue

COMPETITIVE LANDSCAPE

Audi seeks recovery after lengthy sales ban
BMW facing significant sales drop in 2018

CATEGORY DATA

Table 24 Sales of Luxury Cars: Value 2013-2018
Table 25 Sales of Luxury Cars: % Value Growth 2013-2018
Table 26 NBO Company Shares of Luxury Cars: % Value 2013-2017
Table 27 LBN Brand Shares of Luxury Cars: % Value 2014-2017
Table 28 Forecast Sales of Luxury Cars: Value 2018-2023
Table 29 Forecast Sales of Luxury Cars: % Value Growth 2018-2023

Luxury Eyewear in South Korea

HEADLINES

PROSPECTS

Luxury eyewear far from maturity
Luxury eyewear retail supports category growth

COMPETITIVE LANDSCAPE

International brands led luxury eyewear while domestic brands started to shine
New brands could shake up the competitive landscape

CATEGORY DATA

Table 30 Sales of Luxury Eyewear by Category: Value 2013-2018
Table 31 Sales of Luxury Eyewear by Category: % Value Growth 2013-2018
Table 32 NBO Company Shares of Luxury Eyewear: % Value 2013-2017
Table 33 LBN Brand Shares of Luxury Eyewear: % Value 2014-2017
Table 34 Distribution of Luxury Eyewear by Format: % Value 2013-2018
Table 35 Forecast Sales of Luxury Eyewear by Category: Value 2018-2023
Table 36 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2018-2023

Luxury Hotels in South Korea

HEADLINES

PROSPECTS

Domestic demand offsets loss of Chinese tourism
Marketing for young generation becomes more critical

COMPETITIVE LANDSCAPE

Paradise Group leads luxury hotels in 2017
Shinsegae Group’s L’Escape Hotel opens in 2018

CATEGORY DATA

Table 37 Sales in Luxury Hotels: Value 2013-2018
Table 38 Sales in Luxury Hotels: % Value Growth 2013-2018
Table 39 Sales in Luxury Hotels by Country of Origin: % Value 2013-2017
Table 40 NBO Company Shares in Luxury Hotels: % Value 2013-2017
Table 41 LBN Brand Shares in Luxury Hotels: % Value 2014-2017
Table 42 Forecast Sales in Luxury Hotels: Value 2018-2023
Table 43 Forecast Sales in Luxury Hotels: % Value Growth 2018-2023

Luxury Jewellery in South Korea

HEADLINES

PROSPECTS

Wedding market continues to influence the category
Rising popularity of bridge jewellery a threat to luxury jewellery
Male consumers start to accessorise

COMPETITIVE LANDSCAPE

Traditional jewellery houses lead the category
Swarovski struggles but remains among the leaders in luxury jewellery

CATEGORY DATA

Table 44 Sales of Luxury Jewellery by Category: Value 2013-2018
Table 45 Sales of Luxury Jewellery by Category: % Value Growth 2013-2018
Table 46 NBO Company Shares of Luxury Jewellery: % Value 2013-2017
Table 47 LBN Brand Shares of Luxury Jewellery: % Value 2014-2017
Table 48 Distribution of Luxury Jewellery by Format: % Value 2013-2018
Table 49 Forecast Sales of Luxury Jewellery by Category: Value 2018-2023
Table 50 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2018-2023

Luxury Leather Goods in South Korea

HEADLINES

PROSPECTS

Design-aspect trend flows in two directions
Distribution channel shows complicated structure in 2018

COMPETITIVE LANDSCAPE

Demand for some popular brands exceeds supply
Young generation a key consumer base
Celebrity marketing works its way into luxury leather goods

CATEGORY DATA

Table 51 Sales of Luxury Leather Goods: Value 2013-2018
Table 52 Sales of Luxury Leather Goods: % Value Growth 2013-2018
Table 53 NBO Company Shares of Luxury Leather Goods: % Value 2013-2017
Table 54 LBN Brand Shares of Luxury Leather Goods: % Value 2014-2017
Table 55 Distribution of Luxury Leather Goods by Format: % Value 2013-2018
Table 56 Forecast Sales of Luxury Leather Goods: Value 2018-2023
Table 57 Forecast Sales of Luxury Leather Goods: % Value Growth 2018-2023

Luxury Portable Consumer Electronics in South Korea

PROSPECTS

Luxury Timepieces in South Korea

HEADLINES

PROSPECTS

Growth steady but slower as category matures
Greater diversity in distribution

COMPETITIVE LANDSCAPE

International brands dominant
Concentrated competitive landscape

CATEGORY DATA

Table 58 Sales of Luxury Timepieces by Category: Value 2013-2018
Table 59 Sales of Luxury Timepieces by Category: % Value Growth 2013-2018
Table 60 NBO Company Shares of Luxury Timepieces: % Value 2013-2017
Table 61 LBN Brand Shares of Luxury Timepieces: % Value 2014-2017
Table 62 Distribution of Luxury Timepieces by Format: % Value 2013-2018
Table 63 Forecast Sales of Luxury Timepieces by Category: Value 2018-2023
Table 64 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2018-2023

Luxury Writing Instruments and Stationery in South Korea

HEADLINES

PROSPECTS

Consumer lifestyle shift to affect luxury writing instruments and stationery
Anti-bribery legislation negatively affects category

COMPETITIVE LANDSCAPE

Richemont Korea Ltd leads luxury writing instruments and stationery

CATEGORY DATA

Table 65 Sales of Luxury Writing Instruments and Stationery: Value 2013-2018
Table 66 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2013-2018
Table 67 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2013-2017
Table 68 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2014-2017
Table 69 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2013-2018
Table 70 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2018-2023
Table 71 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2018-2023

Personal Luxury in South Korea

HEADLINES

PROSPECTS

Personal luxury has room for domestic growth
Distribution landscape continues to change
Act on External Audit of Stock Companies expected to affect personal luxury manufacturers

COMPETITIVE LANDSCAPE

Traditional luxury brands stage a comeback
International brands dominate personal luxury in South Korea

CATEGORY DATA

Table 72 Sales of Personal Luxury by Category: Value 2013-2018
Table 73 Sales of Personal Luxury by Category: % Value Growth 2013-2018
Table 74 NBO Company Shares of Personal Luxury: % Value 2013-2017
Table 75 LBN Brand Shares of Personal Luxury: % Value 2014-2017
Table 76 Forecast Sales of Personal Luxury by Category: Value 2018-2023
Table 77 Forecast Sales of Personal Luxury by Category: % Value Growth 2018-2023

Super Premium Beauty and Personal Care in South Korea

HEADLINES

PROSPECTS

Travel retail highly affects super premium beauty and personal care
New competitor to add dynamism to category

COMPETITIVE LANDSCAPE

International manufacturers dominate in terms of number of brands
Diversity in super premium fragrances support consumers’ demand for glamour
Luxury brands trying out new strategies in South Korea

CATEGORY DATA

Table 78 Sales of Super Premium Beauty and Personal Care by Category: Value 2013-2018
Table 79 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2013-2018
Table 80 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2013-2017
Table 81 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2014-2017
Table 82 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2013-2018
Table 83 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2018-2023
Table 84 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2018-2023