Despite the COVID-19 pandemic, luxury goods in South Korea continued to record current value growth in both 2020 and 2021. With spending on overseas travel put on hold due to the pandemic, consumers instead purchased luxury goods through domestic department stores and e-commerce to treat themselves and help them get through a difficult environment.
Local consumers are highly swayed by who is the global ambassador for various brands. Luxury brands therefore appoint popular Korean celebrities to front their campaigns.
The top three players in luxury goods in value terms in 2021 remained the top three players in premium and luxury cars, due to the exceptionally high prices of these goods. However, all these players saw value share declines in 2021, due to the better performance of personal luxury than premium and luxury cars in this year.
Mixed retailers (department stores) is set to continue to dominate personal luxury in 2022. Most consumers still prefer to visit bricks-and-mortar outlets, as they like to physically experience and test products, especially for items that are the most expensive.
Moving forward, luxury goods is set to see continued current value growth, although the rate of increase is expected to slow over the course of the forecast period. Growth is expected in most categories in the forecast period as a whole, except luxury writing instruments and stationery, which will be negatively affected by digitalisation, the expected continuation of the home working trend, a lack of focus from many players, and the competition from non-luxury brands.
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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