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Luxury Goods in South Korea

January 2021
USD 1,210
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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

COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?

MARKET INDICATORS

Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020

MARKET DATA

Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020 Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020 Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019 Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019 Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020 Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025 Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Experiential Luxury in South Korea

KEY DATA FINDINGS

2020 IMPACT

Incoming tourist slump hits hard, but to some extent offset by domestic spending
Hotels remain open despite COVID-19
TV homeshopping used to increase reservations

RECOVERY AND OPPORTUNITIES

Gradual recovery expected, local consumers to remain important
Individual trips to benefit experiential luxury
August surge in cases has medium-term ramifications

CATEGORY DATA

Table 10 Sales of Experiential Luxury by Category: Value 2015-2020 Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025

Luxury Hotels in South Korea

KEY DATA FINDINGS

2020 IMPACT

Luxury hotels reach new consumers
Hotels benefit from cancellation of events
Players use TV homeshopping to promote their offer

RECOVERY AND OPPORTUNITIES

Local consumers likely to remain important target group
Alternative accommodation types represent a threat to luxury hotels
Advertising and promotion likely to evolve

CATEGORY DATA

Table 16 Sales in Luxury Hotels: Value 2015-2020 Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025

Fine Wines/Champagne and Spirits in South Korea

KEY DATA FINDINGS

2020 IMPACT

COVID-19 and weather conditions increase purchases for home consumption
With travel options limited, consumers reallocate spending
Leading players see shares eroded in fragmented category

RECOVERY AND OPPORTUNITIES

Post-pandemic rebound expected
Consumers value convenience, more special editions expected
Players may need to differentiate their offer from lower-priced alternatives

CATEGORY DATA

Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025

Premium and Luxury Cars in South Korea

KEY DATA FINDINGS

2020 IMPACT

Car sales temporarily boosted by tax cut, but face roadblock as measure ends
Second wave of COVID-19 forces carmakers to review strategies
Leading brands maintain sales via contactless consultation, Japanese cars struggle due to boycott

RECOVERY AND OPPORTUNITIES

Sales recovery subject to pandemic and related controls
Electric car push to continue as South Korean consumers’ interest grows
Younger consumers to shift from short-term car sharing to long-term subscriptions

CATEGORY DATA

Table 30 Sales of Premium and Luxury Cars: Value 2015-2020 Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025

Personal Luxury in South Korea

KEY DATA FINDINGS

2020 IMPACT

Personal luxury available through markets, premium outlets and department stores for limited period
E-commerce gains distribution share
Young consumers an increasingly important segment

RECOVERY AND OPPORTUNITIES

Notable post-pandemic recovery expected
E-commerce set to become increasingly popular
Outlets become leisure destinations for families

CATEGORY DATA

Table 36 Sales of Personal Luxury by Category: Value 2015-2020 Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025

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

KEY DATA FINDINGS

2020 IMPACT

Impact of COVID-19 limited, duty-free given access to alternative channels
Women’s designer footwear only category to demonstrate positive performance
Players invest in promotional activities as consumers shift spending priorities

RECOVERY AND OPPORTUNITIES

Black market designer apparel and footwear threatens official sales
Men’s designer products offer growth potential
E-commerce share gain set to continue

CATEGORY DATA

Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025

Luxury Eyewear in South Korea

KEY DATA FINDINGS

2020 IMPACT

Travel restrictions hit growth of luxury sunglasses
Weather conditions also a factor, WFH boosts spectacle frames
Duty-free shops able to reach consumers through alternative channels

RECOVERY AND OPPORTUNITIES

Sunglasses set to recover as travel resumes post-pandemic
No sign global merger of Luxottica and Essilor to be replicated in Korea
Players launch their own TV homeshopping channels

CATEGORY DATA

Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025

Luxury Jewellery in South Korea

KEY DATA FINDINGS

2020 IMPACT

Women’s luxury fine jewellery underpins category’s positive performance
Department stores remain dominant in luxury jewellery distribution
Wedding cancellations impact demand for luxury jewellery

RECOVERY AND OPPORTUNITIES

Pent-up demand set to boost performance over forecast period
Men’s luxury fine jewellery to return to growth
Pent-up demand set to boost performance

CATEGORY DATA

Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025

Luxury Leather Goods in South Korea

KEY DATA FINDINGS

2020 IMPACT

Category maintains positive performance despite COVID-19
Department stores remains most popular channel
Top global brands see value share gains

RECOVERY AND OPPORTUNITIES

Department stores set to remain leading channel for luxury leather goods
Travel restrictions to continue influencing category’s performance
Online promotional activities to become increasingly important

CATEGORY DATA

Table 64 Sales of Luxury Leather Goods: Value 2015-2020 Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025

Luxury Portable Consumer Electronics in South Korea

KEY DATA FINDINGS

2020 IMPACT

Health factor contributes to continued growth of luxury wearables
Category benefits from spending power of more affluent consumers
E-commerce channel gains share

RECOVERY AND OPPORTUNITIES

Health trend set to boost demand
Consumer spending increases as light appears at end of tunnel
Growth expected to continue over forecast period

CATEGORY DATA

Table 71 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 72 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 73 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 74 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 75 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 76 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 77 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025

Luxury Timepieces in South Korea

KEY DATA FINDINGS

2020 IMPACT

Category drops into negative growth territory, but not as severe as others
Counterfeit goods remain an issue
YouTube utilised as marketing tool

RECOVERY AND OPPORTUNITIES

E-commerce set for growth despite traditional preference for bricks and mortar
Desire for individuality evident among more affluent consumers
More new entrants expected

CATEGORY DATA

Table 78 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 79 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 80 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 81 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 82 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 83 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 84 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025

Luxury Writing Instruments and Stationery in South Korea

KEY DATA FINDINGS

2020 IMPACT

Pandemic weakens already lacklustre performance
COVID-19 limits gifting opportunities
Players increase focus on more profitable areas

RECOVERY AND OPPORTUNITIES

Writing instruments increasingly side-lined
Personalisation increasingly important for gifting purposes
Digitalisation to continue eroding demand

CATEGORY DATA

Table 85 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 86 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 87 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 88 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 89 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 90 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 91 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025

Super Premium Beauty and Personal Care in South Korea

KEY DATA FINDINGS

2020 IMPACT

Demand falls as consumers stay at home
Chanel focuses on gifting
Direct selling suffers as a result of COVID-19

RECOVERY AND OPPORTUNITIES

Eye products to see important recovery due to visibility when wearing face masks
E-commerce to continue gaining share
Mass and mid-level players to pose increasing competition

CATEGORY DATA

Table 92 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 93 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 94 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 95 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 96 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 97 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 98 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025
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This report originates from Passport, our Luxury Goods research and analysis database.

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