Luxury Jewellery in South Korea

PROSPECTS

Luxury jewellery is boosted by the growth of simple, elegant designs that can be worn daily

The luxury jewellery landscape is growing in South Korea, and value sales no longer have a high dependence on weddings. Designs that fit and practical for daily use are well received by consumers.

Rings and earrings remain top sellers, however as the landscape matures, players are diversifying their offerings

In 2019 in South Korea, rings and earrings were the most popular type of jewellery sold in luxury jewellery. However, as the landscape matures, offerings are being diversified to gain more consumer interest and value sales.

Interest in men’s jewellery is increasing, and players are expected to respond to the growing demand

Interest in men’s jewellery increased in line with rising expenditure on men’s grooming products. Men’s grooming is developing and leading male consumers to accessorise.

COMPETITIVE LANDSCAPE

Traditional jewellery houses continued to lead as Bvlgari sees success with limited edition jewellery

Traditionally renowned jewellery houses such as Tiffany & Co, Cartier and Bvlgari continued to lead luxury jewellery. Consumers in South Korea tend to prefer luxury jewellery made from gold, which led to faster retail current value growth in luxury fine jewellery than in luxury costume jewellery.

Swarovski loses share in 2018, as consumers do not perceive the player to be a luxury offering

Swarovski struggled in luxury jewellery with vague positioning. Swarovski has a luxury status globally, but its products in South Korea are mid-priced.

Imitation products remain a threat to the luxury jewellery landscape

Fake and imitation products are widely sold across South Korea, continuing to be a threat to the value sales of luxury players in 2019. Satisfactory level of imitation products is higher in jewellery compared to other items, such as luxury leathered goods.

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