There is an increasing trend of foreign luxury brands moving online. This is because non-face-to-face consumption has increased during the COVID-19 pandemic, and the younger generation, which often prefers online shopping to offline, is emerging as the main consumer group in luxury jewellery.
Department stores, which were not closed by the authorities during the pandemic, remain the dominant retailing channel for luxury jewellery. Although duty-free was badly hit due to the restrictions on travel, the local market did not suffer too much.
Demand for luxury jewellery is strongly related to the number of weddings taking place. Shortly after the 3-day holiday of 15-17 August in 2020, when the government had suggested that local consumers travel to help the local economy, the number of COVID-19 cases surged.
Over the forecast period the luxury jewellery category in South Korea is expected to see a notable recovery in the post-pandemic environment. Luxury costume jewellery will see a return to growth, but it is luxury fine jewellery, particularly women's products, that is expected to be the main growth driver.
Imported luxury brands account for more than two thirds of South Korea’s high-end jewellery sales, with this share even seemingly growing, despite the pandemic. According to the Korea Customs Service, jewellery imports in the first quarter of 2021 more than doubled to USD220.
Weddings are helping to drive the increase in sales of luxury jewellery in 2021. Due to social distancing as a result of the COVID-19 pandemic, the trend of “micro weddings”, which are smaller than a “small wedding”, is being seen.
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This is the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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