Domestic wealthy and affluent consumers have always represented the main consumer group for luxury portable consumer electronics in South Korea. As COVID-19 has had a minimal impact on the spending power of this consumer segment, the category has consequently continued to see strong demand, in both 2020 and 2021.
Citizen Watch remains the strong leading player in luxury wearables, and therefore luxury portable electronics as a whole. Its flagship brand, Frederique Constant, has a relatively cheaper price for its smartwatches than its traditional watches, thus helping younger consumers be able to afford to purchase this luxury brand.
South Korea has high mobile and internet penetration rates, in addition to well-established internet infrastructure. Due to the nature of the products in this category, and the consumers to which they appeal, e-commerce recorded a major increase in its value share in 2020, with further strong growth expected in 2021.
Luxury portable consumer electronics in South Korea is expected to post a positive value sales CAGR over the forecast period with young consumers continuing to desire luxury smart wearables and with luxury brands increasingly promoting their new smart wearables in the local market. However, luxury portable consumer electronics still remains something of a niche market area as players and products are still gradually building a positioning in consumers’ minds, which takes a little time to do.
South Korea did not enforce a complete lockdown during the COVID-19 outbreak, and the country has therefore avoided some of the major disruptions to production and manufacturing seen in other countries or regions. As a result, some segments of luxury retail in the country have continued to enjoy strong growth.
E-commerce is expected to continue gaining in importance as a distribution channel over the forecast period. It can offer consumers a safe way of shopping against the backdrop of a dangerous virus being present in society, as well as, increasingly, an effective and secure delivery service.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.See All of Our Definitions
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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