Foreign luxury brands have been raising their prices, including Cartier, Piaget, Omega, TAG Heuer and Fred. Among the price increases are the Cartier Tank Solo watch, which is popular for wedding gifts (yemul), rising by 5.
With no general lockdowns during the pandemic, the main distribution channel of department stores has not only managed to perform better than e-commerce, but even continue gaining some sales share back from internet retailing. Department stores and luxury brands have been looking to keep VIP customers happy during the pandemic, given they account for more than half of sales.
Luxury watch brands operate a VIP-centric offline sales strategy as they believe that a long history and tradition are also included as part of their brand value. Lotte Department Store announced on 18 August 2020 that it would be selling limited editions and new products of the Swiss luxury watch brand TAG Heuer on the live broadcasting channel 100LIVE of the Lotte Department Store Mall on 21 August 2020.
After returning to positive growth in 2021, sales of luxury timepieces will continue to rise year on year in South Korea over the rest of the forecast period. A desire for individuality will continue to be seen among more affluent South Korean consumers, opting for products from world-class watchmakers such as Girard-Perregaux, Jaeger-LeCoultre or Patek Philippe.
In the January-May period of 2021, sales of luxury goods at South Korea’s department stores were generally showing strong year-on-year growth. For example, sales of luxury goods at Hyundai Department Store increased by 57% compared to the same period a year earlier, with sales of luxury goods at Lotte Department Store also up by 56% during the same period.
Lotte Department Store, which successfully began selling TAG Heuer online in 2020, announced in May 2021 that it would introduce South Korea’s first official online brand store for the Breitling Swiss luxury watch brand. Breitling not only introduces various collectible products via this outlet, but also sells items such as the Navitimer, Chronomat or Premier Heritage Collection, which are expensive lines ranging from KRW10 million to KRW15 million in price.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces 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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This is the aggregation of luxury men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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