SEOUL, Dec. 17 (Korea Bizwire) — Galleria Department Store said Thursday that its luxury hall located in Gangnam District, Seoul surpassed 1 trillion won (US$844 million) in annual sales for the first time since its opening 31 years ago.
As of November, the luxury hall has seen a 67 percent rise in jewelry and watches sales, a 49 percent increase in luxury accessories by Chanel and others and a 35 percent increase in men’s luxury goods, reaching an overall 31 percent increase in luxury sales from last year.
Spending by VIPs, who purchase luxury products worth more than 20 million won every year, has also jumped by 49 percent compared to last year, accounting for approximately 40 percent of the luxury hall’s overall sales.
VIP customers spending more than 200 million won annually, in particular, have spent double the amount reported last year.
Meanwhile, an U.S. media outlet has featured the South Korean fever for luxury goods in their reporting.
“Even during the deepest depths of the pandemic, you wouldn’t see people in South Korea hoarding steaks, toilet paper or pet food,” Bloomberg News reported.
“Instead, they developed another new habit: waiting on lines outside department stores, beginning at 5 a.m., to buy items like a $9,500 Chanel purse. ”
Image Credit: Galleria Department Store / Yonhap / photonews@koreabizwire.com
