Galleria department store’s luxury hall in southern Seoul (Yonhap)
SEOUL, Feb. 23 (Korea Bizwire) — Luxury consumption, once centered on bags and watches, is diversifying towards other items, including shoes, accessories and clothes.
Lotte Members, the membership service for retail giant Lotte Group, analyzed data from luxury item transactions.
The analysis showed that the purchase of luxury shoes increased by 134.9 percent last year compared to the figure marked in 2018 for all purchasers over 20 years of age.
By age group, the purchase of luxury women’s shoes increased among those in their 50s (190.9 percent), 20s (174.7 percent) and 30s (134.3 percent).
Consumers in their 40s had a stronger interest in jewelry (132 percent), while those over 60 increased their purchases of luxury watches (248.5 percent).
The purchase of luxury men’s clothes increased by 105.4 percent on average last year. In particular, the purchase of tops like jackets marked a sharp increase.
The purchase of luxury women’s clothes rose by 63.9 percent on average, with jackets and coats enjoying strong popularity.
“Women’s luxury consumption diversified from bags towards shoes, jewelry and accessories, while men’s luxury consumption expanded from watches towards shoes and clothes,” said Kim Keun-soo, head of the data business division at Lotte Members.
Ashley Song (ashley@koreabizwire.com)
