A department store in central Seoul (Yonhap)
SEOUL, Dec. 30 (Korea Bizwire) — With shrinking consumer sentiment and an economy in decline, prices of luxury goods and limited editions of running shoes are plunging.
StockX Korea, a local unit of the U.S.-based resale company, said that Nike’s Dunk Low Panda are currently available for 186,000 won (US$147), which is 53 percent cheaper than in December of last year.
The price of the Jordan 1 X Scott X Fragment High Military Blue reached 2,100 percent of their original price earlier this year, selling for 6.8 million won in February. Now, the price has gone down to 2.3 million won.
The price of Adidas’ Samba shoes, which gained popularity after they were worn by celebrities, reached 244,000 won in August, before dropping to 130,000 won.
Reseller prices of luxury goods are also going downhill.
According to local resale platform KREAM, the price of Chanel’s Classic Medium Flap Bag has dropped from 14 million won to 12.98 million won.
As disposable income continues to shrink with soaring consumer prices and interest rates this year, weakening consumption power has cut demand for goods selling at premium prices.
StockX Korea’s monthly transactions in June dropped by 20 percent from the previous month. Nevertheless, highly rare and popular products continue to command premium prices exceeding their original price.
H. M. Kang (hmkang@koreabizwire.com)
