SEOUL, Jul. 16 (Korea Bizwire) – South Korea’s online luxury goods market has experienced a sharp decline, with sales dropping by more than 30% in the first quarter of 2024 compared to the same period two years ago, according to recent data. This downturn is largely attributed to the impacts of high inflation and interest rates. [...]
SEOUL, Apr. 29 (Korea Bizwire) – When it comes to tying the knot in spectacular fashion, Seoul’s five-star hotels have become the epitome of extravagant nuptial celebrations for South Korea’s elite. From lush floral arrangements to opulent ballrooms bathed in verdant hues, these venues provide a backdrop worthy of a queen’s pristine white dress – an [...]
SEOUL, Apr. 15 (Korea Bizwire) — Despite a significant drop in sales for major online luxury goods platforms in South Korea due to the economic downturn, the pre-owned luxury market has shown resilience, even setting a record transaction volume last month in line with the start of the new school year, industry data showed on April [...]
SEOUL, Jan. 11 (Korea Bizwire) — As the luxury resale market continues to grow in South Korea, demand for a variety of accessories that come with luxury products is also increasing. The boxes that are used to pack Rolex wristwatches or shopping bags from luxury brands like Hermes or Chanel are being sold at online [...]
SEOUL, Sept. 30 (Korea Bizwire) — The rapid growth of the luxury resale market that created a buying boom for luxury items is showing signs of stagnating due to the recent decline in asset prices. According to the resale platform KREAM, Chanel medium classic flap bags were selling at prices ranging from 12-13 million won [...]
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 [...]
SEOUL, Nov. 19 (Korea Bizwire) — With winter around the corner, sales of high-priced winter attire on home shopping channels are soaring. According to industry sources, home shopping fashion broadcasts for this year’s fall and winter season are gaining popularity due to the appearance of products priced at more than 1 million won (US$858). A [...]
SEOUL, Oct. 17 (Korea Bizwire) — Handbags accounted for more than a quarter of the goods carried by overseas travelers exceeding the duty-free limit over the past four years. According to the data submitted to Rep. Kim Doo-kwan from the Korea Customs Service, handbags accounted for 33,152 cases or 27.2 percent out of 122,500 cases [...]
SEOUL, Jan. 11 (Korea Bizwire) – With a new consumer tendency that prioritizes satisfaction over cost-effectiveness sweeping across South Korea, an increasing number of luxury hotels are introducing strawberry buffets to target trendy consumers. ‘Strawberry desert buffets’ are almost becoming an annual event at luxury hotels in South Korea, as a growing number of consumers now [...]
SEOUL, April 28 (Korea Bizwire) – Profits at top foreign luxury brands in South Korea stagnated last year, with some labels unable to come out of the red, industry data showed Friday. According to the data provided by the e-disclosure site of the regulator Financial Supervisory Service, last year’s operational profits at Ferragamo Korea shed [...]