luxury goods Archives | Be Korea-savvy
S. Korean 20-somethings Rise as Strong Consumers of Luxury Goods

S. Korean 20-somethings Rise as Strong Consumers of Luxury Goods

SEOUL, Nov. 29 (Korea Bizwire) — South Koreans in their 20s are rising as a new consumer group in pursuit of luxurious goods thanks to the popular ‘flex’ culture. LOTTE Members, operator of membership reward service L.POINT reported on Thursday that consumption of luxurious goods among the 20s age group rose by more than sevenfold [...]

Luxury Fashion Powerhouses Rush into S. Korean Market

Luxury Fashion Powerhouses Rush into S. Korean Market

SEOUL, Nov. 17 (Korea Bizwire) — When it comes to purchasing luxury and premium products and services, South Koreans are almost on par with other major countries. Indeed, South Koreans’ love for luxury goods is astonishing, and that’s why high-end brands, which are known to stick to their heritage and tradition, have recently taken new [...]

The Personal Luxury Goods Market Delivers Positive Growth in 2018 to Reach €260 Billion – a Trend That is Expected to Contiune Through 2025

The Personal Luxury Goods Market Delivers Positive Growth in 2018 to Reach €260 Billion – a Trend That is Expected to Contiune Through 2025

MILAN, Italy, Nov. 15 (Korea Bizwire) — The luxury goods market continues to shine. The overall luxury market – encompassing both luxury goods and experiences – grew by 5 percent at constant exchange rates in 2018 to an estimated €1.2 trillion globally, with overall positive performance across all segments. Personal luxury goods outperformed the market, [...]

In Tough Economic Times, Consumers Turn to Semi-Luxury Goods to Buy Happiness

In Tough Economic Times, Consumers Turn to Semi-Luxury Goods to Buy Happiness

SEOUL, March 24 (Korea Bizwire) – A growing trend among South Korean consumers of buying semi-luxury goods is sweeping the consumer market amid the country’s prolonged economic downturn. Despite the sluggish economy, Koreans – especially those in their 20s and 30s – are willing to spend 50,000 won ($45) for an afternoon tea at a five-star [...]