SEOUL, Nov. 11 (Korea Bizwire) — So-called ‘revenge consumption’, a sudden rush of consumption in the pandemic era, is resulting in soaring prices of luxury goods as demand continue to rise. Celine raised its prices three times this year after raising the price of some 10 luxury bags by an average of 8 percent on [...]
SEOUL, Oct. 5 (Korea Bizwire) — Sales of high-priced items such as imported bags, jewelry and watches rose last year despite a drop in overall consumption brought on by the COVID-19 pandemic. According to the data that Rep. Suh Byung-soo of the People Power Party received from the National Tax Service and the Korea Customs [...]
SEOUL, Aug. 27 (Korea Bizwire) — Online stores that sell goods from expensive, high-end brands are competing over appraisal and warranty services to alleviate concerns over counterfeit items. Online mall SSG.com began issuing digital certificates to vouch for official goods made by luxury brands and those brought in by other luxury brand sellers. The digital [...]
SEOUL, July 2 (Korea Bizwire) — Demand for luxury goods continue to rise despite price hikes and the COVID-19 pandemic. Chanel, a high-end fashion house, has already raised prices in South Korea twice this year. The French luxury brand raised the price of the Classic Flap Bag Medium from 8.64 million won (US$7,600) to 9.71 [...]
SEOUL, April 22 (Korea Bizwire) — Having had a highly frustrating year without her yearly regenerative trips to famous overseas tourism spots due to the COVID-19 pandemic, 39-year-old office worker Kim Hyun-joo decided it’s time to chill out and splurge a bit. One weekend this April, she went on a tour of an upscale shopping [...]
SEOUL, April 20 (Korea Bizwire) — Despite the ongoing pandemic, South Korean consumers are still obsessed with luxury goods. Members of the younger generation in their 20s and 30s have risen as the primary consumers of luxury merchandise, gladly lining up in front of department stores to purchase limited editions of luxury brand goods. Luxury [...]
SEJONG, Aug. 18 (Korea Bizwire) — More luxury goods or products purchased overseas purchased by major tax evaders are being confiscated when they re-enter South Korea ever since the policy was first implemented in 2017. The Korea Customs Service reported 23 cases of confiscation in 2017, 59 cases in 2018, and 69 cases in 2019. [...]
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 [...]
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 [...]
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, [...]