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, [...]
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 [...]
SEOUL, July 26 (Korea Bizwire) – Following the suit of major luxury brands, such as Hermes, Luis Vuitton and Chanel in the first half of this year, Italian luxury brand Prada also joined the bandwagon of raising prices on its luxury goods lineups here in Korea. The brands gave several reasons about the decision: the increased personnel expenses and [...]