Luxury Archives | Be Korea-savvy
Luxury Consumption Diversifies Towards Shoes and Clothes

Luxury Consumption Diversifies Towards Shoes and Clothes

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 [...]

Luxury Goods Spark Sales Growth at Home Shopping Channels

Luxury Goods Spark Sales Growth at Home Shopping Channels

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 [...]

Luxury ‘Strawberry Buffets’: Latest Fad Among Trendy South Korean Consumers

Luxury ‘Strawberry Buffets’: Latest Fad Among Trendy South Korean Consumers

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 [...]

Profits at Foreign Luxury Brands Slow down on Direct Shopping, Cost Increases

Profits at Foreign Luxury Brands Slow down on Direct Shopping, Cost Increases

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 [...]

“F— It Expense” and Small Luxuries Emerge as New Consumption Trends amid Economic Downturn

“F— It Expense” and Small Luxuries Emerge as New Consumption Trends amid Economic Downturn

SEOUL, March 31 (Korea Bizwire) — There’s a new coinage emerging amongst South Korean consumers that literally translates into “f— it expense.”  The origin of sibal (the four-letter word) biyong (expense or cost) goes back to November 28 of last year, when a local Twitter user (satuki_yami) defined the term as an expense that could [...]

Luxury Watch Sales Grow Despite Economic Slump

Luxury Watch Sales Grow Despite Economic Slump

SEOUL, Feb. 13 (Korea Bizwire) – Despite the prolonged economic downturn, sales of luxury watches once again soared last year.  Hyundai Department Store said Sunday that sales of high-end watches have consistently increased in recent years, jumping by 16.3 percent in 2014 (year-on-year), 30.1 percent in 2015, and by 34.1 percent in 2016.  The rise [...]