LUXURY for overseas companies in South Korea for the past seven years , and that ' s the primary reason why many companies have to exit the market . I believe doing business here requires a certain level of humility and thorough research about the preferences of the South Korean audience ."
A market with resilient spending power Neither such failures nor the slow growth have eroded the country ’ s attractiveness as a luxury hub .
“ This year , Dior joined the 1 trillion won in revenue club – alongside Chanel and Louis Vuitton – with sales reaching US $ 752.5 million , a 12.48 per cent year on year increase , despite the downward market trend ,” Kustosz-Lee said .
In 2022 , South Koreans were the world ’ s biggest spenders on personal luxury goods , with US $ 325 per capita , far outpacing the US $ 55 and $ 289 per capita spent by consumers in China and the US , respectively , Morgan Stanley data shows .
Morgan Stanley analysts attribute South Korean luxury goods demand to rising purchasing power and a cultural trend of displaying social status . Meanwhile , Euromonitor projected the luxury market in South Korea to grow to US $ 20.53 billion by 2027 . ►
In 2022 , South Koreans were the world ’ s biggest spenders on personal luxury goods .
Polène ' s flagship store in Seoul
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