Retail value sales of luxury goods in South Korea rose by 18% in 2023 in current terms, to stand at KRW50.7 trillion.
Growth within luxury goods was positive in the last year of the review period despite headwinds caused by the cost-of-living crisis, inflation, and the war in Ukraine. South Korea is where a number of affluent adults live, with around 765,300 residing there in 2023, representing 2% of the population.
The competition remains intense within luxury goods. With mindful consumption important to many shoppers, luxury players are focusing more on creating innovative products that offer consumers value, ensuring the affordability of their product and service portfolios.
Digitalisation is reshaping the luxury retail landscape, transforming the way in which consumers engage with luxury brands and retailers, and also influencing how they shop. As a result of this, online shopping is becoming more significant within the luxury sphere, with retailers having to adapt their experiences to attract consumers’ attention.
The outlook for luxury goods looks rosy, with the release of pent-up demand post-pandemic expected to lead to increased purchases of luxury goods during the forecast period. Retail sales of luxury goods in South Korea are expected to rise at a CAGR of 9% in current value terms (7% constant 2023 value CAGR) over the forecast period, to amount to KRW77.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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