Their per capita spending greatly surpasses Americans and Chinese consumers.
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The report asserts that this rise in spending is driven by a desire to clearly display a high socio-economic status through luxury brands. “Appearance and financial success can resonate more with consumers in South Korea than in most other countries,” analysts wrote in the report, according to. The demand is also a response to the increase in wealth for Korean households. According to data from the Bank of Korea, the average household net worth rose by 11 percent in 2021.
And South Korea’s spending helped ease the pain of China’s Zero-Covid policy for some luxury brands. Prada pointed to China’s restrictions as a reason why its retail sales fell 7 percent in 2022, but the company says strong performance in South Korea and South EastWith growing demand in the country, many brands cater to consumers by directly courting South Korean shoppers.
Brands like Louis Vuitton and Gucci have even released new items in Japan or South Korea before opening them for worldwide release. The Richemont Group, which owns Cartier and Piaget, stated that the group’s most significant region in terms of sales was the Asia Pacific, including South Korea, which contributed to 41 percent of group sales.will bring since the country has relaxed its zero-Covid policies allowing nationals to travel internationally again.
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