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Luxury Goods in South Korea

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    Report

  • 45 Pages
  • October 2023
  • Region: South Korea
  • Euromonitor International
  • ID: 2509889
Retail value sales of luxury goods in South Korea rose by 18% in 2023 in current terms, to stand at KRW50.7 trillion. A combination of consumer indulgence, the release of pent-up demand, and the resumption of key activities, including travelling, shopping, and working, played integral roles in driving growth in sales during the post-lockdown period.

The Luxury Goods in South Korea report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers’ shopping patterns. Forecasts to 2027 illustrate how the market is set to change

Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

  • Get a detailed picture of the Luxury Goods market
  • Pinpoint growth sectors and identify factors driving change
  • Understand the competitive environment, the market’s major players and leading brands
  • Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

LUXURY GOODS IN SOUTH KOREA
EXECUTIVE SUMMARY
  • Luxury goods in 2023: The big picture
  • 2023 key trends
  • Competitive landscape
  • Retailing developments
  • What next for luxury goods?
MARKET DATA
  • Table 1 Sales of Luxury Goods by Category: Value 2018-2023
  • Table 2 Sales of Luxury Goods by Category: % Value Growth 2018-2023
  • Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2018-2023
  • Table 4 NBO Company Shares of Luxury Goods: % Value 2018-2023
  • Table 5 LBN Brand Shares of Luxury Goods: % Value 2019-2023
  • Table 6 Distribution of Luxury Goods by Format and Category: % Value 2023
  • Table 7 Forecast Sales of Luxury Goods by Category: Value 2023-2028
  • Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2023-2028
DISCLAIMER
SOURCES
  • Summary 1 Research Sources
EXPERIENTIAL LUXURY IN SOUTH KOREAKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Current retail value sales of experiential luxury on the rise in 2023
  • Luxury hotels records the highest percentage rise within the category overall in 2023
  • Hyatt Hotels Corp leads experiential luxury in 2022
PROSPECTS AND OPPORTUNITIES
  • Retail value sales look set to increase over the forecast period
  • Luxury hotels looks likely to witness the most dynamic performance over the forecast period
CATEGORY DATA
  • Table 9 Sales of Experiential Luxury by Category: Value 2018-2023
  • Table 10 Sales of Experiential Luxury by Category: % Value Growth 2018-2023
  • Table 11 NBO Company Shares of Experiential Luxury: % Value 2018-2023
  • Table 12 LBN Brand Shares of Experiential Luxury: % Value 2019-2022
  • Table 13 Forecast Sales of Experiential Luxury by Category: Value 2023-2028
  • Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2023-2028
FINE WINES/CHAMPAGNE AND SPIRITS IN SOUTH KOREAKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Fine wines/champagne and spirits sees rising current retail value sales in 2023
  • Fine wines sees the largest value sales in the last year of the review period
  • Fine wines/champagne and spirits is led by MH Champagnes & Wines Ltd in 2022
PROSPECTS AND OPPORTUNITIES
  • Value sales forecast to increase in constant 2023 terms over 2023-2028
  • Fine wines expected to experience the fastest percentage CAGR increase during 2023-2028
CATEGORY DATA
  • Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2018-2023
  • Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2018-2023
  • Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2018-2022
  • Table 18 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2018-2023
  • Table 19 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2023-2028
  • Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2023-2028
PREMIUM AND LUXURY CARS IN SOUTH KOREAKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Premium and luxury cars sees rising current retail value sales in 2023
  • Number of premium and luxury cars on the rise
  • Premium and luxury cars is led by Daimler AG in 2022
PROSPECTS AND OPPORTUNITIES
  • Value sales of premium and luxury cars forecast to rise over 2023-2028
  • Internet sales set to rise in significance
  • Electric cars on the rise
CATEGORY DATA
  • Table 21 Sales of Premium and Luxury Cars: Value 2018-2023
  • Table 22 Sales of Premium and Luxury Cars by Category: % Value Growth 2018-2023
  • Table 23 NBO Company Shares of Premium and Luxury Cars: % Value 2018-2023
  • Table 24 LBN Brand Shares of Premium and Luxury Cars: % Value 2019-2023
  • Table 25 Forecast Sales of Premium and Luxury Cars: Value 2023-2028
  • Table 26 Forecast Sales of Premium and Luxury Cars: % Value Growth 2023-2028
PERSONAL LUXURY IN SOUTH KOREAKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Personal luxury sees a rise in current retail value sales in 2023
  • Designer apparel and footwear (ready-to-wear) dominated by designer apparel (ready-to-wear)
  • Luxury eyewear witnesses a rise in value sales
  • Retail value sales of luxury jewellery increase in 2023
  • Rise in value sales of luxury leather goods in 2023
  • Luxury wearables electronics sees relatively low value sales in 2023
  • Luxury timepieces sees value sales increase
  • Value sales of writing instruments and stationery on the up in 2023
  • Rise in value sales of super premium beauty and personal care seen in 2023
  • Louis Vuitton Korea Ltd holds the lead in personal luxury in 2022
PROSPECTS AND OPPORTUNITIES
  • Value sales expected to rise in 2023 constant terms over the forecast period
  • Luxury leather goods expected to remain biggest subcategory in value terms in 2028
  • Luxury leather goods also expected to see the most dynamic percentage growth over the forecast period
CATEGORY DATA
  • Table 27 Sales of Personal Luxury by Category: Value 2018-2023
  • Table 28 Sales of Personal Luxury by Category: % Value Growth 2018-2023
  • Table 29 NBO Company Shares of Personal Luxury: % Value 2018-2023
  • Table 30 LBN Brand Shares of Personal Luxury: % Value 2019-2023
  • Table 31 Distribution of Personal Luxury by Format: % Value 2018-2023
  • Table 32 Forecast Sales of Personal Luxury by Category: Value 2023-2028
  • Table 33 Forecast Sales of Personal Luxury by Category: % Value Growth 2023-2028