Despite the COVID-19 pandemic, luxury goods in South Korea continued to record current value growth in both 2020 and 2021. With spending on overseas travel put on hold due to the pandemic, consumers instead purchased luxury goods through domestic department stores and e-commerce to treat themselves and help them get through a difficult environment. With the easing of cases of COVID-19 and gradual lifting of restrictions both in the country and globally, growth is also set to continue in 2022. In...
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 2026 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.
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 2026 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 KOREAEXECUTIVE SUMMARY
- Luxury goods in 2022: The big picture
- 2022 key trends
- Competitive landscape
- Retailing developments
- What next for luxury goods?
- Table 1 Sales of Luxury Goods by Category: Value 2017-2022
- Table 2 Sales of Luxury Goods by Category: % Value Growth 2017-2022
- Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2017-2022
- Table 4 NBO Company Shares of Luxury Goods: % Value 2017-2021
- Table 5 LBN Brand Shares of Luxury Goods: % Value 2018-2021
- Table 6 Distribution of Luxury Goods by Format and Category: % Value 2022
- Table 7 Forecast Sales of Luxury Goods by Category: Value 2022-2027
- Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2022-2027
SOURCES
- Summary 1 Research Sources
KEY DATA FINDINGS
2022 DEVELOPMENTS
- Rebound along with easing of COVID-19, but not to pre-pandemic level
- Domestic travellers still the main consumer group
- Offering services to encourage consumers to return
- Threat to growth from non-luxury hotels
- Direct international flights resume to tourist destinations
- Luxury foodservice sees outlet openings, which immediately gain popularity
- Table 9 Sales of Experiential Luxury by Category: Value 2017-2022
- Table 10 Sales of Experiential Luxury by Category: % Value Growth 2017-2022
- Table 11 NBO Company Shares of Experiential Luxury: % Value 2017-2021
- Table 12 LBN Brand Shares of Experiential Luxury: % Value 2018-2021
- Table 13 Forecast Sales of Experiential Luxury by Category: Value 2022-2027
- Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2022-2027
KEY DATA FINDINGS
2022 DEVELOPMENTS
- Move from duty free to local purchases drives growth
- Major retailers take a bet on fine wines
- Wine and whiskies are favoured by younger adults
- Consumers will return to duty free, although markets will maintain their role
- Rising competition could change the competitive landscape
- Online order and in-store pick-up to gain popularity in the luxury segment
- Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2017-2022
- Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2017-2022
- Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2017-2021
- Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2018-2021
- Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2017-2022
- Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2022-2027
- Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2022-2027
KEY DATA FINDINGS
2022 DEVELOPMENTS
- Ferrari excels in VIP marketing
- Tesla starts to struggle due to repeated price increases and long delays
- Subscription services and SUVs are trends driven by younger generations
- Return of travel and change of licence plate colour set to hamper growth
- Growth of premium and luxury electric cars dependent on infrastructure
- BMW’s marketing efforts will help it to narrow the gap from Mercedes-Benz
- Table 22 Sales of Premium and Luxury Cars: Value 2017-2022
- Table 23 Sales of Premium and Luxury Cars: % Value Growth 2017-2022
- Table 24 NBO Company Shares of Premium and Luxury Cars: % Value 2017-2021
- Table 25 LBN Brand Shares of Premium and Luxury Cars: % Value 2018-2021
- Table 26 Forecast Sales of Premium and Luxury Cars: Value 2022-2027
- Table 27 Forecast Sales of Premium and Luxury Cars: % Value Growth 2022-2027
KEY DATA FINDINGS
2022 DEVELOPMENTS
- Designer apparel and footwear (ready-to-wear)
- Luxury eyewear
- Luxury jewellery
- Luxury leather goods
- Luxury wearables
- Luxury timepieces
- Luxury writing instruments and stationery
- Super premium beauty and personal care
- Purchasing limits will lead consumers to turn to other channels
- Retailers find different ways to attract luxury consumers
- Competition from high-end non-luxury brands
- Table 28 Sales of Personal Luxury by Category: Value 2017-2022
- Table 29 Sales of Personal Luxury by Category: % Value Growth 2017-2022
- Table 30 NBO Company Shares of Personal Luxury: % Value 2017-2021
- Table 31 LBN Brand Shares of Personal Luxury: % Value 2018-2021
- Table 32 Distribution of Personal Luxury by Format: % Value 2017-2022
- Table 33 Forecast Sales of Personal Luxury by Category: Value 2022-2027
- Table 34 Forecast Sales of Personal Luxury by Category: % Value Growth 2022-2027
