The world’s biggest luxury spenders are label-loving Koreans
SEOUL – When Ms Kelly Yoon, a 38-year-old mother from the middle-class enclave of Songdo on the outskirts of Seoul, attended a school event for her nine-year-old daughter, she was stunned by the designer goods dripping from the other moms.
Koreans’ spending on personal luxury goods from designer handbags to US$2,000 puffer jackets, rose 24 per cent to 21.8 trillion won in 2022 – equal to about US$325 for every man, woman and child, according to a Morgan Stanley report published earlier this month. “Everyone seemed so optimistic about their future during the pandemic,” said Dr Lee Wonjae, a sociology professor at Kaist Graduate School of Culture Technology in Daejeon. “Consumer confidence was so strong because stocks, cryptocurrency and housing prices were rising. Even though some people missed the opportunities, their friends were making money, so they believed everything was going to be like this forever.
Ms Christine Lee, a 30-year-old worker who earns about US$24,000 a year at an insurance company, said she bought a 1.6 million won Marni handbag in 2020. Celebrities such as Squid Game actress Hoyeon Jung endorses brands including Louis Vuitton and Bentley on Instagram, while the members of girl band Blackpink endorse luxury companies including Chanel, Bulgari, Cartier and Tiffany.
With a population of just 51 million, Korea is now as important as Japan for luxury goods makers, with Korean nationals accounting for 10 per cent or more of total retail sales by top-end brands such as Prada SpA, Moncler SpA, Bottega Veneta Inc. and Burberry Group Plc, the report said.
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