CNBC reported on the 12th (local time) that Koreans consumed the most luxury goods per capita in the world last year.
According to this, investment bank (IB) Morgan Stanley estimated that Koreans' luxury consumption last year increased by 24% from the previous year to $ 16.8 billion, about 20.9 trillion won in our money.
Converting this to 'per person', it is 325 dollars (about 404,000 won), which is much more than 55 dollars (about 68,000 won) in China and 280 dollars (about 348,000 won) in the United States. .
In fact, Italian luxury outdoor brand Moncler revealed that sales in the second quarter of last year in Korea more than doubled compared to before the Corona 19 epidemic.
Cartier's Richmond Group also said that my sales in Korea last year were one of the regions that recorded a double-digit increase compared to 2021 and 2020.
Prada said sales in China fell 7% last year due to lockdown measures, but strong sales growth in South Korea and Southeast Asia more than offset this.
Morgan Stanley analyzed that this demand for luxury goods in Korea is due to an increase in purchasing power.
According to the Bank of Korea, the net worth of Korean households increased by 11% in 2021 thanks to rising real estate prices.
Morgan Stanley pointed out that the trend of placing importance on appearance also seems to have contributed to increasing demand for luxury goods.
Morgan Stanley explained that luxury brands are using celebrities to encourage consumption, and that almost all of Korea's famous celebrities are acting as ambassadors for luxury brands.