Are Young Koreans interested in luxury products?
The young are interested in luxury goods, driving the growth of the luxury market / Ph: Pexels@Valeria Boltneva[/caption]
Korea is experiencing a noticeable growth of luxury products. This is no doubt a good sign to luxury brand in this country. Lotte Members, an operator of Lotte Group’s membership reward service L.Point, carried out a report on its own transaction data analysis to find out the root to this excessive development of the Korean luxury market. The report pointed out that it was the twenty-something Koreans who made the luxury market in South Korea grew to its peak. According to this research, only in the second quarter ended June 2019, there were roughly 40,000 luxury items were bought by people at the age of 20 to 30, which is 7.3 times higher than the same quarter in 2017. Luxury consumers in Korea also account for 11.8% of the high-end market, increasing from 5.4% in the same period of 2017. Besides, the Korea luxury market's size also witnesses a growth of more than triple.
Young consumers luxury market found itself in a considerable pie when the number of young luxury consumers has increased dramatically. A survey conducted on 3,322 people who purchased luxury goods was carried out by Lotte Members. According to them, 23.4% of the participants in their 20s were students, most of them do not have any fixed income sources. 43% of people purchasing luxury products were office workers. This is really good news to luxury brands in Korea when they have attracted many potential consumers.
Also in this report, the root of the considerable growth of the upscale market is attributed by people aged between 20 and 30. These people like to show off themselves to their friends, especially on social media. Besides, they highly value product quality and a sense of pride when owning a high-end item. It is their bragging behaviour called “flexing” is what drive the luxury market in South Korea. Flexing is a cultural trend in which people love to show off their wealth and privileged lives on social media for self-indulgence.
There is no doubt that the young, with their obsession of showing-off on social media, has driven the growth of the luxury market in South Korea.
Are Young Koreans interested in luxury products?
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