Press Release
Press Release
According to a new report by EMR titled, ‘The South Korea Luxury Goods Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 6.69 billion in 2023. The luxury goods market is further estimated to grow at a CAGR of 4.6% between 2024 and 2032 to reach USD 10.02 billion by 2032.
The South Korea luxury goods market growth is driven by the expansion of luxury stores such as boutiques and shops leveraging online platforms to verify the authenticity of luxury products and provide improved customer services. Luxury goods hold cultural significance despite their non-essential nature. Demand for luxury items correlates with rising income, often representing status and wealth. While affluent women in their 40s to 60s have historically been core luxury consumers in Korea, younger demographics in their 20s and 30s are now key markets. Major department stores like Lotte, Shinsegae, and Hyundai dominate luxury sales. South Koreans lead global luxury spending, averaging 325 USD per capita in 2022—higher than the US at 280 USD and China at 55 USD.
Fig: Companies Share of Luxury Goods Sales in Developing Regions, FY2022
Three dominant companies—Hugo Boss (Germany), Pandora (Denmark), and Amore Pacific (South Korea)—capture 62% of the luxury goods market in developing countries. Notably, Germany, Canada, and Brazil each host two companies within the group. Among the Top 100 companies, Aritzia experienced the highest year-on-year sales growth at 74.3%. Other notable performers include Canada Goose, Soma, Marc O’Polo, Hugo Boss, and Vivara, all achieving sales growth exceeding 25%.
Luxury manufacturers are prioritising eco-friendly practices to meet the demand for sustainable luxury goods and fulfil social responsibilities. The luxury fashion sector, particularly in South Korea, is transitioning toward fashion tech, incorporating eco-friendly approaches to enhance sustainability and the shopping experience. Digital platforms are expanding reach, enhancing customer service, and facilitating the development of new luxury products, driving growth in South Korea's luxury market.
The fashion industry in South Korea is embracing sustainable practices and innovation through biomaterials. Companies like Kaesa are leading the way with vegan leather handbags made from cactus-based materials, offering cruelty-free and eco-friendly alternatives that reduce carbon footprints and support conservation efforts.
The South Korea luxury goods market is witnessing a surge in vintage products and a rise in conscious, ethical fashion. Consumers are embracing recycling, thrifting, and upcycling, promoting sustainability and reducing carbon emissions. Vintage luxury items like bags and watches are gaining popularity, prompting high-end brands to relaunch vintage collections to captivate customer interest and propel growth in the South Korean luxury market.
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The major players in the South Korea luxury goods market are LVMH Moët Hennessy, Compagnie Financière Richemont SA, Kering Group, The Swatch Group Ltd, ROLEX SA, Minjukim, Guccio Gucci S.p.A., Chanel, and Prada S.p.A, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by End Use |
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Breakup by Distribution Channels |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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