Next Luxury Industry Heaven
South Korea is one of the fastest growing luxury goods market in the world after India, Malaysia and Indonesia. Being one of the leading consumer markets, the country has a lot to offer in terms of opportunities to the luxury goods companies - be it fashion or jewellery.
South Korea is one of the promising markets with high growth potential. It is an elite member of the Asian Tigers, along with Hong Kong, Singapore, and Taiwan. The economy of South Korea is the 4th largest in Asia and the 11th largest in the world, mentions Wikipedia. The country is famous for its spectacular rise from one of the poorest countries in the world to a developed, highincome country in just one generation. This economic miracle, commonly known as the Miracle on the Han River brought South Korea to the ranks of elite countries in the OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession.
In November 2017, International Monetary Fund raised South Korea growth outlook to 3.2 pct from 3 pct for 2017. The IMF’s mission team in South Korea said that the outlook for Asia’s fourth-largest economy was improving despite elevated geopolitical tensions as Next Luxury Industry global demand for its information technology products supported exports growth while private consumption was picking up.
Luxury Industry in South Korea
According to Euromonitor International’s luxury goods research, South Korea’s luxury goods market is ranked 8th out of 32 countries covered by them in their research and it accounts for 3 per cent of the global market. The South Korean luxury goods market is reportedly valued at KRW13 trillion (US$11 billion at current 2016 prices), mentioned the study.
Stable income growth combined with lowincome inequality has given a boost to luxury goods spending. Also, the industrial hubs of Seoul and Gyeonggi-do have contributed to the luxury goods spending. The stable economy has led to customers preferring more uniquely designed fashion jewellery and accessories. The consumers are becoming fond of buying one-ofa- kind, luxury items to show off their wealth.
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