PROSPECTS AND OPPORTUNITIES
Positive outlook for the forecast period bolstered by the opening of new venues
Retail sales of experiential luxury are expected to increase at a current value CAGR of 8% (2024 constant value CAGR of 6%) over the forecast period to reach KRW1.7 billion.
The expansion of business facilities drives business clientele in luxury hotels
Major cities in South Korea, including Seoul, Pohang, and Geoje, are focused on increasing their appeal to business clientele. One key way of doing so is by building facilities for MICE purposes (Meetings, incentives, conferences, and exhibitions), which will boost the country's MICE travel globally.
Luxury foodservice remains in its infancy while brands offer new experiences
Luxury foodservice has yet to establish itself as an industry in South Korea, and this is set to remain the case across the forecast period, with luxury hotels remaining the key player in experiential luxury. However, as wealthier consumers in South Korea become interested in foreign cultures and brands, more focus and dedication will be placed on food service.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Overview:
Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Experiential Luxury in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Experiential Luxury in South Korea?
- Which are the leading brands in Experiential Luxury in South Korea?
- How are products distributed in Experiential Luxury in South Korea?
- How important is tourism in evaluating demand for Experiential Luxury in South Korea?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Experiential Luxury in South Korea - Category analysis
KEY DATA FINDINGS
Double-digit retail value growth as wealthy consumers invest in travel experiences
Luxury hotels lead overall growth, offering unique and exclusive experiences
Leading luxury hotels focus on developing their sustainability strategies
Positive outlook for the forecast period bolstered by the opening of new venues
The expansion of business facilities drives business clientele in luxury hotels
Luxury foodservice remains in its infancy while brands offer new experiences
Luxury Goods in South Korea - Industry Overview
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
The following categories and subcategories are included:
Experiential Luxury
- Luxury Foodservice
- Luxury Hotels
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Experiential Luxury research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!