PROSPECTS AND OPPORTUNITIES
Champagne drives retail value growth across the forecast period
Retail sales of fine wines/champagne and spirits are set to grow at a current value CAGR of 7% (2024 constant value CAGR of 5%) over the forecast period to reach KRW1.2 trillion.
Cocktail culture, flavour exploration and experiences boosts sales of premium spirits
Across the forecast period, fine wines/champagnes and spirits will continue to be positively impacted by the trend of buying experience-based goods above material goods, with social drinking of spirits, mixology, flavour-exploration and premium drinks enjoyed in a quality-above-quantity approach, bolstering sales.
Positive growth for fine wines as consumers expand their product knowledge
Fine wine sales will see growth of 7% across the forecast period, set to reach sales of KRW 676 in 2029. In addition to the rise of wealthier consumers, sales will benefit as more lower and middle-income consumers invest in fine wines to drink at home and with friends, aligning with a quality-above-quantity approach.
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Overview:
Understand the latest market trends and future growth opportunities for the Fine Wines/Champagne and Spirits 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 Fine Wines/Champagne and Spirits 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 Fine Wines/Champagne and Spirits 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 Fine Wines/Champagne and Spirits in South Korea?
- Which are the leading brands in Fine Wines/Champagne and Spirits in South Korea?
- How are products distributed in Fine Wines/Champagne and Spirits in South Korea?
- How important is tourism in evaluating demand for Fine Wines/Champagne and Spirits 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?
Fine Wines/Champagne and Spirits in South Korea - Category analysis
KEY DATA FINDINGS
Fine wines/champagne and spirits grow as the mixology trend rises
Mindful consumption trends benefit premium and luxury alcoholic brands
Limited edition and heritage are key trends that engage luxury consumers
Champagne drives retail value growth across the forecast period
Cocktail culture, flavour exploration and experiences boosts sales of premium spirits
Positive growth for fine wines as consumers expand their product knowledge
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:
Fine Wines/Champagne and Spirits
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
Fine Wines/Champagne and Spirits
This is the aggregation of fine wines and luxury spirits.
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 Fine Wines/Champagne and Spirits research and analysis database.
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