PROSPECTS AND OPPORTUNITIES
Value sales rise as luxury leather goods drive sales through exclusivity and scarcity
Sales of personal luxury are expected to rise at a current value CAGR of 5% (2024 constant value CAGR of 3%) over the forecast period to reach KRW28.1 trillion—up from KRW21.
Sustainable strategies increase as brands align with consumers' rising concerns
Luxury brands are expected to showcase their sustainable strategies across the forecast period, with climate concerns rising and consumers increasingly considering the eco-credentials of the products they buy.
Brands invest in augmented reality to boost sales of products through e-commerce
E-commerce will continue growing as a key distribution channel across the forecast period, with brands focusing on specific online tools and features to engage consumers. Many boutiques have online versions, including Gucci, which has a digital showroom and virtual store.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal 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 Personal 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 Personal 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 Personal Luxury in South Korea?
- Which are the leading brands in Personal Luxury in South Korea?
- How are products distributed in Personal Luxury in South Korea?
- How important is tourism in evaluating demand for Personal 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?
Personal Luxury in South Korea - Category analysis
KEY DATA FINDINGS
Designer apparel brands launch projects and concept stores aligned with South Korean culture
Luxury eyewear gains ground as brands invest in cutting-edge technology
Luxury jewellery players engage local influencers to boost sales in South Korea
Luxury leather goods focus on sustainable attributes to engage consumers
Luxury wearables offer consumers cutting-edge technology with timeless design
Consumers consider luxury timepieces to be a strong investment opportunity
Luxury writing instruments see sales fall, while leading brands offer customisation
Super premium beauty and personal care is led by South Korean brands
Value sales rise as luxury leather goods drive sales through exclusivity and scarcity
Sustainable strategies increase as brands align with consumers' rising concerns
Brands invest in augmented reality to boost sales of products through e-commerce
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:
Personal Luxury
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
Personal Luxury
This is an aggregation of Designer Clothing and Footwear (Ready-to-Wear), Luxury Eyewear, Luxury Jewellery, Luxury Timepieces, Luxury Leather Goods, Luxury Writing Instruments and Stationery, Luxury Portable Consumer Electronics and Super Premium Beauty and Personal Care.
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 Personal Luxury research and analysis database.
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