South Koreans are the world's biggest spenders on luxury goods
Publishing timestamp: 2023-01-13 02:15:11
Summary
South Koreans are the world's biggest spenders on personal luxury goods per capita, with total spending on personal luxury goods growing 24% in 2022 to $16.8 billion, or about $325 per capita. Luxury brands have seen strong sales in Korea, and Morgan Stanley analysts explain that demand for luxury goods among South Korean buyers is driven both by increase in purchasing power as well as desire to outwardly exhibit social standing. McKinsey projected luxury market to grow between 5% and 10% in 2023 buoyed by demand from U.S. and China.
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Keywords: south korea, luxury, moncler spa, apparel retail, business news, asia economy, retail industry,
Source: https://www.cnbc.com/2023/01/13/south-koreans-are-the-worlds-biggest-spenders-on-luxury-goods.html