South Korea Luxury Goods Market Report by Type (Clothing and Apparel, Footwear, Bags, Watches, Jewelry, and Others), Distribution Channel (Single-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2024-2032

South Korea Luxury Goods Market Report by Type (Clothing and Apparel, Footwear, Bags, Watches, Jewelry, and Others), Distribution Channel (Single-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A17686
Buy Now

Market Overview:

South Korea luxury goods market size is projected to exhibit a growth rate (CAGR) of 4.9% during 2024-2032. Significant economic growth across the country, the rising influence of Korean culture worldwide, and an expanding younger demographic increasingly engaged with luxury brands through social media and experiential retail represent some of the key factors driving the market.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Growth Rate (2024-2032) 4.9%


Luxury goods are products and services that are not essential for basic needs but are highly desired for their premium quality, craftsmanship, and exclusivity. Often characterized by high price points, these goods serve to signify status, wealth, or taste to both the consumer and the public. Leading brands in the luxury sector typically rely on unique design, superior materials, and expert craftsmanship to differentiate their products. The market for luxury goods includes a wide variety of categories, such as fashion, automobiles, watches, jewelry, and fine wines and spirits. Traditionally, the consumption of luxury goods has been linked to affluent individuals, but the demographic is currently diversifying across the world. Emerging economies like South Korea and a broader range of age groups are increasingly contributing to the market's growth. At present, the rise of digital platforms is revolutionizing the way luxury goods are marketed and purchased, making them more accessible to a global audience.

South Korea Luxury Goods Market Trends:

The South Korea luxury goods market is currently experiencing significant growth, driven by multiple factors. One primary driver is the country's robust economy, which is facilitating higher disposable incomes among consumers, making luxury products more accessible. The rise in demand for luxury goods can also be attributed to the growing influence of Hallyu, or the Korean Wave, which promotes South Korean culture and style globally, thereby amplifying the appeal of domestic luxury brands. Moreover, the expanding younger population in the country, particularly millennials and Gen Z, represents another major growth-inducing factor as they are displaying a keen interest in luxury fashion, accessories, and tech gadgets. Their purchasing behavior is significantly influenced by social media, celebrity endorsements, and cultural trends. Unlike older generations, who often see luxury goods as long-term investments, younger consumers are more inclined to frequent purchases, motivated by the desire for individual expression and social recognition. Additionally, the evolving retail landscape for luxury goods in South Korea, owing to the rapid growth of e-commerce platforms and digital payment systems, is providing a positive thrust to the market. These online channels are making it easier for consumers to shop for luxury items online, although the brick-and-mortar retail experience continues to be important. Physical retail spaces are increasingly becoming experiential venues where brands can engage with consumers through art installations, in-store cafes, and interactive displays, adding value to the overall shopping experience. Furthermore, the relaxation of travel restrictions and the country's reputation as a popular tourist destination, particularly for travelers from China and other neighboring countries, have led to higher spending on luxury goods. Tourists often seek high-end products as souvenirs or status symbols, and duty-free shops are capitalizing on this demand, thus propelling market growth. 

South Korea Luxury Goods Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and distribution channel.

Type Insights:

  • Clothing and Apparel
  • Footwear
  • Bags
  • Watches
  • Jewelry
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the type. This includes clothing and apparel, footwear, bags, watches, jewelry, and others.

Distribution Channel Insights:

  • Single-Brand Stores
  • Multi-Brand Stores
  • Online Stores
  • Others
     

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes single-brand stores, multi-brand stores, online stores, and others.

Regional Insights:

  • Seoul Capital Area
  • Yeongnam (Southeastern Region)
  • Honam (Southwestern Region)
  • Hoseo (Central Region)
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Luxury Goods Market Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Type
  • Distribution Channel
  • Region
Types Covered Clothing and Apparel, Footwear, Bags, Watches, Jewelry, Others
Distribution Channels Covered Single-Brand Stores, Multi-Brand Stores, Online Stores, Others
Regions Covered Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the South Korea luxury goods market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the South Korea luxury goods market?
  • What is the breakup of the South Korea luxury goods market on the basis of type?
  • What is the breakup of the South Korea luxury goods market on the basis of distribution channel?
  • What are the various stages in the value chain of the South Korea luxury goods market? 
  • What are the key driving factors and challenges in the South Korea luxury goods?
  • What is the structure of the South Korea luxury goods market and who are the key players?
  • What is the degree of competition in the South Korea luxury goods market? 

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea luxury goods market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea luxury goods market.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea luxury goods industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
South Korea Luxury Goods Market Report by Type (Clothing and Apparel, Footwear, Bags, Watches, Jewelry, and Others), Distribution Channel (Single-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More