Retail value sales of luxury goods in South Korea rose by 9% in 2024 in current terms, to stand at KRW49.1 trillion.
The size of the adult population regarded as HNWIs (high-net-worth individuals) is a significant driver within luxury goods. In 2024, over 3,100 ultra HNWIs, 83,400 HNWIs, and 765,300 affluent adults were living in South Korea.
South Korea's competitive landscape remains fierce, with players implementing strategies such as limited edition offerings, personalisation, sustainable attributes and scarcity to engage wealthier consumers and remain competitive. In 2023, the landscape was led by Daimler AG, with a retail value share of 20%.
E-commerce and digitalisation impacts how consumers engage with brands and shop in luxury retail. Having been bolstered by the outbreak of COVID-19, digital strategies and online engagement tools are becoming increasingly sophisticated, allowing consumers to digitally “try on” goods from home, personalise and customise items and access loyalty programmes and schemes unavailable in the physical space.
Luxury goods is set to see ongoing growth across the forecast period, expected to rise at a CAGR of 5% in current value terms (3% constant 2024 value CAGR) to amount to KRW64.2 trillion in 2029.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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