Known for their status seekers and you-only-live-once life mantra, South Koreans are the biggest per-capita spenders on luxury brands in the world.
According to a Morgan Stanley recent report, from designer handbags, and vehicles to other luxury goods, the spending rose 24 per cent to 21.8 trillion won or about $17.7 billion which translates to $325 per person.
For the younger generations, since they no longer have an interest in large investments such as real estate, they tend to spend their income and treat themselves to luxury things. Even Millennials too are joining the luxury-boom trends by buying expensive goods to keep themselves happy. A report released by one of the Lotte Group’s retail division released in 2022 confirmed the trend when they noticed a 70 per cent growth in luxury goods purchases made by people from the 20s age group in 2021 compared to 2018.
