Shoppers visit a department store in downtown Seoul on September 23, 2020. (Yonhap News Agency)
Seoul, December 14 (Korea Bizwire)-Koreans are buying a wider range of luxury goods, from handbags to watches, jewelry, scarves and perfumes.
Market research firm Euromonitor reports that the Korean luxury goods market has grown by 4.6% over last year, reaching a total of 14.2 billion U.S. dollars.
In addition to the sales of luxury cosmetics that were struggling during the pandemic, sales of high-end perfumes increased by 7%. Luxury hand creams have also seen growth.
Luxurious scarves, earrings, and necklaces, although small in size but with obvious signs, or hand creams that attracted the attention of many people when they were taken out of handbags, have gained great popularity.
In particular, sales of jewelry and watches have increased significantly. In the affluent Gangnam area of Seoul, Van Cleef and Arpels necklaces priced at more than 10 million won (US$8,460) are very popular.
As luxury bags such as Chanel and Louis Vuitton lost their exclusive status due to mass consumption, luxury consumers began to turn to jewelry and watches as compensation.
"The so-called'small luxury' that was popular before the epidemic, coupled with'retaliation consumption' and the so-called'selective luxury', attracting people's attention with a natural appearance, is becoming a new trend in the luxury goods market." Said Hong Hee-jeong, researcher of Euromonitor International's Beauty and Fashion Department.
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