Table of Content

Luxury Goods in South Korea
Euromonitor International
December 2021

List Of Contents And Tables

LUXURY GOODS IN SOUTH KOREA
EXECUTIVE SUMMARY
Luxury goods in 2021: The big picture
2021 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
MARKET DATA
Table 1 Sales of Luxury Goods by Category: Value 2016-2021
Table 2 Sales of Luxury Goods by Category: % Value Growth 2016-2021
Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2016-2021
Table 4 NBO Company Shares of Luxury Goods: % Value 2016-2020
Table 5 LBN Brand Shares of Luxury Goods: % Value 2017-2020
Table 6 Distribution of Luxury Goods by Format and Category: % Value 2021
Table 7 Forecast Sales of Luxury Goods by Category: Value 2021-2026
Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2021-2026
DISCLAIMER
SOURCES
Summary 1 Research Sources
EXPERIENTIAL LUXURY IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Experiential luxury beginning a slow recovery in 2021 after the impact of the slump in incoming tourists
Luxury hotels with their own fragrance
“Contact-free” hotel stays in the age of COVID-19
PROSPECTS AND OPPORTUNITIES
Gradual recovery expected as local consumers remain important
Long-term stays gaining in popularity
High-end hotels pushing wedding packages
CATEGORY DATA
Table 9 Sales of Experiential Luxury by Category: Value 2016-2021
Table 10 Sales of Experiential Luxury by Category: % Value Growth 2016-2021
Table 11 NBO Company Shares of Experiential Luxury: % Value 2016-2020
Table 12 LBN Brand Shares of Experiential Luxury: % Value 2017-2020
Table 13 Forecast Sales of Experiential Luxury by Category: Value 2021-2026
Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2021-2026
LUXURY HOTELS IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Luxury hotels seeing a slow recovery in 2021 after the loss of incoming tourists in 2020
Luxury hotels with their own fragrance
Development of the Busan area
PROSPECTS AND OPPORTUNITIES
Gradual recovery expected as local consumers remain important
“Contact-free” hotel stays in the age of COVID-19
Alternative accommodation types represent a threat to luxury hotels
CATEGORY DATA
Table 15 Sales in Luxury Hotels: Value 2016-2021
Table 16 Sales in Luxury Hotels: % Value Growth 2016-2021
Table 17 NBO Company Shares in Luxury Hotels: % Value 2016-2020
Table 18 LBN Brand Shares in Luxury Hotels: % Value 2017-2020
Table 19 Forecast Sales in Luxury Hotels: Value 2021-2026
Table 20 Forecast Sales in Luxury Hotels: % Value Growth 2021-2026
FINE WINES/CHAMPAGNE AND SPIRITS IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Slight dip in sales in 2020 will be followed by healthy retail value growth in 2021
Slight movement of drinking occasions into people’s home during the pandemic
Leading players see shares eroded in fragmented category
PROSPECTS AND OPPORTUNITIES
Healthy growth rates expected over the forecast period
Wine becoming more of an everyday drink in South Korea
High-priced wines increasingly appearing in convenience stores
CATEGORY DATA
Table 21 Sales of Fine Wines/Champagne and Spirits by Category: Value 2016-2021
Table 22 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2016-2021
Table 23 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2016-2020
Table 24 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2017-2020
Table 25 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2016-2021
Table 26 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2021-2026
Table 27 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2021-2026
PREMIUM AND LUXURY CARS IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Consumption tax cut helps premium and luxury car sales to see strong growth during the pandemic
Supercars selling well in the pandemic
Leading brands maintain sales via contactless consultation
PROSPECTS AND OPPORTUNITIES
Further strong sales growth expected
Younger consumers shifting to long-term subscriptions
Electric car push to continue as South Korean consumers’ interest grows
CATEGORY DATA
Table 28 Sales of Premium and Luxury Cars: Value 2016-2021
Table 29 Sales of Premium and Luxury Cars: % Value Growth 2016-2021
Table 30 NBO Company Shares of Premium and Luxury Cars: % Value 2016-2020
Table 31 LBN Brand Shares of Premium and Luxury Cars: % Value 2017-2020
Table 32 Forecast Sales of Premium and Luxury Cars: Value 2021-2026
Table 33 Forecast Sales of Premium and Luxury Cars: % Value Growth 2021-2026
PERSONAL LUXURY IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Personal luxury expected to rebound in 2021
Luxury brands using a wide range of marketing activities, including pop-up stores and online sales
South Korea now the seventh biggest luxury goods market in the world
PROSPECTS AND OPPORTUNITIES
Positive growth expected throughout the forecast period
Retro trend enjoying popularity
E-commerce continues to gain distribution share
CATEGORY DATA
Table 34 Sales of Personal Luxury by Category: Value 2016-2021
Table 35 Sales of Personal Luxury by Category: % Value Growth 2016-2021
Table 36 NBO Company Shares of Personal Luxury: % Value 2016-2020
Table 37 LBN Brand Shares of Personal Luxury: % Value 2017-2020
Table 38 Distribution of Personal Luxury by Format: % Value 2016-2021
Table 39 Forecast Sales of Personal Luxury by Category: Value 2021-2026
Table 40 Forecast Sales of Personal Luxury by Category: % Value Growth 2021-2026
DESIGNER APPAREL AND FOOTWEAR (READY-TO-WEAR) IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Slight dip in sales in 2020 to be followed by a strong recovery in 2021
Women’s designer footwear performing strongly
Players invest in promotional activities as consumers shift spending priorities
PROSPECTS AND OPPORTUNITIES
Positive growth expected throughout the forecast period
Sportswear should help drive the recovery
Men’s designer apparel and footwear offers strong potential
CATEGORY DATA
Table 41 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2016-2021
Table 42 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2016-2021
Table 43 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2020
Table 44 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2017-2020
Table 45 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2016-2021
Table 46 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2021-2026
Table 47 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2021-2026
LUXURY EYEWEAR IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Strong growth for luxury eyewear in 2021 as sales of sunglasses rebound strongly
E-commerce making gains in luxury eyewear distribution
Duty-free shops able to reach consumers through alternative channels
PROSPECTS AND OPPORTUNITIES
Sunglasses set to recover as travel resumes post-pandemic
“Young presbyopia” likely to help increase demand for more fashionable products in the eyewear market
Hyundai Homeshopping sees strong growth in its Q1 2021 sales
CATEGORY DATA
Table 48 Sales of Luxury Eyewear by Category: Value 2016-2021
Table 49 Sales of Luxury Eyewear by Category: % Value Growth 2016-2021
Table 50 NBO Company Shares of Luxury Eyewear: % Value 2016-2020
Table 51 LBN Brand Shares of Luxury Eyewear: % Value 2017-2020
Table 52 Distribution of Luxury Eyewear by Format: % Value 2016-2021
Table 53 Forecast Sales of Luxury Eyewear by Category: Value 2021-2026
Table 54 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2021-2026
LUXURY JEWELLERY IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Women’s luxury fine jewellery continues driving the overall category performance
Department stores remain dominant in luxury jewellery distribution
Wedding delays impact sales during the pandemic
PROSPECTS AND OPPORTUNITIES
Men’s luxury fine jewellery to return to growth
Imported brands continue to be important in South Korean luxury jewellery
Weddings helping to drive rebound in luxury jewellery sales in 2021
CATEGORY DATA
Table 55 Sales of Luxury Jewellery by Category: Value 2016-2021
Table 56 Sales of Luxury Jewellery by Category: % Value Growth 2016-2021
Table 57 NBO Company Shares of Luxury Jewellery: % Value 2016-2020
Table 58 LBN Brand Shares of Luxury Jewellery: % Value 2017-2020
Table 59 Distribution of Luxury Jewellery by Format: % Value 2016-2021
Table 60 Forecast Sales of Luxury Jewellery by Category: Value 2021-2026
Table 61 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2021-2026
LUXURY LEATHER GOODS IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Positive performance for luxury leather goods in spite of COVID-19
Department stores remains the dominant distribution channel
Top global brands see value share gains
PROSPECTS AND OPPORTUNITIES
E-commerce will find it hard to chip away at the department stores’ sales share in luxury leather goods
Travel restrictions to continue influencing the category’s performance
Online promotional activities to become increasingly important
CATEGORY DATA
Table 62 Sales of Luxury Leather Goods: Value 2016-2021
Table 63 Sales of Luxury Leather Goods: % Value Growth 2016-2021
Table 64 NBO Company Shares of Luxury Leather Goods: % Value 2016-2020
Table 65 LBN Brand Shares of Luxury Leather Goods: % Value 2017-2020
Table 66 Distribution of Luxury Leather Goods by Format: % Value 2016-2021
Table 67 Forecast Sales of Luxury Leather Goods: Value 2021-2026
Table 68 Forecast Sales of Luxury Leather Goods: % Value Growth 2021-2026
LUXURY PORTABLE CONSUMER ELECTRONICS IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Spending power of more affluent consumers helps maintain strong growth
Citizen Watch continues to lead luxury wearables, ahead of Herm?s
E-commerce channel continues gaining share
PROSPECTS AND OPPORTUNITIES
Luxury portable consumer electronics will continue growing over the forecast period
Luxury portable consumer electronics sales mostly made to domestic consumers
E-commerce expected to continue gaining in importance
CATEGORY DATA
Table 69 Sales of Luxury Portable Consumer Electronics by Category: Value 2016-2021
Table 70 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2016-2021
Table 71 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2016-2020
Table 72 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2017-2020
Table 73 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2016-2021
Table 74 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2021-2026
Table 75 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2021-2026
LUXURY TIMEPIECES IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Rebound in luxury timepiece sales in 2021 after dip in sales seen in 2020
Luxury timepiece sales in South Korea hit by the loss of sales to Chinese tourists
Importance of VIP-centric offline sales strategy
PROSPECTS AND OPPORTUNITIES
Desire for individuality evident among more affluent consumers
Travel restrictions boost luxury timepiece sales among local consumers
Breitling products now available online
CATEGORY DATA
Table 76 Sales of Luxury Timepieces by Category: Value 2016-2021
Table 77 Sales of Luxury Timepieces by Category: % Value Growth 2016-2021
Table 78 NBO Company Shares of Luxury Timepieces: % Value 2016-2020
Table 79 LBN Brand Shares of Luxury Timepieces: % Value 2017-2020
Table 80 Distribution of Luxury Timepieces by Format: % Value 2016-2021
Table 81 Forecast Sales of Luxury Timepieces by Category: Value 2021-2026
Table 82 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2021-2026
LUXURY WRITING INSTRUMENTS AND STATIONERY IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Pandemic weakens already lacklustre performance
Montblanc products now available via KakaoTalk Gift Giving Store
Players increase focus on more profitable areas
PROSPECTS AND OPPORTUNITIES
Luxury writing instruments and stationery struggle in the digital world
Parker launches modern update of its “best pen ever” – the 51 model
Digitalisation to continue eroding demand, as could personalisation services in non-luxury products
CATEGORY DATA
Table 83 Sales of Luxury Writing Instruments and Stationery: Value 2016-2021
Table 84 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2016-2021
Table 85 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2016-2020
Table 86 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2017-2020
Table 87 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2016-2021
Table 88 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2021-2026
Table 89 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2021-2026
SUPER PREMIUM BEAUTY AND PERSONAL CARE IN SOUTH KOREA
KEY DATA FINDINGS
2021 DEVELOPMENTS
Demand hit as consumers spend more time at home
Major share gains for e-commerce during the pandemic
Chanel focuses on gifting
PROSPECTS AND OPPORTUNITIES
Return to positive growth rates not expected until 2022
Shinsegae International launches sales of Swiss Perfection
E-commerce expected to continue gaining share
CATEGORY DATA
Table 90 Sales of Super Premium Beauty and Personal Care by Category: Value 2016-2021
Table 91 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2016-2021
Table 92 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2016-2020
Table 93 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2017-2020
Table 94 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2016-2021
Table 95 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2021-2026
Table 96 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2021-2026