Nowadays, because of COVID-19, all industries around the world are suffering from eco-recession. In South Korea, however, luxury goods markets are still growing. According to Euromonitor International, while personal luxury goods markets worldwide decreased rapidly from 297 billion in 2018 to 246 billion in 2020, personal luxury goods markets in South Korea increased from 12.24 billion in 2018 to 12.5 billion in 2020.
Luxury goods markets in South Korea are still increasing. Then, why do you think it continuously happens? It is possible due to the MZ generation's splurging culture. Most consumers of luxury goods are MZ generation which is a term referring to both millennials born between 1980 and 1995 and Gen Z's born between 1996 and 2010. "Flex" which means show off is one of the MZ generation's splurging cultures.
Many conglomerates are making their own channels for online luxury goods to make a hand in these growing luxury goods markets. For example, in the SSG company, "Panerai" and "Piaget" entered, and they made a great hit. For another example, in Kakao, "Tiffany & Co." and "Mulberry" entered, and Lotte Duty-Free opened their online luxury brand goods. Also, Naver launched luxury brand goods in their shopping category.
Almost all of the industries worldwide are declining because of COVID-19. On the contrary, luxury goods markets in South Korea are still growing due to the MZ generation's splurging culture. So, many companies and conglomerates such as SSG company and Kakao are making their own channels for online luxury goods. It seems that luxury goods markets will be expanded continually unless the MZ generation's splurging and flex culture is changed.
By Yun Seoyoung
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