Koreans’ craving for luxury goods fades away

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The story "Koreans’ craving for luxury goods fades away" was covered 2 days ago by Korea Economic Daily, a news publisher based in South Korea.

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Koreans’ craving for luxury goods fades away - Korea Economic Daily

Quick Summary:

According to Korean alternative data platform KED Aicel on Thursday, Koreans’ credit card transactions of goods of upscale fashion brands under French multinational luxury group Kering S.A.were estimated at 38.1 billion won ($26 million) in February, down 10.3% from the same month of last year.

Coupled with young consumers’ shift toward independent brands to shop small, international high-end designer brands’ another price hike early this year further curbed Koreans’ spending on luxury goods, which could put the brakes on their price hike for a while.

Koreans’ card transactions of Hermes products jumped 19.8% on-year to 60.7 billion won in the month, widening polarization among luxury brands in Korea following the dwindling purchasing power of the middle class.