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South Korea: Seoul, the new luxury capital
South Korea: Seoul, the new luxury capital
(France 2)
In South Korea, the luxury market is reaching record growth. Events and store openings of this type are increasing in the capital, Seoul.
They jostle, strut, spy on each other and display themselves with their gold and silver letters on grandiose buildings worth several tens of millions of euros. Major brands have made Seoul, South Korea, their new world luxury capital, easily rivaling Paris, New York (United States), or Shanghai (China). South Koreans are now the largest luxury consumers per capita in the world. These are often young customers, influenced by the omnipotence of phenomenally successful K-pop groups.
305 euros on average per person per year
In the heart of the South Korean capital, in one of the buildings, where young professionals often live, there are major luxury consumers. Many young people spend half their salary on luxury goods, a question of social status, an essential value in South Korea. “It’s better to be presentable, more formal and maybe even more attractive”, said a resident. The South Koreans are today the world champions in the consumption of luxury goods with 305 euros on average per person per year, ahead of the Americans at 262 euros and well ahead of the Chinese at 51.1 euros.
