The South Korea Luxury Goods Market is Segmented by Product Type (Clothing and Apparel, Footwear, and More), End User (Men, Women, and Unisex), and Distribution Channel (Single-Brand Stores, Multi-Brand Stores, and More). The Market Forecasts are Provided in Terms of Value (USD).

The South Korea luxury goods market was valued at USD 6.69 Billion in 2024. The industry is expected to grow at a CAGR of 4.60% during the forecast period of 2025-2034 to reach a value of USD 10.49 Billion by 2034.

The surging demand in the South Korea luxury goods market is driven by evolving consumer preferences and digital sophistication. As per industry reports, South Korea's overall expenditure on personal luxury items increased by an astounding 24% to USD 16.8 billion, or around USD 325 per person. By contrast, Chinese and American customers spend USD 55 and USD 280 per capita, respectively, which is significantly less.

The Korean government’s cultural export policies have further fuelled the South Korea luxury goods market growth. In 2024, the Ministry of Culture, Sports and Tourism ramped up support for K-content and partnered with brands for cross-promotional campaigns. This triggered a spike in collaborative launches between K-pop icons and luxury brands like Cartier, Bottega Veneta, and Celine, transforming fanbases into lucrative conversion funnels.

Moreover, local luxury goods consumption is also propelled by the inclusion of wellness and sustainability trends. Homegrown start-ups are also entering the premium market, offering alternatives to legacy giants with AI-personalised skincare and upcycled materials in accessories. For instance, N.Code has developed a marketplace that features goods from upscale retailers. Based on their preferences and characteristics, the clients receive carefully chosen recommendations. On the other hand, KREAM is a marketplace for trading and reselling goods that features a variety of products from global designers and brands, including apparel, accessories, watches, jewellery, handbags, gadgets, and home décor. On their site for reselling, individuals can purchase, sell, and exchange their luxury goods.

Further, the South Korea market for luxury goods has expanded quickly with the concept of "revenge purchasing" after the pandemic outbreak. Market dynamics have changed, particularly as a result of e-commerce platforms like Mustit, Balaan, and Trenbe. Over 4,000 requests to authenticate products have been made in the three months since Koibito, a business that deals with used luxury goods established its authentication service in June 2023.

The value of the luxury goods market in South Korea stood at around 23 trillion South Korean won in 2024, a further increase compared to the previous year. This continued the overall trend of the growing luxury market in South Korea. That year, retail sales of foreign luxury goods experienced a further increase, reflecting the growing interest in high-end products. Spending on luxury goods The average spending per person in department stores, where high-end products are sold in either brand corners or in the department store’s general items section, has increased significantly during recent years. Luxury brand goods still recorded the sales growth among all products sold in department stores. At the same time, the trend of increasing sales and consumption was not only found in brick-and-mortar stores, but it spilled over into the e-commerce landscape as well. Correspondingly, spending on luxury shopping platforms had almost tripled in 2021, compared to two years ago. What luxury items do South Koreans buy? The interest of South Koreans in all kinds of luxury articles has increased, but handbags were still the most likely to be purchased. They are not only seen as a fashion item but also as a possible investment. This was due to high-end brand items being less likely to lose their value, even during the financially insecure times that developed during the COVID-19 pandemic. Therefore, picking an item with a brand value that would not change for a long time was an important criterion for luxury articles. Also, many South Koreans see luxury goods as an indicator of successfully climbing the social ladder, and as such they have become a well-established status symbol.

South Korea luxury goods market is valued at USD 7 billion, driven by rising disposable incomes, e-commerce growth, and K-pop influence, with strong demand in fashion and sustainable products.

South Korea Luxury Goods Market size was valued at USD 7.2 Billion in 2024 and is projected to reach USD 10.2 Billion by 2032, growing at a CAGR of 4.6% from 2025 to 2032Key Market Drivers:Young Consumers' Growing Purchasing Power: South Korea's youthful customers, notably those in their 20s and 30s (known as the MZ generation), are driving luxury purchases. According to Bank of Korea statistics from 2023, the average monthly spending on luxury products by consumers in their twenties climbed by 41% over 2019. According to the Korea Chamber of Commerce and Industry, buyers aged 25 to 34 accounted for 29% of all luxury purchases in 2023.Growth In Single-Person Households: The surge in single-person homes has resulted in more discretionary expenditure on luxury products. According to Statistics Korea, single-person homes accounted for 33.4% of all households in 2023, with these consumers spending 31% more on luxury personal products than persons living in multi-person households.

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APAC Luxury Goods Market Forecast 2024-2028

The APAC luxury goods market size is estimated to grow by USD 22.82 billion between 2023 and 2028
The market is accelerating at a compound annual growth rate of 3.3%.

The market trends and analysis report covers an in-depth analysis of market growth factors like increased demand for premium products, the expansion in online retailing of luxury goods, and the rising disposable income of consumers in APAC.

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Market Segmentation

By Distribution Channel Analysis

The offline segment will account for a major share of the market's growth during the forecast period. The revenue in this segment has been declining gradually over the years due to the increasing preference for online shopping. To fuel sales of luxury goods through offline channels, companies are expanding their stores in local and regional markets. To survive in such a competitive market and to overcome the declining preference for offline shopping, retailers are introducing new business and retail strategies, such as better pricing strategies and a wide range of products. The offline segment was valued at USD 94.27 billion in 2018. The huge growth in the number of retailers in different regions will drive customer familiarization with different types of footwear, purses, belts, and many other things. It will also increase the value of sales in the market. Although the offline segment is losing its market share to the online segment, innovative marketing strategies by companies will keep the growth rate of the offline segment stable during the forecast period.

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By Product Analysis

The market is segmented by product into clothing, perfumes and cosmetics, watches and jewelry, and others. The clothing segment will account for the largest share of this segment.?

Key Major Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

Burberry Group Plc: The company offers luxury goods such as men's and women's apparel, children's wear, beauty products, sunglasses, watches, leather goods, handbags, and beauty products.

The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Bang and Olufsen Group, Capri Holdings Ltd., Cartier SA, Chanel Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana SRL, Gianni Versace Srl, Giorgio Armani S.p.A., Hermes International SA, JOHN HARDY USA Inc., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Prada S.p.A, Ralph Lauren Corp., Rolex SA, S.T. Dupont SA, Swarovski AG, and The Swatch Group Ltd.

Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamic

Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

Increased demand for premium products is the key factor driving the market. Premium products often offer a combination of tangible and intangible value. The perceived value of owning a well-crafted, exclusive item or experiencing a premium service contributes to the demand for such products and services. APAC includes economically dynamic countries such as China, Japan, Australia, and South Korea. For instance, China stands out as one of the most economically dynamic countries in the APAC region. With a massive and rapidly growing middle class, China has become a major market for premium and luxury products. Similarly, South Korea has witnessed remarkable economic growth over the years, and consumers in the country have developed a strong appetite for premium and luxury goods. Seoul, the capital, is known for its vibrant fashion scene and luxury shopping districts and has a consumer base that values high-quality products.

Moreover, premium products often incorporate cutting-edge design and innovative technologies. Whether it is fashion, electronics, or automobiles, consumers are drawn to products that showcase the latest trends and embody a s

According to a survey conducted among South Korean luxury goods consumers in 2022, 54 percent of respondents said they had bought luxury goods offline before. Offline shopping locations included department stores, outlets, duty-free shops, and brand stores. Although shopping for luxury goods offline had been the standard before, online shopping began to catch up.

The revenue in the 'Luxury Watches & Jewelry' segment of the luxury goods market in South Korea was modeled to stand at ************ U.S. dollars in 2024. Between 2018 and 2024, the revenue rose by *********** U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The revenue will steadily rise by *********** U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Luxury Watches & Jewelry.

The Asia Pacific luxury goods market is experiencing robust growth, projected to reach a market size of $141.82 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 4.06% from 2019 to 2033. This expansion is fueled by several key factors. The rising affluence of the middle class across major economies like China, India, and South Korea is a significant driver, creating a larger pool of consumers with the disposable income to purchase luxury items. Furthermore, a growing preference for aspirational brands and the increasing influence of social media marketing are boosting demand. E-commerce penetration within the luxury sector is also accelerating, offering brands new channels to reach and engage with consumers. However, economic volatility in certain regions and potential supply chain disruptions could pose challenges. Competition within the market is fierce, with established luxury houses such as LVMH Moët Hennessy Louis Vuitton, Hermes International SA, Kering SA, and Richemont vying for market share alongside emerging local and international brands. The market segmentation is dynamic, with significant variations in demand across different product categories (e.g., apparel, accessories, cosmetics) and price points. Looking ahead to 2033, the continued growth of the Asia Pacific luxury goods market is anticipated. Factors such as increasing urbanization, a burgeoning millennial and Gen Z population, and the growing adoption of sophisticated marketing strategies will likely support this positive trajectory. However, brands must adapt to changing consumer preferences and geopolitical landscape to sustain market dominance. Strategic investments in digital marketing, personalized customer experiences, and sustainable practices will be crucial for long-term success. Diversification of product offerings and expansion into underserved markets within the region will also be key strategies for companies to capitalize on the significant growth opportunities presented by this dynamic market. Key drivers for this market are: Product Innovations to Drive Demand for Watches, Rising Demand for Premium Fashion Items. Potential restraints include: Presence of Counterfeit Products. Notable trends are: Rising Trend of Personalization and Customization of Goods.

In 2024, Hyundai department stores saw the highest increase of sales in the luxury goods sector among select brands with over 11 percent. Shinsegae department stores followed at around 6.2 percent in sales growth.

The value of the luxury goods market in South Korea stood at around 23 trillion South Korean won in 2024, a further increase compared to the previous year. This continued the overall trend of the growing luxury market in South Korea. That year, retail sales of foreign luxury goods experienced a further increase, reflecting the growing interest in high-end products. Spending on luxury goods The average spending per person in department stores, where high-end products are sold in either brand corners or in the department store’s general items section, has increased significantly during recent years. Luxury brand goods still recorded the sales growth among all products sold in department stores. At the same time, the trend of increasing sales and consumption was not only found in brick-and-mortar stores, but it spilled over into the e-commerce landscape as well. Correspondingly, spending on luxury shopping platforms had almost tripled in 2021, compared to two years ago. What luxury items do South Koreans buy? The interest of South Koreans in all kinds of luxury articles has increased, but handbags were still the most likely to be purchased. They are not only seen as a fashion item but also as a possible investment. This was due to high-end brand items being less likely to lose their value, even during the financially insecure times that developed during the COVID-19 pandemic. Therefore, picking an item with a brand value that would not change for a long time was an important criterion for luxury articles. Also, many South Koreans see luxury goods as an indicator of successfully climbing the social ladder, and as such they have become a well-established status symbol.

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Access Asia-Pacific Luxury Goods Industry Overview which includes Asia Pacific country analysis of (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC), market split by Product Type, End User, Distribution

• The global industry was valued at US$ 12.3 Bn in 2023
• It is estimated to grow at a CAGR of 6.5% from 2024 to 2034 and reach US$ 24.6 Bn by the end of 2034

Market Introduction

Regional Outlook

Secondhand Hard Luxury Goods Market Snapshot

In 2021, Louis Vuitton was the most popular luxury goods brand in South Korea, reaching a sales share of over 31 percent. Chanel came in second, with a little over one in four luxury goods purchases being made from the brand.

In 2024, sales of luxury brands accounted for around 33 percent of total sales made by department stores in South Korea. It was followed by the food sector and the household item. Represented by Lotte, Hyundai, and Shinsegae, department stores took up about 17 percent of the total retail sector in the country. The department store triangle Lotte, Shinsegae, and Hyundai are the leading department store brands in South Korea and are well perceived by local customers. All three consistently rank among the most frequently visited department stores and run a large share of such stores in the country. With their parent companies being some of the biggest South Korean conglomerates, these brands are highly recognizable to consumers. Luxury goods on the rise Illustrated by a sizeable growth of the industry’s market, luxury items have become increasingly popular among South Koreans, as they are purchased by a fair share of consumers. As a country boasting an affluent and highly materialistic society with an affinity for wealth, South Korea represents an ideal market for the industry. Today, South Koreans are some of the highest per capita spenders on luxury goods globally. In view of these developments, said goods have become a major source of attraction for department store chains and have recorded a rising share in overall sales in such stores.

South Korea luxury retail and fashion market valued at USD 15 Bn, driven by rising disposable incomes, middle class growth, and demand for high-end fashion and accessories.

Luxury High End Clothing Market Outlook

In 2023, the global luxury high-end clothing market size was valued at approximately USD 95 billion and is forecasted to reach USD 139 billion by 2032, growing at a CAGR of 4.3%. This growth is fueled by rising disposable incomes, increasing urbanization, and the aspirational lifestyles of consumers worldwide. The demand for premium and luxury clothing continues to surge, driven by factors such as celebrity endorsements, social media influence, and the proliferation of high-end fashion events.

One of the primary growth factors for the luxury high-end clothing market is the increasing disposable income levels, particularly in emerging economies. As consumers in countries like China and India attain higher income levels, they are more inclined to spend on luxury goods. This shift towards higher spending capacity has significantly expanded the market for luxury clothing. Additionally, the growing middle class in these regions is increasingly aspiring to own luxury items, further propelling market growth.

Another significant growth driver is the influence of social media and digital marketing. Platforms such as Instagram, Facebook, and TikTok have become essential tools for luxury brands to reach and engage with their target audience. Influencers and celebrities often showcase luxury high-end clothing, creating a sense of desire and urgency among followers. This digital shift has democratized access to luxury fashion, allowing brands to reach a broader and younger audience, thus driving sales and market expansion.

Furthermore, sustainability and ethical fashion are emerging as critical factors influencing consumer behavior. High-end luxury brands that are committed to sustainable practices and ethical sourcing are gaining favor among environmentally conscious consumers. This trend is pushing more luxury brands to adopt sustainable materials and transparent production processes, which not only enhances brand reputation but also attracts a loyal customer base that values ethical consumption.

Luxury Apparel and Accessories have become integral components of the high-end fashion market, with consumers increasingly seeking not only clothing but also complementary items that enhance their overall style. These accessories, ranging from exquisite handbags to statement jewelry pieces, serve as status symbols and are often crafted with the same meticulous attention to detail as luxury garments. The allure of luxury accessories lies in their ability to transform an outfit, offering a touch of elegance and sophistication that resonates with fashion-conscious individuals. As consumers continue to prioritize personal expression through fashion, the demand for luxury apparel and accessories is expected to rise, further driving the growth of the luxury market.

Regionally, North America and Europe continue to dominate the luxury high-end clothing market, thanks to established fashion hubs like New York, Paris, and Milan. However, the Asia Pacific region is experiencing the fastest growth, driven by the burgeoning middle class and the increasing number of high-net-worth individuals. Countries such as China, Japan, and South Korea are particularly noteworthy, as they exhibit high demand for luxury goods and have growing influence in the global fashion industry.

Product Type Analysis

The luxury high-end clothing market is segmented by product type into dresses, suits, outerwear, footwear, accessories, and others. Dresses are a significant segment driven by their extensive use in high-profile events, red carpets, and social gatherings. The demand for exclusive and custom-made dresses is particularly high, contributing to the growth of this segment. Luxury brands often release limited-edition collections of dresses that cater to the affluent segment, further boosting their market share.

Suits, another critical segment, are synonymous with luxury and sophistication. High-net-worth individuals and corporate executives often prefer tailored suits from luxury brands, which offer impeccable craftsmanship and superior materials. The demand for luxury suits is also rising among younger consumers who are entering the corporate world and seek to make a style statement. Brands like Armani, Zegna, and Tom Ford are key players in this segment.

Outerwear, including coats, jackets, and blazers, represents another lucrative segment in the luxury hi

South Korea retail market size reached USD 400.0 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 820.0 Million by 2033, exhibiting a growth rate (CAGR) of 7.4% during 2025-2033. Rapid technological advancements in e-commerce and mobile payment solutions, changing consumer preferences, increasing sales of premium and imported products, and rising influence of K-pop and Korean dramas represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product type and distribution channel.

The South Korean retail sector, valued at $553.92 million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5.68% from 2025 to 2033. This growth is driven by several key factors. Firstly, the rising disposable incomes of South Korean consumers fuel increased spending across various retail segments, including food and beverage, personal care, apparel, and electronics. Secondly, the rapid expansion of e-commerce and the increasing adoption of online shopping platforms are significantly impacting the market, particularly among younger demographics. Furthermore, the popularity of omnichannel retail strategies, blending online and offline experiences, is enhancing customer engagement and driving sales. Finally, the country's strong tourism sector also contributes to the retail market's growth, with international visitors contributing significantly to consumer spending. However, the sector also faces challenges. Increasing competition, especially from international retailers, necessitates continuous innovation and adaptation. Fluctuations in the global economy and potential shifts in consumer preferences pose further risks. The market is segmented by product type (food, beverage, and tobacco; personal care and household; apparel, footwear, and accessories; furniture, toys, and hobby; industrial and automotive; electronic and household appliances; pharmaceuticals and luxury goods) and distribution channel (online and offline). Key players include Lotte Mart, Everyday Retail Company Limited, Hyundai Home Shopping Network Corp, and others. The forecast period (2025-2033) suggests a substantial expansion of the market, particularly in the online segment, driven by the technological advancements and evolving consumer behavior. The consistent growth underscores the dynamic nature of the South Korean retail landscape, presenting both opportunities and challenges for businesses operating within this sector. This report provides a detailed analysis of the South Korea retail sector, covering the period from 2019 to 2033. We delve into market size, segmentation, key players, trends, and future growth projections, offering valuable insights for businesses operating in or considering entry into this dynamic market. The study incorporates historical data (2019-2024), utilizing 2025 as the base year and offering forecasts until 2033. Our analysis leverages high-search-volume keywords such as South Korea retail market, e-commerce South Korea, South Korean consumer behavior, Korean retail trends, and South Korea grocery market to maximize discoverability. Recent developments include: September 2023: Lotte Mart, a South Korean supermarket retail store chain, announced that it will create a unique shopping zone for non-Korean tourists at its stores that travelers and tourists frequently visit., June 2023: US Burger Chain Five Guys opened its first store in Seoul's Seocho District. Located on Gangnam-aero Road between Gangnam and Sinnonhyeon subway stations, the branch includes two floors and an area of 588 sq m. Five Guys will also offer the same food quality in South Korea as in America, with no localized items for the domestic market.. Key drivers for this market are: Growing Tourism in South Korea, Growing Awareness About Healthy Lifestyle Products. Potential restraints include: Growing Tourism in South Korea, Growing Awareness About Healthy Lifestyle Products. Notable trends are: Growing E-Commerce is Driving the Retail Market in South Korea.