Luxury fashion and cosmetics brands are raising product prices in Korea ahead of the summer spending spree, despite a series of hikes over the past few years. Morgan Stanley, a global research firm, said purchases of luxury goods made by Koreans came to $16.8 billion (22 trillion won), last year, up 24 percent from the previous year.
In March, when the COVID-19 pandemic was in its early stages, U.S. consulting firm Bain & Company said in its report "Luxury Study 2020 Spring Update" that the industry will likely face a global sales decrease of 20 percent to 35 percent this year. However, the results are showing just the opposite in China, the most important market for luxury firms, and in Korea, a test bed of the Asian market.
Luxury brands hike prices to make up for losses - The Korea Times
Luxury brand makers are continuing to raise prices despite sluggish consumer sentiment amid an economic slowdown. Chanel Korea and Louis Vuitton Korea recently raised the prices of its main products by six to eight percent. Chanel’s large classic
Consumer fatigue aside, luxury brands still jacking prices
Demand for high-end labels has seen them hike prices even further during the Covid-19 crisis, while Samsung C&T, LG and Kolon fashion brands flounder
Why are Koreans rushing to buy expensive luxury goods from Louis Vuitton, Chanel and Dior – while ignoring discounts at local fashion brands?
A 32-year-old office worker surnamed Kim recently deleted all of the online luxury shopping mall apps on her mobile phone. She decided to cut her spending on luxury items and does not even want to be tempted by surfing the internet. "The prices of milk, coffee, gasoline and delivery services have increased and they are necessary expenditures. To save money, the first expense I had to cut was shopping for clothes," Kim said.
Luxury goods sales fall as consumers pinched by rising expenses - The Korea Times
SEOUL, Nov. 11 (Korea Bizwire) — So-called ‘revenge consumption’, a sudden rush of consumption in the pandemic era, is resulting …
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