Korean Clothing And Other Luxury Goods Market Is Developing Faster Than Expected.
According to the latest news from McKinsey,
The Republic of Korea
Now accounts for the whole world.
Luxury goods
Sales of 4 percentage points, the success of the world's 4 billion luxury industry, one of the pillars.
Compared with China and Japan, the luxury market in Korea seems small, but its growth experience and market diversity are worth considering by luxury manufacturers.
Despite a sharp decline in gross domestic product for the two consecutive quarter, South Korea has surprisingly survived the global economic crisis of 2008~2009.
The market has recovered rapidly in the mid 2009, and South Korea is expected to become one of the first countries to shake off the economic downturn.
According to a recent statement by the Ministry of Finance and industry of Korea, the GDP of Korea in 2010 is expected to increase by 5.8 percentage points.
Korea's luxury market is ahead of expectations.
Luxury goods in Japan, Europe and the United States
Sale
South Korea's demand for high-end design clothing and accessories is very strong.
During 2008~2009, the sales volume of Korean luxury goods department, the department store, rose by 16.7 percentage points.
This is the fastest growing country in the world after China.
According to their estimates of Korean luxury consumers' purchase behavior and their attitudes towards luxury goods, McKinsey believes that the Korean's love for luxury goods will continue.
McKinsey's research shows that the relentless driving force of the Korean luxury market is mainly influenced by two important "soft" factors: luxury and peer pressure.
South Korea is a "luxury friendly country" and they have such a culture.
For example, only 5% of South Korean respondents said they thought that buying luxury goods was a waste of money and felt guilty, while the proportion of other developed countries reached 10%~15%.
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