Which Country spends The Most Money on Luxury Goods?
South Korea is the country with the highest spending on luxury goods in the world when measured per capita.
South Korea is the country with the highest spending on luxury goods in the world when measured per capita.
According to estimates by the US investment bank Morgan Stanley, Korea's total spending on luxury goods amounted to 16.8 billion USD, or 24% increase in 2022, about 325 USD per capita. That's far ahead of China's $280 and America's $55 per capita.
ph: Cartier
Business results of luxury brands also show that their sales have increased sharply in South Korea.
Italian fashion brand Moncler says its sales in South Korea have doubled since before the COVID-19 pandemic. Richemont Group, the owner of jewelry brand Cartier, also said that
Korea is one of the regions to record double-digit sales growth in 2022, higher than the same period last year and two years ago.
According to Morgan Stanley, the increase in Korean consumers' purchasing power is due to high demand for luxury goods and the desire to show their social status to the outside. Unlike other countries, looks and financial success will attract more attention in the eyes of Koreans.
According to a survey by McKinsey, only 22% of Korean respondents think it is not good to brag when using luxury goods. Meanwhile, the rate in Japan is 45% and China is 38%.