Handbags displayed in a Chanel SA retailer window on the Avenuel division retailer, operated by Lotte Shopping Co Ltd., in Seoul, South Korea, on Tuesday, Dec. 14, 2021.
SeongJoon Cho | Bloomberg | Getty Images
Whether it is calf-leather Italian Prada baggage or basic, checkered British Burberry trench coats, South Koreans are the world’s greatest spenders on private luxurious items per capita, Morgan Stanley mentioned.
The funding financial institution estimated South Korean whole spending on private luxurious items grew 24% in 2022 to $16.8 billion, or about $325 per capita. That’s excess of the $55 and $280 per capita spent by Chinese and American nationals, respectively, in line with Morgan Stanley estimates.
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Luxury manufacturers have additionally highlighted robust gross sales in Korea.
Moncler mentioned its income in South Korea “greater than doubled” within the second quarter in contrast with earlier than the pandemic. Cartier-owner Richemont Group mentioned Korea was among the many areas the place gross sales grew by double digits in 2022,…
2023-01-12 21:15:11 South Koreans are the world’s greatest spenders on luxurious items
Original from www.cnbc.com