China is not the country that loves to buy famous brands

Three boutique brands, Hermès, Louis Vuitton and Chanel, generated nearly 4 trillion won (about HK$23.5 billion) in sales in South Korea last year.

In addition, South Korea ranks first in the world in terms of per capita spending on luxury products, reaching an average of US$325 per person, which equates to approximately HK$2,551 per person per year on luxury goods.

According to the accounting audit report of the Korean branches of the three major brands on April 16, the combined sales of the three major boutiques in South Korea last year reached 3.9338 trillion won, a surge of 22% over the previous year.

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The most popular brand for Koreans is LV. Among the three boutique brands, Louis Vuitton Korea has the highest sales. Last year, revenue increased 15% to 1.69 trillion won (about HK$10.1 billion), and operating profit expanded 38% to 41.77 trillion (about HK$250 billion ).

Chanel Korea’s revenue increased by 30% to 1.59 trillion won (about HK$9.5 billion), and Hermes Korea’s revenue also increased by 23% to 650.2 billion won (about HK$3.89 billion) compared to 23%.

The reason for the rapid growth of the three boutique brands in South Korea is the increase in “revenge consumption” as people are unable to travel abroad during the COVID-19 pandemic. Even in the face of high inflation and rising interest rates in 2022, all three operators still delivered strong sales and raised prices by as much as four times.

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According to Euromonitor, a market research organization, the South Korean boutique market will reach US$14.65 billion in 2021, ranking seventh in the world; however, in terms of per capita consumption, South Korea ranks first in the world in terms of per capita boutique consumption.

According to Morgan Stanley, boutique spending per capita in South Korea was $325 last year, ahead of the United States at $280 and mainland China at $55.

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