September 12, 2023 11:03
Koreans remain among the most avid spenders when it comes to luxury handbags.
The Korea Customs Service said Sunday 37,831 luxury bags priced above W2 million were imported last year, a huge increase from some 9,716 bags in 2018 (US$1=W1,331).
Their imports have shown a growing trend in recent years, with an increase of around W200 billion a year, rising from W393.6 billion in 2020 to W570.1 billion in 2021 and W791.8 billion in 2022.
The rise is largely attributed to shoppers' pent-up demand after the drawn-out coronavirus lockdown left them unable to shop. Another reason is that young people in their 20s and 30s are emerging as some of the biggest buyers of high-end goods these days, as many of them have developed a taste for them.
Consumption of luxury goods has only continued to increase as imports between January and July stood at W572.7 billion, up 27 percent on-year from W451.1 billion.
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