South Korea Luxury Fashion Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 5.05% (2024-2032)

Escalating consumer wealth as well as an increasing appetite for premium products are the factors responsible for the growth of the South Korea luxury fashion market. According to IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 5.05% during ​2024-2032.

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South Korea Luxury Fashion Industry Trends and Drivers:

Escalating consumer wealth as well as an increasing appetite for premium products are the factors responsible for the growth of the South Korea luxury fashion market. Additionally, the market is propelling owing to the escalating disposable income among the younger generation, who view luxury fashion as a status symbol and a means of self-expression. Besides this, the market benefits from a strong influence of K-pop and Korean dramas, which often showcase high-end fashion brands, driving aspirational purchases. South Korea’s well-developed retail infrastructure, including luxury malls and flagship stores, further supports market expansion. The rise of e-commerce has also played a pivotal role, enabling consumers to access luxury goods conveniently through online platforms.

The high focus on sustainability is driving demand for eco-friendly and ethically produced luxury items, as consumers become more environmentally conscious, which is augmenting the South Korea luxury fashion market. In addition to this, digital innovation is transforming the shopping experience, with brands leveraging virtual reality (VR) and augmented reality (AR) to offer immersive experiences. Customization and personalization are also gaining traction, allowing consumers to tailor products to their preferences. Furthermore, luxury resale platforms are emerging as a significant trend, catering to consumers who seek value and sustainability. The integration of luxury fashion with the booming beauty and lifestyle sectors in South Korea is also creating cross-industry opportunities. A strong digital presence and the influence of global luxury players are expected to drive the growth of the South Korea luxury fashion market in the coming years.

Our report provides a deep dive into the market analysis, outlining the current trends, underlying South Korea luxury fashion market demand, and growth trajectories.

South Korea Luxury Fashion Industry Segmentation: 

The report has segmented the market into the following categories:

Product Type Insights:

• Clothing and Apparel
  • Jackets and Coats
  • Skirts
  • Shirts and T-Shirts
  • Dresses
  • Trousers and Shorts
  • Denim
  • Underwear and Lingerie
  • Others
• Footwear
• Accessories
  • Gems and Jewellery
  • Belts
  • Bags
  • Watches
    • Clothing and Apparel
      • Jackets and Coats
      • Skirts
      • Shirts and T-Shirts
      • Dresses
      • Trousers and Shorts
      • Denim
      • Underwear and Lingerie
      • Others
    • Footwear
    • Accessories
      • Gems and Jewellery
      • Belts
      • Bags
      • Watches

Distribution Channel Insights:

• Store-Based
• Non-Store Based

End User Insights:

• Men
• Women
• Unisex

Regional Insights:

• Seoul Capital Area
• Yeongam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.

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