The South Korea luxury goods market was valued at USD 7.00 Billion in 2025. The industry is expected to grow at a CAGR of 4.60% during the forecast period of 2026-2035 to reach a value of USD 10.98 Billion by 2035.
The surging demand in the South Korea luxury goods market is driven by evolving consumer preferences and digital sophistication. As per industry reports, South Korea's overall expenditure on personal luxury items increased by an astounding 24% to USD 16.8 billion, or around USD 325 per person. By contrast, Chinese and American customers spend USD 55 and USD 280 per capita, respectively, which is significantly less.
The Korean government’s cultural export policies have further fuelled the South Korea luxury goods market growth. In 2024, the Ministry of Culture, Sports and Tourism ramped up support for K-content and partnered with brands for cross-promotional campaigns. This triggered a spike in collaborative launches between K-pop icons and luxury brands like Cartier, Bottega Veneta, and Celine, transforming fanbases into lucrative conversion funnels.
Moreover, local luxury goods consumption is also propelled by the inclusion of wellness and sustainability trends. Homegrown start-ups are also entering the premium market, offering alternatives to legacy giants with AI-personalised skincare and upcycled materials in accessories. For instance, N.Code has developed a marketplace that features goods from upscale retailers. Based on their preferences and characteristics, the clients receive carefully chosen recommendations. On the other hand, KREAM is a marketplace for trading and reselling goods that features a variety of products from global designers and brands, including apparel, accessories, watches, jewellery, handbags, gadgets, and home décor. On their site for reselling, individuals can purchase, sell, and exchange their luxury goods.
Further, the South Korea market for luxury goods has expanded quickly with the concept of "revenge purchasing" after the pandemic outbreak. Market dynamics have changed, particularly as a result of e-commerce platforms like Mustit, Balaan, and Trenbe. Over 4,000 requests to authenticate products have been made in the three months since Koibito, a business that deals with used luxury goods established its authentication service in June 2023.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
4.6%
Value in USD Billion
2026-2035
*this image is indicative*
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Consumers in South Korea are shifting towards understated, heritage-rich brands that signal status through quality. This particular trend in the South Korea luxury goods market, termed ‘quiet luxury,’ is fuelled by affluent millennials who are increasingly rejecting overt branding. Brands like The Row and Brunello Cucinelli have witnessed a surge in high-end department store placements across Seoul. This understated sophistication is also being mimicked by domestic brands that are innovating with neutral palettes and minimalist aesthetics. Government-backed design initiatives such as the Korea Craft & Design Foundation are nurturing local creators aligned with this aesthetic, giving rise to a subtle but strong alternative to mainstream luxury.
Luxury e-commerce in South Korea has grown rapidly, attracting more shoppers than traditional physical boutiques. According to South Korea luxury goods market analysis, online transactions amounted to USD 15.5 billion in 2024, indicating a 3.2% year-on-year growth. High-resolution virtual try-ons, AR-powered product catalogues, and 3D brand storytelling are giving international players a competitive edge. For example, Gucci launched its metaverse boutique empowering fashion brands the ability to create ‘custom’ fashion apparel sold as an NFT that can be personalized for different avatar. Further, supported by the Korean government’s Digital New Deal 2.0, startups offering immersive technology for online retail are getting seed funding, fuelling further growth.
South Korean luxury goods buyers are increasingly scrutinising the sustainability practices of brands. Government policies like the Extended Producer Responsibility amendment are pressuring luxury brands to adopt traceable sourcing and reduce packaging waste. Chanel Korea has responded by launching refillable perfume stations in Seoul’s department stores, while local label Kaesa has manufactured vegan leather bags with cactus-based leather that is free from harmful chemical products. These products are cruelty-free and also help in reducing the carbon footprint, protecting both flora and fauna.
Experiential retail has further revolutionized the South Korea luxury goods market dynamics. Lotte and Shinsegae have revamped luxury floors into cultural spaces, hosting mini art fairs and NFT galleries within boutiques. In 2022, Dior inaugurated a new concept store in Seongsu-dong, offering limited releases available within a curated garden installation. Brands that offer seamless transitions between physical, virtual, and narrative-driven formats are gaining stronger consumer preference and higher ticket conversions.
The luxury goods resale market in South Korea is booming, driven by younger consumers seeking value, exclusivity, and sustainability. Platforms like KREAM and Balaan are capitalising on this shift, offering authenticated pre-owned luxury goods backed by blockchain tagging. Brands like Chanel and Louis Vuitton are piloting resale verification services through local technology partners. This trend reflects a shift from ownership to asset value, as consumers treat luxury goods like tradable, traceable investments with financial ROI.
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The EMR’s report titled “South Korea Luxury Goods Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Key Insight: Watches and jewellery remain dominant in the South Korea luxury goods market for their investment merit and generational allure, while the demand for luxury perfumes and cosmetics are surging due to technology integration and identity-driven routines. Leather goods maintain relevance for their functionality-meets-prestige value, especially among men, whereas luxury clothing is evolving via capsule drops and influencer-led edits. Every product subsegment intertwines legacy and innovation, redefining consumers’ buying patterns.
Market Breakup by End Use
Key Insight: Women continue to dominate the South Korea luxury goods market revenue share, while men are rapidly emerging as the fastest-growing segment, boosted by tailored experiences and product lines. Women’s purchases are driven by legacy and evolving lifestyle preferences. For men, the consumption is accelerating through grooming, wearable tech-infused accessories, and experiential retail zones. Together, these reflect a democratised, yet highly segmented luxury culture that leverages identity, occasion, and influence.
Market Breakup by Distribution Channels
Key Insight: Offline retail continues to play a vital role in delivering the sensory and immersive experience, accelerating the luxury goods demand in South Korea, while online channels are growing rapidly owing to technology innovation and convenience. AI-powered virtual try-ons, real-time personal shopping, and limited online drops are making digital platforms indispensable.
By Product, Watches and Jewellery Account for the Dominant Share of the Market
Watches and jewellery hold a dominant share in South Korea luxury goods market, with legacy watchmakers like Rolex and Patek Philippe attracting consumers with aspirational value. Demand is mainly bolstered by long-term investment perceptions and social prestige. Department stores in Seoul’s Gangnam district have added boutique zones for these high-end goods. Local jewellers like Golden Dew are innovating with tech-embedded jewellery for health tracking, targeting wellness-conscious buyers. Government incentives for gold repatriation and tax-free imports have also fuelled interest in bullion jewellery. The segment thrives on heritage, utility, and personalisation.
The fastest growing subsegment in the South Korea luxury goods market is perfumes and cosmetics, spurred by the nation’s position as a global beauty trendsetter. Premium skincare brands like Sulwhasoo and Hera are penetrating the space with limited-edition launches and AI-personalised beauty regimens. Meanwhile, niche fragrance boutiques are expanding in Gangbuk, with brands like Le Labo and Byredo offering scent layering stations.
By End Use, Women Register the Dominant Share of the Market
Women represent the dominant end-use segment in the South Korean luxury goods market, accounting for most premium product purchases across cosmetics, apparel, and accessories. The rising number of financially independent women coupled with a strong gifting culture, has fuelled demand. Brands like Hermès and Van Cleef & Arpels are expanding store footprints in Seoul and Busan to meet this demand. In addition, the “revenge shopping” trend post-pandemic has boosted revenue growth. Government initiatives promoting gender parity in executive roles have led to aspirational consumption among professional women.
South Korean men have become a key focus in luxury brand strategies aligning with the growing demand for male cosmetics, watches, and ready-to-wear fashion. This shift is fuelled by athletes, media figures, and influencers who are redefining men’s style with sophistication. Premium brands in the South Korea luxury goods market like Tom Ford and Montblanc are opening exclusive men’s lounges in upscale malls to cater to this growing consumer base.
By Distribution Channel, the Offline Segment Secures a Substantial Share of the Market
Offline channels have continued to maintain its dominant position in the South Korea luxury goods market. Flagship stores, duty-free zones, and high-end department stores like Lotte and Shinsegae provide immersive brand experiences. Offline luxury retail in Seoul has evolved into experience-driven zones, offering personal stylists, fragrance lounges, and AI-aided customisation. Buyers have continued to visit stores for first-hand experiences before making a purchasing decision, which further reinforces the strategic importance of physical stores.
As per the South Korea luxury goods market report, the online segment is surging, aided by the nation’s hyperconnected population and mobile-first approach. Platforms like Musinsa and S.I.Village now host exclusive product launches from brands like Prada and Moncler. South Korea’s government has actively invested in e-commerce infrastructure, improving logistics and payment security, favouring this segment’s growth. Augmented reality try-ons, digital concierge services, and NFT-linked authentication are making the online space more interactive.
The South Korea luxury goods market players are increasingly focusing on building ecosystems that include beauty technology labs and K-pop-led brand events, while aligning with the sustainability goals. Luxury houses are partnering with art galleries, wellness influencers, and eco-activists to amplify reach. Quiet luxury, influencer-led exclusives, digital-first retail, circular design innovations, and experiential omnichannel formats are some of the key trends that are reshaping this space.
South Korea luxury goods companies focusing on limited-edition exclusivity and personalisation are witnessing stronger conversion. They are finding lucrative opportunities in decoding K-culture preferences, aligning with government-led sustainability goals, and integrating AI/AR into omni-channel retail. The emphasis is shifting from status-driven consumption to expressive and sustainable luxury narratives. Players who blend global prestige with local cultural codes are gaining long-term brand loyalty and sharper positioning in this evolving ecosystem.
LVMH Moët Hennessy, established in 1987 and headquartered in Paris, operates through flagship brands like Louis Vuitton and Dior in South Korea. The group runs immersive boutique spaces in Seoul. It also collaborates with K-pop artists and digital influencers to enhance local engagement.
Compagnie Financière Richemont SA, founded in 1988 and headquartered in Switzerland, manages luxury brands like Cartier, Montblanc, and Van Cleef & Arpels. The company has expanded its boutique footprint across South Korea. It leverages local art partnerships and pop-up stores to attract affluent millennials.
Headquartered in Geneva, Switzerland, Rolex has been manufacturing premium watches since 1905, as Wilsdorf & Davis in London. The company was named Rolex in 1908. Currently, the company manufactures watches, clocks, precious stones, and personal and household goods, among others. Annually, the brand manufactures and sells more than 800,000 watches worldwide.
The multinational company Swatch Group manufactures watches, jewellery, and watch components, among others. The company was established when ASUAG and SSIH merged in the year 1983. Omega, Longines, Tissot, Rado, and Hamilton, among others, are all subsidiaries of the Swatch Group. The brand operates in several regions across the world, such as Europe, the United States of America, Asia-Pacific, Middle-Eastern countries, and Africa. The headquarters of the Swatch Group are situated in Bienne, Switzerland.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the market are Kering Group, Minjukim, Guccio Gucci S.p.A., Chanel, Prada S.p.A, among others.
Explore the latest trends shaping the South Korea Luxury Goods Market 2026-2035 with our in-depth report. Gain strategic insights, future forecasts, and key market developments that can help you stay competitive. Download a free sample report or contact our team for customized consultation on South Korea Luxury Goods Market Trends 2026.
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In 2025, the South Korea luxury goods market reached an approximate value of USD 7.00 Billion.
The market is projected to grow at a CAGR of 4.60% between 2026 and 2035.
Key strategies driving the market include localising campaigns with K-influencers, integrating AR tools in stores, launching eco-luxury capsules, partnering with K-culture platforms, and embedding personalisation tech to deepen consumer ties across online and offline.
Digitalisation and sustainability emergence, along with consumer awareness and innovation in the fashion industry are the leading trends.
The dominant type of luxury products in the industry are watches and jewelry, leather goods, perfumes and cosmetics, clothing, and eyewear, among others.
The leading distribution channels in the luxury market are online and offline retail channels.
The key players in the South Korea luxury industry are LVMH Moët Hennessy, Compagnie Financière Richemont SA, The Swatch Group Ltd, ROLEX SA, Kering Group, Minjukim, Guccio Gucci S.p.A., Chanel, Prada S.p.A, among others.
The key challenges are import tariffs, changing tax norms on resale, influencer fatigue, and consumer scepticism over authenticity and ethical sourcing in the face of greenwashing.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by End Use |
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| Breakup by Distribution Channels |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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