NEWS

New opportunities for Luxury…in South Korea!
2016-09-02 | www.fashion-insights.com
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- In July Contactlab, in collaboration with Exane BNP Paribas, has launched a report offering an in-depth view on luxury market in Asia, but going beyond China: Luxury in…South Korea (view full report here).
  Korea has been defined one of the most wired countries on the planet (source: Ekosglobal, 2014):
  • Internet penetration nearly 90% of the population
  • Mobile penetration 106%, 4th country in the World
  • Highest social media penetration rate in East Asia (74%)
  Luxury market in Korea is already very sizable and has good growth opportunities. This market represents now c.a. 4.5% of worldwide Luxury Goods market and it’s at third place in Asia, after Japan and China (source: Altagamma-Bain Oct, 2015/Accenture).
  Korean luxury clients yearly spending appears in line with worldwide average both for in-store and ecommerce Channels. Although 2015 registered a significant increase, ecommerce penetration for luxury monobrands in Korea is below worldwide average: 26 of the 30 monobrands in panel have a Korean website but only 12 with ecommerce.
  See all article HERE.