Morgan Stanley analysts explained the demand for luxury goods among South Korean buyers is driven both by an increase in purchasing power as well as a desire to outwardly exhibit social standing.
“Appearance and financial success can resonate more with consumers in South Korea than in most other countries,” analysts wrote in the report.
Displays of wealth are also more socially acceptable in Korean society. A McKinsey survey found that only 22% of Korean respondents consider showing off luxury goods to be in bad taste, compared with 45% of Japanese and 38% of Chinese. (…)
1. We can’t even bash China for wanting to show off anymore… Even in our country where unemployment is so high among the youth, the influence on them is huge because of the internet and community sites…. I feel that there are so many people who are swept away by herd mentality
2. It’s true that it’s strange
3. But seeing the people around me, the less they make and the worse their financial situation, the more they have a desire to flex. It’s like they are struggling not to be looked down upon
4. Oho… interesting. It’s like they are talking about a whole different world. Maybe because I don’t care about luxury goods… Anyways, it’s not like I had the money to afford them either ㅋㅋㅋ
5. I don’t think that I can buy a bag that’s shamelessly copying the design of a luxury bag even if the price is more reasonable… so I’m contemplating buying the real one..
6. Seems like everyone has money except me
7. I bought my first luxury good in my 30’s… and it was a perfume…
8. I’ve never bought any.. who even lives like this?… Fascinating…
9. Insta plays a big part in this. Nowadays, you need to have luxury goods in order to get more likes and you might even receive sponsorships and can become an influencer. I went to the Gucci store not long ago and most of the customers were in their early 20’s. I was shocked
10. We’re seriously becoming more and more similar to China