Luxury goods have long been a popular purchase for consumers around the world, and this trend shows no sign of slowing down. One country now stands out as the world's biggest spender on luxury goods per capita: South Korea. This buoyant demand for luxury goods can be attributed to an increase in purchasing power and a desire to display social status.
South Korea is the world's biggest spender on luxury goods per capita. Luxury brands are tapping into the country's massive entertainment industry to boost sales. The South Korean luxury market has been growing steadily in recent years. Moncler reported that its revenue in South Korea more than doubled in the second quarter of 2022.
Kim Jones has previously designed stage outfits for the BTS band, further strengthening the relationship between the two. Dior announced the partnership with Jimin via social media last month, stating that the appointment "solidifies" his friendship with the French label.
So, which country did you think I was going to talk about?