South Korea becomes the world’s largest buyer of luxury goods

Morgan Stanley pointed out in a January report that in 2022, the total expenditure of Koreans on personal luxury goods will increase by 24% to 16.8 billion US dollars, with an average consumption of 325 US dollars per person, while the per capita consumption in China is only 55 US dollars. It is six times that of China and higher than the per capita US$280 in the United States. According to the report, rising spending on luxury goods is due to Koreans’ desire to use luxury goods to demonstrate their socioeconomic status. “Appearance and financial success resonate more with Korean consumers than in most other countries,” the analysts wrote in the report. A love of “conspicuous consumption” and a commitment to YOLOism — Only live once (you only live once) young people have become one of the reasons for the growth of luxury sales in South Korea. | Related Reading (Wall Street Insights)

Toki

The per capita consumption of luxury goods is the highest in the world. The direct reason is that Korean personal income is high and consumerism is prevalent. At the same time, Korean luxury goods merchants have proposed many policies to stimulate consumption in order to improve consumers’ spending power.

It can be said that South Korea has brought consumerism to the limit. At the same time, due to cultural differences and the impact of Western culture, many young people choose short-term consumerism. At the same time, many people choose DINKism and do not hesitate to invest in themselves. A few years ago, Korean society gave the younger generation the title of “Sampo Generation”, which refers to those who abandon love, marriage and childbirth because of the pressure of life. Even real estate, relationships, employment, and dreams have been abandoned. There are indeed many of these people who have been enjoying their lives, that is, personal hedonism. They live a very nourishing life, and in this way, they can also have more time and ability to pursue themselves, that is, better self-satisfaction.

Of course, if it is replaced by our culture, from our point of view, this kind of lifestyle of self-enjoyment is not very good. After all, they have not been able to take care of their old age, and they have given up family happiness, etc. We care about a lot. thing. There are gains and losses, and a happy life requires a balance.

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