According to the report by Expert Market Research (EMR), the South Korea luxury goods market attained a value of USD 7.00 billion in 2025. Aided by rising disposable incomes, evolving consumer lifestyles, and the strong influence of global fashion and cultural trends, the market is projected to grow at a CAGR of 4.60% during the forecast period of 2026–2035, reaching a value of approximately USD 10.98 billion by 2035. Luxury goods, encompassing high-end fashion, accessories, jewellery, watches, cosmetics, and premium personal care products, have gained significant traction in South Korea, supported by a highly brand-conscious and trend-driven consumer base.

South Korea Luxury Goods Market Trends

A key trend shaping the South Korea luxury goods market is the increasing preference for premium and exclusive brands, particularly among younger consumers. Millennials and Generation Z are driving demand for luxury fashion, beauty, and accessories as symbols of personal identity and social status. The growing popularity of limited-edition collections and collaborations between luxury brands and local designers or celebrities has further strengthened market appeal. Additionally, the rapid expansion of online luxury retail platforms and social commerce channels is transforming purchasing behaviour, offering consumers greater accessibility, personalised experiences, and convenience. Sustainability and ethical sourcing are also emerging as important trends, with consumers increasingly favouring brands that align with responsible practices.

Drivers of Growth

The growth of the South Korea luxury goods market is primarily driven by rising urbanisation and increasing purchasing power among middle- and high-income households. The country’s strong economic fundamentals, combined with a high concentration of affluent consumers in urban centres such as Seoul, have supported sustained demand for luxury products. Moreover, the global influence of Korean pop culture, including K-pop, K-dramas, and social media influencers, has significantly boosted the visibility and desirability of luxury brands. The expansion of international luxury houses through flagship stores and exclusive boutiques has further contributed to market growth. In addition, duty-free retail, supported by tourism and cross-border shopping, continues to play a vital role in driving luxury goods sales in South Korea.

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South Korea Luxury Goods Market Forecast

Over the forecast period of 2026–2035, the South Korea luxury goods market is expected to witness steady expansion, supported by evolving consumer preferences and continued brand innovation. With sustained demand for premium products and the increasing integration of digital retail strategies, the market is projected to reach a value of approximately USD 10.98 billion by 2035, reflecting its strong long-term growth potential.