South Korea Has Also Begun To Neglect Big Names. Young People Love Light Luxury And Do Not Love LV.

　　 British media Recently, the luxury market in Korea was about 11 trillion and 500 billion won. After China and Japan, it ranked among the three largest markets in Asia. However, luxury goods companies are facing great difficulties in Korea.

According to the analysis, luxury enterprises are facing fierce competition in Korea. Meanwhile, Korean youths who pursue individuality are more interested in reasonable luxury brands but less expensive than those with high price.

Once considered a luxury entry level product, the Louis Vuitton bag, known as the "3 second package" (which can be seen every 3 seconds), has been neglected in Korea recently. Young people prefer the Alexander Wang with a low price of about 1 million 20 thousand won (about 6200 yuan).

The biggest difference between light luxury brands and luxury brands is the price. Unlike luxury luxury brands, the luxury brand positioning is generally high-end, and ordinary petty bourgeoisie can afford it. Compared with the luxury brand, the design is more personalized and will not become a brand of rotten street.

The luxury market in Korea is undergoing tremendous changes. The popularity of luxury brands such as Chanel and Hermes is still high, but the customers of light luxury brands who are more reasonable and have more design sense are increasing.

South Korean youths who are particularly sensitive to fashion trends are reluctant to spend their money on luxury goods in department stores or specialty stores. Overseas direct shopping or Oulets shopping is their new choice. This also has a great impact on the luxury industry. According to data from New World Department Store in Korea, sales of luxury goods shrank from 32% in 2011 to 4% last year, and Lotte Department Store in Korea fell from 21.3% to 7.8% in the same period.

In fact, the report cards of the major luxury brands in the Korean market are disappointing. As of March this year, the sale of Burberry in South Korea decreased by 5.2% compared with the same period last year, and the operating profit has shrunk by 40%. Christian Dior and Longchamp have suffered a fiscal deficit. Mulberry is also on the brink of loss because of the downturn in sales.

Affected by this, some luxury goods have quietly begun to withdraw from South Korea, Ferragamo withdrawal in the Jiangnan Galleria department store counters, Bally is completely withdrawn from the Korean market.