South Korea Leads the World in Per Capita Spending on Luxury Goods

This is just another example of how Koreans like to keep up with the Joneses:

Koreans were found to have spent the most per capita on high-priced bags and other luxury goods, according to a report by Morgan Stanley. 

The global investment bank said it estimated that Koreans’ total spending on luxury items grew 24 percent to $16.8 billion (208.6 trillion won) in 2022 from a year ago, which is about $325 per person. The per capita figure is far more than the $280 and $55 spent by Americans and Chinese, respectively.

Morgan Stanley analyzed that the high demand for luxury goods among Koreans comes from their increased purchasing power over the years and desire to flaunt their social standing by wealth.

Korea Times

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