Individual focus

摘要

Signs are emerging of a growing sophistication among luxury consumers in South Korea, with the purchasing of luxury products becoming more about differentiation than displaying wealth. That is one of the key conclusions to emerge from McKinsey's latest report on luxury goods. "Koreans have tended to buy luxury goods as a way of signalling social status and for self indulgence," the report says. "People wanted other people to know that they were wearing something expensive, so they bought famous brands, often with conspicuous logos or labels. That attitude is becoming passe with dizzying speed." In the survey, 45% of respondents said that "owning luxury goods is not as special as it used to be," compared to just 21% in 2010. As a result, Koreans are beginning to think more about being different to everyone else rather than simply showing off their wealth. 39% of heavy buyers and 26% of all respondents said that "I increasingly prefer luxury brands or items that help me stand out from the crowd."