Despite the economic hiccups that slowed down sales of luxury goods in 2023, South Korea is expected to remain one of key markets for brand owners in traditional watches, as the pandemic period proved that South Korean consumers are willing to splurge on luxury items if their financial capacity allows. According to Morgan Stanley estimates, total luxury goods spending in South Korea grew by 24% in 2022, reaching about USD325 per capita – which is above the USD55 and USD280 per capita spent by Chinese and US consumers respectively.
The resale boom for luxury and vintage watches in the past couple of years garnered increased attention to watches in general, and local distributors are expected to continue new initiatives to capitalise on the boom. Some examples were identified during 2023.
Traditional quartz analogue and digital watches are expected to be under constant threat from smartwatches (included within smart wearables). While high mechanical watches is expected to maintain solid growth, driven by prestigious value as a wedding gift and for investment/resale purposes, basic and mid quartz watches, as well as some high-priced quartz watches with less luxury/investment value, are expected to be under an unavoidable threat from smartwatches.
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Understand the latest market trends and future growth opportunities for the Traditional and Connected Watches industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Traditional and Connected Watches
This report originates from Passport, our Traditional and Connected Watches research and analysis database.
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