hankyoreh

By Cho Ki-weon
　　　
Sales of expensive foreign fashion brands at major South Korean department stores increased by nearly 20% in 2011.
Ministry of Knowledge Economy figures Thursday showed sales for name brand items up by 19.8% last year at the Lotte, Hyundai, and Shinsegae department stores, a 7.4 percentage point rise from the 12.4% increase in 2010.
This was the highest rate of increase among all department store items. The department stores saw an 8.9% overall rate of sales increase during 2011.
Playing a part in the rise is South Koreans’ generally positive disposition towards ostentatious displays of luxury. According to a 2011 report by the consulting firm McKinsey, only 22% of South Korean respondents answered in the affirmative when asked whether the display of luxury items was undesirable. This low percentage taking a dim view of such displays stood in contrast to the 27% rates in the US and Europe, the 38% rate in China, and the 45% rate in Japan.
A survey at the time showed 46% of South Korean respondents answering that they had spent more money than in the past on luxury items during the preceding twelve months. This contrasted with the single-digit rates found in Europe (3%), Japan (6%), and the US (6%).
　
Please direct questions or comments to [englishhani@hani.co.kr]