Yonhap News,
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, ‘Cases of Korean parents buying expensive luxury padded jackets worth millions of won for children under the age of 5 have been highlighted in foreign media. Quoting experts, foreign media pointed out, “Koreans like to show off. They can’t stand it when others do something they can’t do.”‘,
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, ‘On the 25th, the Financial Times in the UK introduced the story of a 38-year-old woman named Kim living in Hwaseong, Dongtan, shedding light on Korean parents who lavish luxury items on their children.’,
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, ‘According to the media, Kim said, “I bought a silver necklace for 780,000 won at Tiffany for my 4-year-old daughter, and a pair of Golden Goose shoes for 380,000 won for my 18-month-old daughter.” The media further explained that Kim also purchased Moncler jackets, shirts, Burberry dresses and pants, and Fendi shoes for her children. Kim told the media, “I don’t want my children to look shabby when they go to weddings, birthday parties, and music concerts,” and “if my children can comfortably walk around in these clothes and shoes, the price doesn’t matter.”‘,
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, ‘A businesswoman named Eom living in Jamsil, Seoul, is worried about her 17-year-old daughter’s obsession with luxury items. Eom’s daughter recently received a pair of Asics and Marc Jacobs collaboration sneakers worth 800,000 won as a birthday gift from her grandparents. Eom told the media, “I’m worried that my daughter is becoming too accustomed to luxury items and whether she will be able to find a good job later to afford such extravagant spending.”‘,
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, ‘Referring to World Bank data that ranks Korea last in terms of birth rate, the media pointed out, “As Koreans become increasingly wealthy, they are spending money on luxury items for their fewer offspring.” Lisa Hong, a beauty and fashion consultant at Euromonitor, told FT, “Korea’s birth rate continues to decline, but the luxury market for children continues to grow,” interpreting that “many families choose high-end items due to having only one child, lowering the age of first luxury consumption.”‘,
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, ‘The media also diagnosed, “Many luxury brands are targeting people in their 20s and 30s by recruiting K-pop stars such as BTS and BLACKPINK as ambassadors.” With advertisements featuring K-pop idols arousing desires for luxury items, luxury brands are becoming ingrained in young consumers.’,
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, ‘According to Euromonitor, South Korea is one of the top three fastest-growing markets globally in the high-end children’s clothing market in terms of per capita spending. The annual average growth rate exceeded 5% over the past 5 years, second only to China and Turkey. The head of a luxury goods company in Korea told the media, “Korean society is highly competitive, and people want to stand out. Luxury items are good tools for them,” claiming, “Moncler winter padded jackets have become school uniforms for teenagers.”‘,
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, ‘In particular, the media reported that major department stores in Korea recorded double-digit growth in luxury children’s product sales despite economic downturns last year. Shinsegae and Hyundai Department Stores saw a 15% and 27% increase respectively in luxury children’s brand sales, while Lotte Department Store saw a 25% increase in sales of premium children’s products.’,
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, ‘According to Morgan Stanley’s 2022 analysis, South Korea accounts for about 10% of global sales of luxury brands such as Prada, Moncler, Bottega Veneta, and Burberry. FT pointed out that such trends could make children spoiled, stating, “Becoming accustomed to luxury items is not something that can be viewed as purely positive.”‘,
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