Luxury trend in Korea
Introduction Affected by recent worldwide economic downturn, Korea is experiencing a dramatic decrease in its export; however the demand for luxury goods is constantly increasing by 50% each year while the general markets suffer from frozen consumption. In spite of economic depression, social fanaticism for luxury goods is at the level of group hypnosis now, thus creating a phenomenon called “new luxury trend. ... Purpose, Scope, and Limitations The purpose of this report is to analyze the luxury trend syndrome, present the reasons of the phenomenon, and discuss the effects it has upon our society. ... Also, personal essays on freechel internet community that clearly showed the examples of the ‘luxury trend syndrome? ... Report Organization This report shows the reality of the luxury syndrome, states the reasons of the dramatic increase in luxury goods consumption, and discusses number of effects it has on our society as a whole. Reality of Luxury Syndrome: luxury trend phenomenon Rise of luxury goods consumption In spite of global economic downturns, luxury markets in Korea are having a remarkably increased number of customers and doubling their sales each year. As one of the leaders of the syndrome, top departments focus on advertising their luxury sectors which has shown dramatic growth, such as, Prada, Gucci, and Louis Vouitton. The total budget of Korea’s recent domestic luxury market is estimated at 2 trillion dollars, and the rate of increase in sales is expected to rise above 50% every year. Then, what will the dramatic rise of luxury consumption likely bring into our society? Advent of Luxury generation No longer are luxury goods the exclusive possessions of the wealthy people. Rapidly, it is expanding its consumer’s level and bringing in a luxury generation in which ages from teens to twenties fall into. This L-generations start by purchasing wallets, belts, or other accessories from luxury brands which are relatively easy to approach at first. They work days and nights to pay for their desired luxury items and some even corrupt into doing illegal businesses.