[Global Times Special Correspondent in South Korea Liu Yuan Global Times Special Correspondent Han Wen] What happened to south Korean young people? According to the South Korean media "EDAILY" reported on the 16th, the French brand Chanel adjusted the price for the fourth time on the 2nd of last month, but the Korean department store is still crowded with customers who want to buy, and there are mostly young people. In the context of the long-term epidemic, why don't young Koreans hoard daily necessities, but have a special love for luxury goods? This sparked a big discussion in Korean society.
The report quoted Bloomberg news on the 15th as saying that even in the most severe period of the new crown epidemic situation, there was no rush to buy daily necessities in South Korea. Instead, Koreans have developed a new habit of queuing up early outside department stores to buy Chanel bags. In order to buy 10 million won (1,000 won about 5 yuan) chanel bags, some Koreans even start queuing up in the early hours of the morning.
According to the report, there are many reasons why Koreans are keen to buy luxury goods and retaliatory consumption. First, the spread of the virus has led to restrictions on overseas shopping, and people have begun to shift this part of their consumption to domestic luxury goods, which has allowed the pent-up shopping desire to be vented in this way. According to statistics from a market research firm, the size of luxury goods consumption in South Korea increased by 4.6% from the previous year to $14.2 billion. Chanel has only 9 stores in South Korea, but its sales in South Korea last year accounted for 8.5% of total sales. The report also believes that Chanel's marketing strategy has induced the demand of young people. Since October this year, Chanel is preparing to impose purchase restrictions on some products, and may continue to raise product prices next year, which makes some people think that this is not a product that can be easily bought with money, and the scarcity of products stimulates consumers' desire to buy.
In addition, the article also believes that soaring house prices are one of the reasons why young people in their twenties and thirties are keen to buy luxury goods. As housing prices skyrocket in South Korea, some young people may feel they will never be able to afford a home. As a result, they spend their savings on something they can enjoy right away. Lee Eun-hee, a professor at Inha University, said: "They splurge on luxury goods with the mentality of 'you can only live once' and 'if you can't afford to buy a house anyway, just buy luxury goods'. Some young South Koreans also see buying luxury goods as a steady investment – this year alone, the price of some classic bags has risen by 30%. Han Zhimin, 30, who works at a law firm, said: "I really should have bought a Chanel bag a few years ago instead of investing money in stocks." ”
Source: Global Times
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