World’s biggest luxury spenders are S. Koreans

According to a 2022 report from retail giant Lotte Group’s member loyalty unit, purchases of luxury goods by people in their 20s jumped 70% in 2021 compared to 2018, the strongest growth among all age groups. — Bloomberg

SEOUL: When Kelly Yoon, a 38-year-old mother from the middle-class enclave of Songdo on the outskirts of Seoul, attended a school event for her nine-year-old daughter, she was stunned by the designer goods dripping from the other moms.

“I saw all kinds of Chanel bags on my way to the classroom,” she said. “Mothers love Bulgari’s Diva’s Dream and Van Cleef and Arpels’ jewellery collections, and a Moncler winter jacket is actually a ‘uniform’ for moms here. The most popular car is a Mercedes-Benz sport-utility vehicle.”