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The World’s Biggest Luxury Spenders Are Label-Loving Koreans
- Housing boom helped fuel spending spree, Morgan Stanley says
- South Korea is now as important as Japan to luxury brands
A Prada advertisement at the Hyundai Seoul department store.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
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 & Arpels’ jewelry collections, and a Moncler winter jacket is actually a ‘uniform’ for moms here. The most popular car is a Mercedes-Benz SUV.”