South Korea is “brand addicted”…Branded bags have increased by 3.5 times in 4 years

A survey has revealed that Korean brand love is heating up. According to documents obtained from the Customs Service by South Korean opposition Democratic Party member Yang Kyung-sook, the declared value of the goods was 2 million yen.
The import value of expensive bags exceeding KRW (approximately 220,000 yen) increased from 221.1 billion won (approximately 24.44 billion yen) in 2018 to 791.8 billion won (approximately 88.21 billion yen) last year (2022).
00,000 yen), an increase of approximately 3.5 times in four years. The Customs Service does not classify "branded bags" as a separate item when making an import declaration, so it does not classify "branded bags" as separate items when making an import declaration.
Instead, we tallied ``class bag''. The year-on-year increase rate of import value of "luxury bags" was 17.1% in 2018, 33.8% in 2019, 33.0% in 2020, and 33.0% in 2021.
The rate of increase continues to be 44.9% in 2019 and 38.9% in 2022. The import amount by year was 295.8 billion won (approximately 32.696 billion yen) in 2019 and 393.6 billion won in 2020.
(approximately 43.5 billion yen), 570.1 billion won (approximately 63 billion yen) in 2021, and 798.1 billion won in 2022.
The number of imports also increased from 9,716 in 2018 to 15,436 in 2019, 21,349 in 2020, and 31,000 in 2021.
569 cases, and 37,831 cases in 2022, an increase of 289.4% in four years. This phenomenon has been suppressed in a situation where overseas travel has been restricted due to the COVID-19 virus infection.
It appears that increased consumer desire and accumulated spending power have led to the consumption of branded goods. In addition, branded products that were previously considered to be consumed by the wealthy are now becoming more and more popular among the MZ (Millennium) generation.
Some believe that this is due to the spread among Generation Al and Generation Z (born between 1980 and 2000) and the middle class. On the other hand, consumption of branded bags shows signs of decreasing even after the endemic.
The current situation is that it is not clear. The import value of luxury bags from January to July this year was 572.7 billion won (approximately 63.3 billion yen), compared to 451.1 billion won (approximately 49.86 billion yen) during the same period last year.
It has increased by 27.0%.