Luxury wedding demand fuels growth in Korea’s luxury market

[Courtesy of Hyundai Department Store]

South Korea’s luxury market is growing despite high inflation and weak spending as demand for luxury weddings remains.

Popular brands for wedding gifts, such as Rolex, Chanel Jewelry, and Tiffany & Co., have seen increased consumer interest, even as they have raised prices this year.

According to sources on Monday, Lotte Department Store’s luxury sales increased by about 10 percent from January to April compared to the same period last year.

Sales of luxury watches and jewelry, in particular, surged by 20 percent during the same period.

Hyundai Department Store’s luxury jewelry and watch sales also rose by 21.1 percent in the first four months of this year compared to a year ago, surpassing the overall luxury growth rate of 12.6 percent.

Similarly, luxury jewelry and watch sales at Shinsegae Department Store increased by 12.6 percent year-over-year.

At Hanwha Galleria, jewelry brands like Chanel, Cartier, Bulgari, and Van Cleef & Arpels reported sharp growth in their sales.

“With more customers perceiving wedding gifts as investments, there is a growing tendency to choose high-end brands over mid-range options,” an industry inside said. “The increasing average age at first marriage and the rise in overall wedding costs have contributed to the luxury wedding trend.”

Luxury wedding rings typically cost several million won, with some reaching nearly 10 million won ($7,300) depending on the brand, model, and presence of diamonds.

Popular models include Chaumet’s Bee My Love Ring, Tiffany & Co.’s Narrow Ring, Cartier’s Love Ring, and Boucheron’s Quatre Classique Wedding Band.

Among watches, iconic models such as Rolex’s Submariner, Breitling’s Superocean, and Cartier’s Santos are priced over 10 million won.

This year, major luxury jewelry brands have also increased prices in Korea.

Rolex raised its watch prices by about 5 percent this month, while Piaget increased its prices by 1-9 percent last month.

In January, Chanel raised prices on key jewelry and watch items by 4-5 percent, followed by price hikes from Tiffany & Co., Fred, and Chopard.

In addition to wedding gifts, couples with young children are also driving luxury sales by purchasing premium children’s clothing.

“In line with the trend of parents making concentrated investments in their children, children’s products of luxury brands are performing well,” said an official from Hyundai Department Store. “We plan to continue strengthening our lineup of luxury children’s merchandise.”