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S. Koreans own 9 designer goods on average: survey

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(Globalpost/GlobalPost)

South Koreans have an average of nine designer-label goods in their closet and buy at least two of such items every year, reflecting their unwavering fever over luxury merchandise, a survey showed Wednesday.

A South Korean aged over 20 has purchased an average of 8.81 designer label goods like Gucci, Chanel and Prada, according to a survey on 1,000 buyers conducted by the Korea Consumer Agency.

Nearly 38 percent of the respondents said they own one to three items, with 22.4 percent having four to five of them, the data showed. On an annual basis, a consumer purchased an average of 1.93 items, spending an average 2.71 million won (US$ 2,377), they said.

South Korea is known to be among a few Asian countries with high consumer demand for luxury goods, with its 5 trillion won market growing at an annual rate of 10 percent.

Almost half of the respondents said they bought the high-end items for their own happiness, with 13.1 percent saying they got them because other people had the same one.

About two out of every 10 buyers answered they even have traveled overseas to shop for designer goods, the survey showed.

Prices of luxury goods sold in Korea turned out to be some of the most expensive compared with other Asian countries, the survey showed. Based on purchasing power, a gauge showing how much the same goods cost between countries, the price index for Korea came to 100, only after Japan and Taiwan, according to the survey.

http://www.globalpost.com/dispatch/news/asianet/130410/s-koreans-own-9-designer-goods-average-survey