Q: Which of the following sources did you use to get initial ideas/”plant the seed” about what to buy for luxury items?
In fact, even more surprisingly, during the early virus outbreak in January and February 2020, the top three local department stores in Seoul have been recording a surplus compared to the same period in 2019. Though consumer traffic in malls declined in March with the increased number of local infections and social distancing measures became widespread, sales began to quickly rebound in April.
Undoubtedly, restrictions on overseas travel contributed to the domestic demand for luxury goods, with HNW consumers, particularly millennials, redirecting their holiday and travelling spends and refunds into luxury purchases.
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