Jewelry Market in South Korea 8 TH FEBRUARY 2017 OFFICE OF COMMERCIAL AFFAIRS, SEOUL
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1 Jewelry Market in South Korea 8 TH FEBRUARY 2017 OFFICE OF COMMERCIAL AFFAIRS, SEOUL
2 Luxury Jewelry in South Korea Current value sales grow by 8% in 2016 to reach 1.7 million US$ Chinese tourists spending and local consumers growing taste for jewelry boost value sales Luxury fine jewelry records the fastest current value sales growth of 9% in 2016 Richemont Korea leads luxury jewelry in 2015 with a 34% retail value share A 6% value CAGR at constant 2016 prices is expected over the forecast period to reach KRW2.7 trillion in 2021
3 Luxury Jewelry in South Korea (TRENDS) Luxury jewelry continued to record outstanding value sales growth in South Korea. Chinese tourists significant contribution to sales and domestic consumers growing taste for fine jewelry boosted sales Department stores is the key distribution channel for luxury jewelry, particularly luxury fine jewelry Internet retailing grew value share gradually to reach 5% in Category sales are driven largely by fine jewelry, and consumers prefer to visit and purchase these items in physical stores to ensure quality and authenticity. Luxury fine jewelry recorded the fastest current value sales growth of 9% in Women s jewelry led the way with a 9% increase while men s luxury jewelry saw strong growth of 8%.
4 Luxury Jewelry in South Korea (TRENDS) Luxury jewelry's value share of jewelry sales increased over the review period. However, luxury jewelry still accounted for only a small portion of sales. Domestic fashion jewelry brands like J Estina and Stonehenge are attracting young customers with trendy designs. These brands have also introduced fine jewelry lines with more accessible price points. Moreover, a local fine jewelry brand Golden Dew is a strong player in wedding jewelry.
5 AMOUNT: KRW BILLION Sales of Luxury Jewelry by Category Year SALES OF LUXURY JEWELRY BY CATEGORY Luxury Costume Jewelry Men's Luxury Jewelry Women's Luxury Jewelry Luxury Jewelry Luxury Costume Jewelry Men's Luxury Jewelry Women's Luxury Jewelry , , , , Luxury Jewelry 1, , , , , , Source: Euromonitor International from official statistics
6 Company Shares of Luxury Jewelry Year 2015 Top 5 NBO Company Shares of Luxury Jewelry Top 5 NBL Company Shares of Luxury Jewelry Richemont Korea Ltd Tiffany Korea Co Ltd Swarovski Korea Ltd Bulgari Korea Ltd Pandora A/S Cartier (Richemont Korea Ltd) Swarovski (Swarovski Korea Ltd) Van Cleef & Arpels (Richemont Korea Ltd) Tiffany & Co (Tiffany Korea Co Ltd) Bvlgari (Bulgari Korea Ltd)
7 Distribution of Luxury Jewelry Grocery Retailers Store-Based Retailing Non-Grocery Specialists 16.1% 15.3% 14.1% 12.8% Mixed Retailers 80.2% 80.7% 81.5% 82.5% Non-Store Retailing Internet Retailing 3.7% 4.0% 4.4% 4.7%
8 AGE Distribution Channel of Jewelry (Year 2014) Retail Store Jewelry Shopping Center Department store Shopping Mall Others All % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Male Female % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 20 Retail Store Jewelry Shopping Center Department store Shopping Mall Others up to % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
9 Jewelry Market In Korea (Jongro Jewelry Shopping Street ) Jongro Jewelry Shopping Street located in Jongro, a central district of Seoul is well known nationwide. It is estimated to house between 2,000 and 4,000 jewelry stores of every size and packed close together in one district. Jongro district is always had a large floating population and has been a well-developed commercial are since old time. The jewelry street in its current form has existed since the 1960s. At present about 70 percent of the domestic jewelry market is traded on Jongro shopping street. Customer can purchase around percent cheaper than market prices. Jewelry street is especially popular with soon-to-be married couples, and overseas tourist. Jongro Jewelry Shopping Street
10 Jewelry Market In Korea (Jongro Jewelry Shopping Street ) Jongro Jewelry Shopping Street
11 Korea Jewelry Market Non-Wedding present Market Wedding present Market Amount : Korean WON Wedding Present Market Non-Wedding Present Market New consumer market of jewelry appears Sluggish old market ( wedding present Market)
12 Jewelry Market In Korea 47.1% 24.0% 6.7% Jewelry without Gems Cubic Jewelry Pearl Jewelry 4.0% 18.2% Colored Jewelry Diamond Jewelry
13 Korean Costume Jewelry Market Internet Platform Social Commerce & Celebrities Activating E-Commerce Encouraging Emerging Designer Brands Enlarged and Various Jewelry Market in Korea
14 Trend in Costume Jewelry Market Today, we are seeing silver on the runway like never before. Style, silver is an international superstar in the fashion world. from Tiffany s to George Jensen
15 Trend in Costume Jewelry Market Kenzo Fashion jewelry is generally regard as less expensive than precious metals and gem stones. However, a notable shift within silver as you see on the runway like George Jensen Said
16 Korean Costume jewelry Market Jem & Pebbles Knuckling Rings Firstly, one of distinguishable features of Korea market is the consumer group, stimulating Market. Consumers in Korean market tends to sensitive to trends and has wider range of women group through 20s to 40s who has ability to spend the time and money for themselves.
17 Thai Trade Center, Seoul info@thaitrade.kr thaitcseoul@hotmail.com Tel :
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