Retail sales of experiential luxury are expected to increase at a current value CAGR of 8% (2024 constant value CAGR of 6%) over the forecast period to reach KRW1.7 billion.
Major cities in South Korea, including Seoul, Pohang, and Geoje, are focused on increasing their appeal to business clientele. One key way of doing so is by building facilities for MICE purposes (Meetings, incentives, conferences, and exhibitions), which will boost the country's MICE travel globally.
Luxury foodservice has yet to establish itself as an industry in South Korea, and this is set to remain the case across the forecast period, with luxury hotels remaining the key player in experiential luxury. However, as wealthier consumers in South Korea become interested in foreign cultures and brands, more focus and dedication will be placed on food service.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See All of Our DefinitionsThis report originates from Passport, our Experiential Luxury research and analysis database.
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