CNBC recently reported that, according to data disclosed by Morgan Stanley, South Korea is currently the country with the highest per capita consumption of “personal luxury goods” in the world.
Morgan Stanley estimates, South Korea’s total spending on personal luxury goods in 2022 grew by 24% to US$16.8 billion, or about US$325 per capita. This is much higher than China’s US$55 and the US’s US$280 per capita spending.
Analysts at Morgan Stanley pointed out that the two main drivers behind the growth in demand for luxury goods among South Korean consumers …
