South Korean Market Overview

•    14th largest economy in the world with a GDP of USD 1.76tn and average annual growth of 5.7% between 1980 and 2023 (current rate 2.3%) and 5th largest luxury goods market globally, with annual sales reaching USD 16.8bn in 2022, a 24% YoY growth and projected annual growth of annual growth rate of 4% over the next four years

•      Gross National Income (GNI) per capita increased rapidly from USD 67 in the early 1950s to USD 33,745 in 2023

•      First former aid recipient to become a member of the Development Assistance Committee of the OECD in 2010

•     In 2022, Morgan Stanley ranked South Koreans as the top luxury spenders with USD 325 per capita, putting Koreans far ahead of Chinese (USD 55) and  American (USD 280) consumers

•     In 2022, South Korea saw a notable upsurge and secured the 7th position in the world art market, alongside Japan and  Spain, worth USD 782m, a 32.2% YoY growth