While COVID-19 has dealt a blow to almost every industry worldwide, bringing chaos and economic recession, the personal luxury goods market in Korea has shown an unusual pattern. Unfazed by the pandemic, it has set itself apart from the general economic slump with steady growth. According to the global research firm, Euromonitor International, the country’s personal luxury goods market has managed to weather the pandemic-caused economic crisis, with its value reaching $12.5 billion in 2020, showing little change from the previous year’s $12.52 billion. The figure was $12.24 billion in 2018. This situation is in stark contrast to the fact that the global personal luxury goods market value suffered a 23-percent drop during the same period – from $318.6 billion in 2019 to $246 billion in 2020 – which saw Korea taking up an even greater portion of the market.

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