Koreans are the people who travel the most in Asia Pacific, according to a study conducted by Visa, with an average of 5 travels abroad every two years. Empowered by a young generation who wants to study abroad, the koreans are willing to spend more than usual for opening up to the outside world. On average over the year, 110, 000 won are spent per trip per person. The market of high-end tourism is the key to prospect for growth, with an estimation of 6.83% per year over the period 2017 to 2020.
MAIN DESTINATIONS FAVOURED BY KOREAN PEOPLE
Multiple trends start to shape the luxury brands roadmap as well as the expectations arising from the trip. As a matter of fact, the most popular destinations are relatively close to their hometown. From Hong Kong, Tokyo to Singapour, apart from Paris which is considered as the third most prized destination in a global scale.
Hawaii is also well favored, and considered as a destination of choice for the « Cheorob Yeohaeng » program, a graduation trip. In fact, it encompasses a large number of young koreans, willing to invest large sums of money in their last trip before the debut of their career.
Meanwhile, Paris stands out as a prime tourist destination, especially regarding to luxury sphere. This brings us to the second point : koreans want to buy luxury goods abroad. If possible, where they are originally produced. In 2016, a report indicated that more than 20% of surveyed koreans wanted to experiment a more upscale travel for their future plans and initatives. Moreover, many koreans are preparing their trip to buying high-end luxury goods while doing research on the department stores and shopping complexes prior to their departure.
THE IMPACT OF GLOBAL LUXURY TRAVEL IN KOREANS’ LIFESTYLE
On luxury goods, two major elements in market recent research are overriding : if 75% of the respondents hold dear the quality feature, the brand image is even more impactful. Indeed, it’s essential for the korean consumer that his product is acknowledged by his peers at the first glance. Fashion bloggers and influencers play a driving role in the range of popular products. In 2016, the spring collection handbags from Gucci has been very successful with asian and korean customers. Thus, the core target of luxury industry revolves around the 30 to 50 years generation, while the 50 to 70 years have a more prominent preference for cruises and tours.