MBA Programs in Luxury Brand Management - South Korea Part-Time: Big Data Initiative MBA, Frontier MBA, Techno Initiative MBA, Bio & Health
The influence of Korean content as a major Asian market plays a crucial role in attracting global luxury brands. Brands like Louis Vuitton and Chanel have chosen popular K-pop idols such as BTS and Blackpink as their global ambassadors due to the country's high consumer loyalty and influencer culture.
Market segment of China
The market for luxury goods in China composes a significant proportion of all luxury goods sales worldwide.
In 2012, China surpassed Japan as the world's largest luxury market.
According to a report by McKinsey in 2019, Chinese consumers are the engine of worldwide growth in luxury spending According to a report by Bain in 2021, China’s luxury spending is expected to reach more than half the global market value of luxury goods by 2025.
This rapid growth has been explained partly by the luxury consumption habits of the post 1980's generation influenced by the Chinese economic reforms of the 1990's leading to rapid growth in economic conditions and China's one-child policy.