[Weekender] VIB treatment: Luxury market surges for ‘very important babies’


Despite South Korea's declining birth rate, the childrenswear market continues to thrive, driven in part by the lavish spending habits of young parents. While some parents view purchasing expensive children's clothing as excessive due to the rapid growth of their kids, others, particularly those with higher incomes, are willing to invest in luxury items. Some argue that the ability to resell well-maintained clothing on online platforms justifies the initial high cost. The childrenswear market in South Korea reached approximately 2.45 trillion won ($1.76 billion) last year, marking a 33 percent increase from 2020, despite a 9.5 percent decrease in the number of children aged 0 to 14. In 2022, South Korea surpassed Hong Kong in average annual spending on childrenswear for the first time in the Asia-Pacific region. Luxury brands, such as Monclear Enfant and Gucci Kids, have experienced significant growth, attracting younger, fashion-conscious parents and expanding their customer base. Additionally, the rise of social media marketing, particularly on platforms like Instagram, has contributed to the increasing demand for diverse children's clothing, with online platforms like Kidikidi experiencing substantial growth in transactions and sales.


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