Three major department stores reported overall luxury sales rebounded this year, with quarterly growth rates around 10 percent. The market expanded 22.3 percent in 2022 and 5.8 percent in 2023.
Hyundai Department Store saw jewelry sales increase 33.5 percent, 29.9 percent and 33.4 percent in the first three quarters of 2024, surpassing growth rates of 15.5 percent in 2023 and 31.4 percent in 2022.
Watch sales also showed strong performance, with growth rates of 15.5 percent, 16.7 percent and 15.3 percent during the same period, compared to 8.8 percent in 2023 and 14.5 percent in 2022.
Shinsegae and Lotte department stores reported similar trends, with jewelry and watch sales consistently outperforming overall luxury goods.
Shinsegae's jewelry and watch sales rebounded sharply in 2024, with growth rates of 17.5 percent, 12.7 percent and 18.8 percent in the first three quarters, after 1.5 percent in 2023 and 23.9 percent in 2022.
Industry experts attribute this shift to changing consumer preferences and desire for unique, personalized luxury items. As handbags become more commonplace, consumers are turning to jewelry and watches for rarity and collectible value.
Luxury brands are responding by strengthening jewelry offerings, with some opening dedicated boutiques in prestigious Seoul locations like Cheongdam-dong.