30-Something Men Embrace Imported Luxury Products

Thirty-something men are emerging as key customers of imported luxury brands. Until early this year, men in their 30s mostly preferred relatively low-priced luxury goods like neckties and wallets. Now they have increased their consumption of high-end products including clothes and watches, becoming a new cash cow for foreign luxury brands.

The proportion of sales of imported luxury goods to men is growing, doubling from some 20 percent in 2007 to 40 percent this year at department stores like Lotte, Hyundai and Shinsegae, and it is 30-somethings who are leading the trend. Department stores are seeing steep growth in sales of imported designer suits from brands such as Armani, Ferragamo and Hugo Boss. "Sales of imported high-end men's suits are growing fast, although we're seeing a decline in overall sales of men's suits," a department employee said.

A main reason behind the trend is the diversification of customers, experts say. "The main customers of luxury goods used to be rather older professionals such as doctors and lawyers," said Kim Bong-soo, a marketing executive at Shinsegae Department Store. "But now younger ordinary salaried men, first-jobbers, and even job seekers preparing for interviews tend to opt for high-end brands."

Chung Ji-young, a marketing manager at Hyundai Department Store, said, "People in their 30s directly benefited from the nation's rapid economic development. They're used to the culture of consumption, and they have a keener interest in fashion and shopping than older generations."

In the past, men in their 30s tightened their belts to save money to prepare for marriage and to buy a house. Nowadays they prefer to enhance the quality of their lives and enjoy spending for themselves rather than saving for the future.

Experts say the trend is also a result of growing interest in grooming among men. "Personal appearance is becoming just as important for professional success for men as it is for women, so more young men, particularly those in their 30s striving to establish a firm position in their profession, are willing to spend money on grooming themselves," said Ha Ik-sung, a market researcher at Shinsegae. The industry predicts that 30-something men will continue to increase their spending on luxury goods.


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