South Korea sees rise in demand for luxury goods

12/13/2011 | Reuters

South Korea has gone from one of the world's poorest countries to the world's 13th largest economy in the past 60 years, and consumers there are snapping up the symbols of their prosperity where they find them, which for many means buying Gucci bags at the local 7-Eleven. Luxury sales have been rising at about 12% annually in South Korea, driven both by newly wealthy residents and tourists from China attracted by the lower prices for luxury goods.

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