"Half of Luxury Purchases This Year Made Online"

When Buying Luxury Goods Online, 'Trust' is Key, Followed by 'Price' and 'Benefits'

[Asia Economy Reporter Lim Hye-seon] It has been revealed that the number of people purchasing luxury goods online has increased since the outbreak of the novel coronavirus infection (COVID-19).

According to Must It, a platform selling luxury goods online, a survey on luxury purchasing behavior was conducted targeting domestic consumers through Open Survey. The results showed that about half of the consumers who purchased luxury goods in the past year shopped online.

The survey was conducted over five days from November 6 to November 10, targeting 1,000 men and women aged 17 to 34.

According to the survey results, 25.4% of all respondents answered that they had purchased luxury goods within the past year. Among them, about half (48.8%) purchased luxury goods through online channels. Various online channels were used, including luxury specialty shopping malls, large corporation shopping malls, open market shopping malls, and overseas direct purchase shopping malls. Notably, 61.7% of the 17-24 age group used online channels. Must It analyzed that as the MZ generation, familiar with digital and online shopping, emerges as a luxury consumer group, online has become a major channel for luxury purchases.

Additionally, consumers considered trust to be the most important factor when purchasing luxury goods online. Among those who had experience purchasing luxury goods online in the past year, 42.4% rated 'trust in authenticity' as the top consideration in the online luxury purchasing process, followed by 'price (10%)' and 'benefits (8%)'. This is interpreted as a characteristic of online platforms where consumers cannot see or try products directly.

A luxury industry official explained, "As online luxury purchases increase, consumers' evaluation criteria for selecting online luxury platforms are also becoming more stringent."