[Luxury World] "At the playground, everyone except my daughter wears luxury padded jackets" ? This feeling opens the wallet

Significant Increase in Luxury Secondhand Transactions Compared to Last Year
Department Stores See Double-Digit Sales Growth in Luxury Baby Clothing Brands Amid Low Birthrate Trend 'VIB (Very Important Baby)'
"Demand for Luxury Brands Among Young Mothers Continues to Grow"

As interest in luxury children's clothing grows every year, the volume of transactions in the secondhand market is exploding. Parents who felt burdened by the high prices of luxury brands are opening their wallets for their children in the secondhand market.

According to the secondhand site 'Junggonara' on the 25th, a total of 485 posts were uploaded from the 1st to the 23rd of this month when searching for the British luxury brand 'Burberry Kids.' These posts include sales of items such as padding, skirts, knits, and coats that children can wear. During the same period last year, 284 posts were uploaded, but the number increased by about 200 in just over a year. This is interpreted as a significant increase in both consumption and interest in luxury goods. The same trend was seen with other luxury brands: there were 177 posts related to 'Moncler Kids' and 61 posts for 'Fendi Kids,' all more than last year.

The background for the growing interest in luxury children's clothing is attributed to the declining birth rate. South Korea's total fertility rate is 0.7, with an increasing number of so-called 'DINK' couples who do not have children, and the perception of "having only one child and raising them well" is expanding. The number of 'VIB (Very Important Baby)' parents who actively invest in their children has increased. Since fewer children are born, more attention and consumption are directed toward them. The 'ten-pocket' consumption trend, where one child has ten wallets, is similar. Grandparents, aunts, uncles, and others are opening their wallets wide for one growing child.

Another factor expanding the kids' luxury market is the increasing number of children wearing luxury products. When peers of their children have luxury items, parents open their wallets out of guilt for their own child not having them. For example, celebrity Lee Ji-hye said on her YouTube channel in the past, "When I went to the playground, all the kids except my daughter were wearing luxury padded jackets," and added, "I had no intention of buying luxury items, but seeing that made me open a secondhand trading app." She explained that although she thought it was an irrational consumption and had decided not to buy luxury goods for her child, she ended up consuming luxury products due to the surrounding environment.

The demand for kids' luxury has grown, and luxury and premium baby product brands have become sales engines for department stores. Last year, the sales of imported and luxury children's clothing at Lotte, Shinsegae, and Hyundai Department Stores showed double-digit growth compared to the previous year. Despite the fashion industry experiencing a downturn last year due to decreased consumer sentiment caused by high inflation, the imported and luxury baby product market was different. Luxury children's clothing brands such as Fendi and Givenchy at Lotte Department Store grew by 10% compared to the previous year, and premium baby products like strollers and bathtubs from 'Bugaboo' and 'Stokke' grew by 25%. At Hyundai Department Store, sales of luxury children's clothing brands such as 'Fendi' and 'Dior' increased by 27% compared to the previous year.

An official from the department store industry said, "Although the population of young children is absolutely decreasing, department store brand sales are showing an upward trend every year," adding, "The expectations of young mothers raising children are increasing, making it more important to discover a wider variety of brands."

Department stores are expanding luxury brands mainly in stores with strong purchasing power and high sales of luxury and premium products. Shinsegae Department Store focuses on its Gangnam branch. Recently, it also opened a 'gift specialty store' for Baby Dior. After first introducing the Baby Dior store at the Gangnam branch in 2022, another store was opened. Judging that there is high demand for gifts, the store sells strollers, dolls, newborn bodysuits, baby perfumes, and more. Additionally, next month, the French luxury brand 'Atelier Choux' will open a store at Shinsegae's Busan Centum City branch following the Gangnam branch. Although prices exceed 100,000 won, it is very popular among young mothers for its swaddles. Hyundai Department Store is focusing on expanding luxury baby product brands. In February last year, it opened a 'Baby Dior' store at the Apgujeong branch, and in August, it introduced a 'Fendi Kids' store at the Pangyo branch.

Lotte Department Store is concentrating baby brands at its Jamsil branch. As a result, from January to November last year, the sales growth rate of baby products at the Jamsil branch was 20%, higher than the 5% growth rate of other stores. The company also opened the world's first Patagonia Kids store at the Jamsil branch in October last year.