Data released by Hana Financial Group's research institute showed that consumers in their 20s and 30s accounted for about 55 percent of the total online sales of luxury goods in 2020. Customers in their 20s' online luxury goods consumption increased by 80 percent in 2020 from a year ago.
According to SSG.com, Shinsegae's online shopping mall operator, millennials and Gen Z accounted for nearly 50 percent of its luxury "SSG Guarantee" product sales. SSG Guarantee launched in August 2021 is a luxury goods digital authentication service. A non-fungible token (NFT) containing purchase information such as warranty information and the product's serial number is issued via a smartphone app when purchasing an SSG Guarantee product. An NFT is a unique digital asset that is not interchangeable.
On January 23, SSG.com said in a statement that the premium delivery service will be provided in the first quarter of 2022. The company will also showcase a secondhand market service for used luxury goods. SSG.com will connect customers who bought luxury goods from its online mall.
The domestic secondhand market grew from four trillion won in 2008 to 20 trillion won in 2020, with more than 10 million people using secondhand market apps. The secondhand market platforms gained popularity when the first wave of the COVID-19 pandemic swept across South Korea in 2020 because of logistic services' delivery delays.
The online shopping mall will strengthen its "SSG Guarantee" system by increasing the number of authenticated luxury products from the current 10,000 to 30,000 in 2022. The NFT-based luxury goods authentication system will cover luxury brands such as Prada and Valentino. A special section that sells only "SSG Guarantee" products will be operated in the future.
SSG.com's luxury goods business division official Koo Hyo-jung said the company plans to set up a one-stop luxury goods shopping platform.
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