Lifestyle products, also known as design products, feature beautiful exterior as well as optimized user experiences. They are more expensive than ordinary products with the same features but pretty products are favored by young consumers who like to express their identities through items they use or carry. A popular lifestyle product brand in South Korea is Ikea, a Swedish-founded company that sells furniture, kitchenware and fashion accessories.
According to Euromonitor, a global market research firm, South Korea's luxury goods market pulled by MZers stood at 14.9 trillion won in 2020, and the mobile market for luxury goods at 1.5 trillion won. Some South Korean retailers including Shinsegae attribute the increase to "revenge spending." Some young consumers went on a shopping spree to ease the frustration of not being able to travel overseas because of a coronavirus pandemic.
CJ Onstyle said it would invest three billion won into Brunt, the operator of South Korea's online premium lifestyle brand shopping mall "Collection. B," to become its second-largest shareholder with about a 12 percent stake. "Considering the growth potential of South Korea's online premium lifestyle product market and the synergy that can be created between our existing businesses, we have decided to make the investment," CJ Onstyle said in a statement on February 8.
CJ Onstyle underwent a series of investments to beef up retail capabilities in 2021. The company injected four billion won into fashion and health functional food product lineups and the size of the investment is predicted to double in 2022.
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