Luxury sales on rise despite gloomy economy
Why expensive items sell briskly amid lingering economic downturn By Kwon Mee-yoo Luxury goods prosper in Korea despite the sluggish economic condition and beating basic economic laws of supply and demand. A female shopper, only identified by her surname Kim, who wanted to buy a Lavender-colored patent leather Chanel Classic Jumbo bag, had to make a few calls and visits before getting her hand on the desired bag. "I first visited a luxury brand-specialized branch of a department store. They said they have a long list of customers waiting for the bag and I have to wait about a month," she said. So Kim called other branches of Chanel to find out where she can buy it. New products come in often, but they are soon sold to customers whose name is on the waiting list. "Some said it was not stocked and another one said they have only one, but it was reserved. I entered my name into several waiting lists and finally got a call about a week later," Kim said. Kim said having a luxury bag makes her shoulders raised in pride. "I feel people seeing me in a different way w