Luxury goods sales in South Korea are decreasing as consumers prioritize travel over purchasing expensive items. As COVID-19 travel restrictions ease around the world, many South Koreans are choosing to spend their money on trips abroad rather than luxury goods. The country’s top three department stores, Lotte, Shinsegae, and Hyundai, have reported only modest year-on-year growth in luxury goods sales in January and February, compared to the significant growth seen in the same period in 2022. Retailers attribute the slump to the current economic downturn, although consumers are expressing dissatisfaction with the continuous price increases of luxury brands. Middle-class consumers, in particular, are opting to spend their money on travel instead.