The Consumer Behavior of Generation MZ in Purchasing Luxury Goods in South Korea.

This study delves into luxury consumption among South Korea's MZ generation (aged 20-35) through qualitative research, including semi-structured interviews. It aims to uncover the determinants influencing luxury goods selection. The research highlights the evolution of luxury consumption amid South Korea's economic growth since the mid-1980s. Luxury consumption has shifted from taboo to a significant consumer activity. The study examines the generational shift towards luxury, driven by individuality and social status expression. It explores factors like social status, personal identity, and societal values influencing purchasing decisions. Luxury goods symbolize social distinction and self-expression, reflecting materialism and conspicuous consumption trends. Understanding the MZ generation's preferences is crucial for luxury brands to tailor marketing strategies effectively.