South Koreans are rethinking luxury and secondhand is winning
REPORT
7 Nov 2024
South Koreans are rethinking luxury and secondhand is winning

With South Korea’s economy slowing down, shoppers are starting to embrace secondhand luxury for its blend of status and sustainability. Younger generations are driving this shift, drawn to affordable, eco-friendly finds, while platforms are boosting security to ensure safer, smarter shopping experiences.

Irina Korgun

Dr. Irina Korgun is an expert in Korean economy and trade policy with more than ten years of experience. She holds a PhD in international economics and an MBA in luxury brand management. In her work, Dr. Korgun focuses on large trends in economic dynamics in Korea, the nation's economic cooperation with other economies, as well as consumer trends, particularly in the luxury industry but not limited to it.

Shinae Lee

Shinae Lee is the head of communications at Bungaejangter, commonly known as Bunjang, a leading C2C second-hand marketplace platform in South Korea. With over a decade of experience in marketing, PR, and corporate communications, she previously held key roles at Jeju Shinhwa World and Oracle as head of communications and public affairs. She also held vice president positions at DeVries Global, FleishmanHillard, and Edelman. Shinae holds a BA in mass communications and Scandinavian languages from the Hankuk University of Foreign Studies and is an MA candidate in public policy at the KDI School of Public Policy and Management.

Seah Joo

Seah Joo is the Head of Sales and Business Development at Madeleine Memory Inc., Korea’s first RaaS (Resale-as-a-Service) startup, where she oversees the launch and scaling of integrated resale solutions for brands and retailers. Prior to this, she was the Marketing Manager at Underdogs, responsible for brand strategy, PR, and B2B sales, and she also held a role at STX Pan Ocean, managing overseas sales and PR/IR functions. Joo has a background in international research, having interned at IDC China, and holds a degree in Business Administration from Ewha Womans University, where she also participated in an exchange programme with the SKEMA Business School.

Nicole Cord-Cruz

Nicole is a copywriter and marketer who keeps a finger on the pulse of all things pop culture. She has over half a decade of experience crafting advertisements for various brands and writing for multiple publications, including Mashable, The Daily Beast, Hello Magazine, The Sun, Popular Science, and Inverse.