2023-01-26 07:00 GMT+9, Bloomberg
The World’s Biggest Luxury Spenders Are Label-Loving Koreans

... “Everyone seemed so optimistic about their future during the pandemic,” said Lee Wonjae, a sociology professor at Kaist Graduate School of Culture Technology in Daejeon. “Consumer confidence was so strong because stocks, cryptocurrency and housing prices were rising. Even though some people missed the opportunities, their friends were making money, so they believed everything was going to be like this forever.” ...

... “This kind of a boom won’t last forever, and we might be seeing something similar with what happened in the 1990s in Japan,” after the so-called Bubble Economy burst, said Lee, the professor at Kaist Graduate School of Culture Technology. ...

From https://www.bloomberg.com/news/articles/2023-01-25/south-koreans-are-world-s-biggest-luxury-spenders-with-property-out-of-reach