Luxury jewelry sales rose by 146.3% in one local department store. Prestigious watch and accessories brands are also doing very well.
When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works .
The Korean news source provides some interesting stats showing the rapid increase in conspicuous consumption since the fab workers at Samsung and SK hynix earned their envy-inducing bonuses . At a department store/mall called Shinsegae South City, located in Yongin, Gyeonggi Province, luxury jewelry sales in May were up 146.3%, it says. Moreover, luxury watch sales rose 85.3%.
It was a similar story at The Hyundai Department Store, Pangyo Branch (also in Gyeonggi Province). Here, luxury goods sales were up 46.1% in May. That compares with an increase observed across all Hyundai Department Store stores nationwide of about 32%. High-end watches and jewelry (66%) and high-end clothing brands (36.9%) were major contributors to the sales boom.
With locals snapping up luxury goods like kids picking up candy, the semiconductor boom in South Korea looks like it will be highly beneficial to mostly European brands like Chanel, Hermès, Prada, Gucci, Rolex, Cartier, etc.
Samsung reportedly set to distribute up to $26.6 billion to staff in AI-driven semiconductor bonuses after last-minute union deal
Samsung chip workers reject $340,000 one-time bonus, demand annual payouts like SK hynix's $900,000
Every SK hynix employee could receive $477,000 bonuses this year, almost $900,000 next year
Recent reports suggest the good times are rolling at SK hynix, where workers are tipped to receive bonuses of up to $900,000 next year, on top of $447,000 this year. It's good to see the huge influx of RAM and NAND cash not just going to Samjeon Nix (Samsung Electronics, SK hynix) corporate accounts, or one or two billionaires, but that the good times are being shared with those at the coal face .
Follow Tom's Hardware on Google News , or add us as a preferred source , to get our latest news, analysis, & reviews in your feeds.
Get Tom's Hardware's best news and in-depth reviews, straight to your inbox.
Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/manufacturing/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/manufacturing/korean-tech-workers-splash-cash-on-luxury-brands-after-bumper-bonus-payouts-luxury-goods-sales-rocket-nearly-150-percent-in-gyeonggi-province-semiconductor-belt#main
- https://www.tomshardware.com/subscription
- Corsair launches lightweight budget-friendly HS35 v3 gaming headsets — wired version weighs a cool 230 grams
- NVIDIA Research Unlocks Advanced Grasping, Smarter Autonomous Driving and Agent Training at Scale
- Corsair shows off gaming mouse with dedicated Stream Deck launch button — wireless mouse also gets almost 50 hours of 8K battery life
- Why Financial Institutions Are Converging on Transaction Foundation Models to Build Their Own Intelligence
- Save $1,280 on this 4K-ready Alienware Aurora desktop PC with RTX 5080 — high-performance gaming at your fingertips for $2,919
Informational only. No financial advice. Do your own research.