11 November 2020
The Weekly
South Korea

In 2018, 44% of shoppers of luxury goods were under the age of 40. The ratio has increased to 46% a year later, and 47.9% in 2020. This year, Lotte Department Store threw a private party for 50 of these customers, half the normal number of guests the department store would invite for the event held twice every year. During the two-day event, which ran from Oct. 23 to 24, the guests were given a number of extravagant freebies: a Korean ₩750,000 ($660) a night premium hotel suite with a view of the Han River, a full-course dinner and a grand breakfast served by the hotel the next morning.

Due to Covid-19 concerns, Lotte shifted its private fashion show online, and guests could access it in their hotel rooms through an iPad provided by Lotte. Customers who’ve made a reservation prior to the event could have their selection of clothing delivered via room service to try on and purchase without having to leave their room. Lotte Department Store also rented out the top floor of Lotte Tower to hold a cocktail party, where VIPs are able to examine, try on, and purchase exclusive designer-brand jewellery. Even before the event started, Lotte Department Store said it achieved 800mn-won sales, as guests went on a shopping spree to prepare clothes and accessories that match the event's theme of black and gold. At the cocktail party, one woman in her early 30s purchased a diamond necklace priced at KRW 65mn (US$ 58.000). The average age of customers present at the event was 34. The gender ratio was even. Most of them manage their own businesses and live in Seoul and the capital area.