South Korea has the fourth-largest GDP in Asia and the 12th largest in the world. South Korea is known for its rapid growth from one of the poorest countries in the world to a high-income country in a short period of time [1
]. Due to the economic growth of South Korea, it is expected that people’s perception of luxury products will change. After almost completely opening its markets to the globe in compliance with the International Monetary Fund guidelines in 1997, Korean consumers have been rapidly becoming global consumers developing tastes similar to those in the developed Western countries. The rapid recovery of the economy from the 1997 foreign exchange crisis has boosted demands for foreign products, especially in the luxury market, which led to a drastic increase in purchasing powers. As such, they are enjoying a greater variety of products at cheaper prices since Korea’s import liberalization ratio reached 99 percent in 1997 [2
], which made Koreans familiar with foreign brand names and products, especially in the area of fashion, while young consumers who are far more fashion-conscious than the older and more frugal generations are rapidly picking up the globalized consumption [3
]. Buying luxury products was considered to be the sole property of the upper class, in all the age groups. According to the Korean central bank, there is a rising purchase of foreign luxury products, and it is being pointed out that, in the first month of 2002, 19.5% of household spending on goods went to imported products [4
]. If we simply look into the luxury bag market, the size of South Korea’s luxury bag market was estimated at about 3.23 trillion won last year, according to market researcher Euromonitor. It is the fourth-largest in the world after the United States, China, and Japan. The market for luxury goods in Korea amounted to $
12.23 billion (13.2932 trillion KRW) last year. It is the world’s eighth-largest after the United States, Japan, China, France, Italy, Britain, and Germany, and is the third-largest in Asia (Asia Economic, 2019). The trend of preferring and purchasing luxury goods is spreading like a syndrome in the wake of the wave of globalization and openness. The consumer class of luxury goods—formerly the main customers were high-income people in their 30s and 40s—is now commonly those in their 20 s, college students, and high school students [5
]. People in their 20s in particular are emerging as a leading age group that expands consumption as a generation that grew up amid material affluence. In addition, from a socio-psychological point of view, they have a strong desire to own luxury goods through social contrast pursuit, control, and self-efficiency, and are leading the trend of luxury consumption and emerging as the main customers of luxury stores despite lower income levels than older people [6
]. College students now maintain a fairly high level of consumption compared to college students in the past. They are buying luxury goods not only through existing department stores and duty-free shops but also through various routes such as online shopping malls and overseas direct pitches. As the purchase and interest of luxury goods by college students grows, there is a need for research to be conducted on a group of college students who are increasingly becoming the main consumers. Therefore, the purpose of this study was to identify the factors affecting university students’ attitudes toward the purchase of luxury products and to investigate the impact of consumers’ attitudes and buying intention on luxury products.