South Koreans consumed the most luxury goods in the world last year, according to a report.

Morgan Stanley estimated that total spending on luxury goods by Koreans on-year grew around 24 percent to $16.8 billion, or $325 per capita, which is much more than the $55 and $280 on luxury goods spent per capita by Chinese and Americans, respectively.

Moncler said sales in Korea more than doubled in the second quarter of last year compared to before the COVID-19 pandemic.

Cartier owner Richemont Group also said Korea was among the regions where sales increased by double digits last year from 2021 and 2020.