Tiffany & Co. named BTS star Jimin as a brand ambassador.Luxury companies are continuing to tap into K-Pop fandom as brand ambassadors, with Jimin joining BlackPink’s Rosé in representing Tiffany & Co. (And this isn’t his first luxury affiliation, either, as he was named a Dior ambassador in January, and the whole group reps Louis Vuitton.) But it’s not just for the name—consumers in South Korea are the biggest luxury spenders in the world according to Morgan Stanley, who “reported that luxury spending in the country had jumped 24% last year to $16.8 billion.” YPulse data shows young people of color are more likely to purchase luxury items than their White / non-Hispanic peers, and 52% say it is important a brand be purchased by celebrities in order to be considered a luxury item. But, of course, it’s not just POC who are drawn in by K-Pop stars: 20% of all young people (and 29% of Gen Z) say they follow K-Pop trends. (CNN)
