Luxury brands continue to raise prices in S. Korea amid soaring demand

South Korean consumers' increased appetite for luxury goods during the pandemic has resulted in soaring prices.

So far, Celine has raised its prices three times this year.

In its latest price hike on Monday, some 10 luxury bags went up by an average of 8 percent. Each Celine item had a price increase between 100,000 to 150,000 won.

Chanel has increased its prices seven times, while Louis Vuitton did it for the fifth time last month.

Meanwhile, Hermes and Prada have raised prices by more than three times this year.