Different cultures perceive different products according to their own unique value matrix. In this case I would think that it's not the actual taste of the product which is considered to be of luxury value, but rather it's worldwide pop cache and what it represents in the sub-conscious of a culture which has emerged - in great contrast to it's methodically northern cousin - as one of the great generators of the modern Asian pop culture aesthetic.
In Seoul, Spam finds its niche as luxury gift
By Barbara Demick
'Spam really is a luxury item," said Han Geun Rae, 43, an impeccably dressed fashion buyer who was loading gift boxes of Spam into a cart at Shinseyge department store before the recent Chusok holiday.Chusok is the Korean equivalent of Thanksgiving, the biggest gift-giving occasion of the year. On this one holiday alone, Korean distributor CJ Corp. estimates, 8 million cans change hands... (read more)
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If you're interested in learning more than you'd ever really want to know about the 'Hermit Kingdom' of North Korea and the almost unimaginable sufferings it's populace has endured under the father/son dynamic duo of dictatorship, I recommend the following book. Some time soon, this regime will collapse, hopefully it will. Once this happens comes the long hard job of reintegrating the North Korean population back into the modern world, where they belong.
A reader review from amazon...
"I've read two recent books on North Korea, "Under the Loving Care of
the Fatherly Leader" and this "Rogue Regime" book. The first one was
good, and I can recommend it.
However, "Rogue Regime" was phenomenal. Becker illuminates the
Kafkaesque nightmare that is North Korea in lucid prose. And it is a
mesmerizing review. What makes it so fascinating is obviously the
subject matter. Humanity is simply witnessing one of the most
appallingly diabolical and corrupt regimes in history. Becker's
accomplishment here was to capture the crushing insanity of it all. I
have read this book twice now and some chapters four times. If you
enjoy books covering historical and political events, this book should
be at the top of your list."