Despite the economic downturn and the COVID-19 pandemic, the luxury market has continued to expand. Particularly, China and South Korea were found to be countries with high consumption of luxury goods. This study aims to examine the relationship between perceived value and purchase intention in these two countries with high consumption of luxury goods. We assume that China and South Korea are culturally similar countries, considering the long history of cultural exchanges, and we want to know if this extends to consumer purchasing propensity and other values observed. In this paper, perceived values are classified into three types: social value, personal value, and functional value. Then we will examine the effects of these factors on luxury purchasing intention. The survey was taken by both Chinese and Korean consumers. The hypothesis was proven based on the responses from the questionnaires received from 252 Chinese and 163 Korean persons. According to the verification results, conspicuous, hedonism, price-quality, and uniqueness values of Chinese consumers, and conspicuous, hedonism, and materialism values of Korean consumers had a positive effect on luxury purchase intention. This study is significant in revealing that consumer values are different even in countries that are geographically adjacent and have similar cultures. Based on this study, it is expected to have practical implications that luxury brands should focus on different values and conduct different marketing techniques, even if in the same culture.