China has been one of the top consumers of luxury goods with several marquees counting on revenues flowing in from the country. However, the luxe-loving sentiments of the Chinese had not percolated down to the second-hand market – until recently. As per the latest trends, the demand for secondhand luxury goods seems to have shot up – especially post the pandemic. This has proven to be a boom for Zhu Tainiqi, the Shanghai-based founder of the second-hand luxury goods marketplace ZZER.
As per Tainiqi, more and more people are looking to sell their Hermes Birkin bags or Rolex watches to raise cash. Commenting on it, he said, “More and more people are now aware they can sell luxury goods for some money and the buyer side is noticing that they can get a great deal. They think, ‘Why not give it a shot?'”
Remarking similarly, Iris Chan, a partner and head of client development at consultancy Digital Luxury Group to Reuters, “I think because of China’s interest … that can really move the needle for some brands to think about how they’re going to handle this (resale) market, and what role they are going to play in the whole process.”
Statistically, the number of people in China who are putting up their goods for sale has soared 40% so far in 2022 over the same period of last year. While handbags are the highest-selling category, watches and jewelry are also picking up in terms of demand. Further, as per research, China’s second-hand luxury market is expected to grow to $30 billion in 2025 from $8 billion in 2020. Looks like luxe just got affordable!
