China’s second-hand luxury goods market has grown to much that the potential value of all the products that could be traded could exceed three trillion yuan, said the Yaok Institute. — China Daily
SHANGHAI: China’s pre-owned luxury goods market has grown remarkably in recent times as the impact of the Covid-19 pandemic subsides and the purchasing power of middle-income consumers gradually recovers, experts say.
China’s second-hand luxury goods market has grown to much that the potential value of all the products that could be traded could exceed three trillion yuan, said the Yaok Institute, a market research firm.
However, the actual 2022 sales and estimated 2023 sales were not immediately available.
Handbags, clothing, footwear, watches, jewellery and wines are some of the product categories popular among Chinese consumers of second hand luxury goods, market sources said.
The rapid growth of eCommerce has spurred the market, so trading in it needs to improve to global standards, said the China Entry-Exit Inspection and Quarantine Association.
“Given continuous consumption upgrades, we should cultivate more professional talent for the further development of the market and strengthen cooperation with colleges and research institutions,” said Wang Xin, president of the association.
Young female consumers have become the mainstay of the second hand luxury goods market in China.
High-end handbags are the most active category, with clothing and footwear also expected to see rapid growth in sales.
But the spending power of male consumers and those aged above 40 cannot be underestimated either, said a report based on new research carried out by the University of International Business and Economics (UIBE) in Beijing. — China Daily/ANN
