Although Chinese consumers have traditionally been perceived as resistant to used goods, China is now both a leading market for new luxury goods and a source of vast quantities of pre-owned items, putting it in a unique position to become a major force in luxury resale.
Younger Chinese consumers (particularly those under the age of 30) are proving far more open to the concept of purchasing used goods. The rising spending power and market influence of these digitally-native shoppers have powered a sharp rise in the number of online platforms sourcing and selling secondhand luxury items. But challenges remain, from consistent and transparent product authentication to consumer concerns and fierce competition from both Chinese and international platforms.
In the latest edition of the Jing Daily Market Report series, we delve into the development of the luxury resale market in China, and turn to the opportunities and the risks in the market for brands and international e-commerce platforms. The report explores the landscape of local Chinese resale platforms, opportunities for international luxury resale platforms, market opportunities and near-term risks, and much more.
Among the key questions covered in the report:
- Why are Chinese consumers traditionally resistant to buying secondhand luxury goods?
- How do consumer attitudes differ between Chinese millennials and Gen Zers and older demographics?
- How does the development of mainland China’s secondhand luxury market differ from Japan, South Korea, and Hong Kong?
- What are the leading domestic Chinese secondhand luxury platforms?
- What are the competitive advantages that international secondhand luxury platforms have over Chinese startups?
Table of Contents:
- Executive Summary
- The Origins: Secondhand Luxury in East Asia
- Who’s Who: A Guide to the Key Players Operating in a Rapidly Evolving Market
- Spotlight Interview: Tony Wang, Office of Applied Strategy
- Sidebar: Social Commerce Comes for Luxury Resale
- Demographics: The Drivers of China’s Luxury Resale Boom
- Spotlight Interview: Natalie Lee, Vestiaire Collective
- The Opportunities for Global Resale:
- Leveraging Advantages to Win Over Chinese Consumers
- Challenges and Risks: Fighting Fakes, Consumer Resistance, and Regulation
- What’s Next: The Road Ahead for International Platforms in China
- Appendix: Marketplace Directory
File size: 36.1 MB
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