Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown - Reuters.com
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Customers look at bags displayed at a store of second-hand luxury goods platform ZZER in Shanghai, China September 9, 2022.
REUTERS/Xihao Jiang
SHANGHAI, Sept 28 (Reuters) - China's coronavirus-driven economic slowdown is proving to be a boon for Zhu Tainiqi, the Shanghai-based founder of second-hand luxury goods marketplace ZZER, who is now scouting for shop space to expand the business.
"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," said Zhu, 33.
The trend indicates a significant change in China's $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.
It could have ramifications for the China-focused strategies of the world's big luxury goods makers, who are grappling with softening demand in the key market.
Veteran vintage seller, Ou Huimin, who opened her Ding Dang store in Guangzhou a decade ago and also sells country-wide via livestreams, said speculators in the market have sent prices for top-tier luxury goods soaring.
China's second-hand luxury market is tipped to grow to $30 billion in 2025 from $8 billion in 2020, consultancy iResearch said late last year.
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