CBN Friday Special丨How secondhand luxury market catches fancy of Chinese customers

people become the main force of second luxury consumption. As is the case in the overall luxury market, younger millennial and Gen Z consumers increasingly occupy a central role in China’s secondhand luxury segment.

According to the China Luxury Consumption Behavior Report 2022 data at the University of International Business and Economics, young millennial account for the highest proportion of consumers in both online and offline consumption and are the mainstay of current luxury consumption. Younger Gen-Z accounted for 24.7% of online consumers. Data from the second-hand luxury resale platform Plum showed that more than 70 percent of its users were born after 1990.

Younger Gen-Z have a strong willingness to buy luxury goods, but also have enough consumption power, with the potential to surpass millennials in online consumption. Gen-Z cares more about "unique products" than "new products." For them, buying second-hand luxury goods is a way to show their personality.

Globally, Gen Z’s rising environmental consciousness leads it to ask more of brands than older consumers have. According to a December 2019 survey by First Insight, the majority of Gen Z consumers prefer to buy sustainable brands, and are willing to spend 10% more on sustainable products.

S: The secondhand market in China is heavily geared towards younger buyers for two main reasons. The primary factor is price: as young consumers in China are on the whole less affluent than older generations, their secondhand purchases are as much about economics as they are about lifestyle.

Second, younger consumers are less likely to view used items with a sense of stigma that is more prevalent among their elders. The enthusiasm for secondhand luxury in Japan and South Korea — two major fashion markets whose trends are closely followed by young Chinese consumers — has played a role in its acceptance in China. In place of the blanket term “secondhand”, more retailers have adopted the phrase of “pre-owned” or “vintage” to shake off the sigma of being shabby or low-end.

In addition to being less resistant to the idea of purchasing used luxury goods, young consumers in China have shown themselves highly impatient, preferring to “jump the line” and get the luxury items they want now – even if they’re secondhand – rather than getting on a brand waitlist or, in the case of brands like Hermès, have a chance of purchasing a brand’s top handbags in a boutique at all.

Chinese consumers have hoarded a huge amount of luxury goods in recent years, a large number of which are gifts, which means the products are brand new and not inferior to those purchased in stores. Consumers used to require luck, long lists of previous purchases, or long waits in queues to purchase limited-edition or “it” items, but they now face fewer restrictions when purchasing secondhand items.

J: In 2021, Chinese consumers spent an estimated $73.6 billion on luxury goods domestically, a massive increase over the $53.6 billion spent at domestic stores in 2020 and nearly double the $36.9 billion spent in the pre-pandemic year of 2019.

The huge secondhand luxury inventory has laid a material foundation for the niche industry. According to consultancy firm iResearch, China's luxury market stock has reached 4 trillion yuan in the past 10 years. China's high-end used goods retail market expanded from 16.24 billion yuan in 2016 to 51 billion yuan in 2020, benefited from live streaming e-commerce. It’s on track to hit 208 billion yuan by 2025.

Recent price hikes by brands like Louis Vuitton, Celine, and Chanel and a still-yawning price gap between mainland China and other key luxury markets could also dissuade some otherwise keen consumers to reconsider their intended purchases. For example, LV saw its sixth price rise by about 10% this February. The reason for the price hike of luxury brands lies in the establishment the scarcity of brands.

Compared with the frequent price increases and limits of number in firsthand luxury goods, buying second-hand luxury goods seems more cost-effective. On Plum's platform, a LV Speedy 25 Monogram rated at 85% new was offering at $676, compared with $1,560 on the brand's homepage. According to a report on the development of idle luxury goods in the first half of 2022 released by domestic luxury service platform Youshe Yi Pai, the trading volume of idle luxury goods rose 14.3% in the first half of the year compared with the same period last year.

S: China's secondhand luxury market has been growing rapidly in recent years with more and more retailers jumping on the wagon, but with the retail market recently impacted by COVID-19 lockdowns after nearly two years of relative normalcy, the outlook for luxury brands for the remainder of 2022 is murky to say the least.

Although we indeed see increase in the number of young Chinese consumers turning to secondhand luxury platforms in 2022 and hoping to score a deal or sidestep brand price increases, there remains several market challenges. For one thing, the market lacks a clear leader, even as tech giants invest more in in-house platforms such as Alibaba’s Idle Fish, meaning a Wild West atmosphere still pervades, and the problem with authentication and credentials needs a better solution than blind trust.

J: Yes, and for another thing, unlike global platforms which are able to procure luxury goods from sellers around the world, Chinese platforms operating under a model generally source from sellers based in the country, while those using a “vintage store” model purchase the items for storage in their own warehouse facilities.

The recent debacle of Secoo shows the challenges faced by secondhand luxury e-commerce in China. Secoo Holding Ltd, a luxury e-commerce company, became the first New York-listed Chinese luxury e-commerce platform in 2017. However, the brand has hit a rock bottom recently with several shops in Beijing and Shanghai forced to close doors, as its struggles with loss of customers, consumer complaints, and failure in paying its suppliers and employees.

S: While price, trustworthy authentication, and inventory are of course key for secondhand luxury platforms, the deciding factor for consumers this year could be who provides the best service. Deep down, luxury consumers pay more attention to experience and service, and spiritual enjoyment over material desires, which makes luxury consumption naturally rely on the offline experience. But this desire is difficult to satisfy via e-commerce.

J: But things are looking up. Check out the China Luxury Exhibition Center which just opened in Shanghai on August 11 at the Double-Five Shopping Festival in Baoshan District. The luxury exhibition centre covers an area of more than 3000 square meters and can accommodate 85 secondhand luxury enterprises. As a merchant selection and trading centre, talent incubation centre, and two-luxury pricing centre, the luxury exhibition centre will digitally evaluate the goods using big data, cloud computing, and other methods, giving merchants a reference for pricing. At the scene, official accrediting agencies will inspect the goods and solve counterfeit problems.

S: That’s great news! In the midst of economic uncertainty, that’s a bargain worthy of a flea market. That’s it for today, and I’m off to check out the vintage handbags and accessories on Idle Fish that I’ve been eyeing for a while. See you next time!

中所华人民共和国二手首饰的产品，石头马上先用的“大糖果”。

8翌年11日，上海首个二手首饰展览馆中所心——中所奢博奢展中所心在浦东新区“五五购物节” 宣布盛大百货店。奢展中所心分之一地面积3000多平方米，可以容纳85家搬离首饰企业入驻。作为百货公司选货铁矿石、高达人孵化中所心和二奢售价中所心，奢展中所心不会通过大样本、云计算等作法对货顺利完成数字化的评估，给予百货公司售价的概要，希望倡议这个金融业供应链的良性并转型。现场还引进了中所检中所溯等官方所机构来对货顺利完成检验，解决货真假缺陷。

在国内二奢金融业的步伐阶段，奢牌团购方兴未艾，线上二奢的产品有着巨大的并转型潜能。自从2020年播送带货火起来之后，二手首饰平台等大大小小的首饰百货公司、网紫色和带货高达人，纷纷涌进播送间。粗视频亿万富翁抖音就加长了对二手首饰的通力合作力度，平台的通力合作在很大高度上也助推了二手首饰的流行。再加上各大网紫色在社交和粗视频平台上不停地种草，都在潜移默化地影响着大众。

但“奢品团购第一股”寺库的暴雷，也昭示着奢牌团购陷于的一些普通人单打独斗。近几年，寺库方以门店人去楼空，频繁陷入员工、普通用户投诉、拖欠工资、拖欠厂商货款等纠纷。业内人士研究称，对于首饰团购来说，首先要在保证品质上多下功夫；其次，首饰是一般来说小众的课题，平台如果不能获得高额利润，也就没有做到引流临时工，之后的路不会越走越窄。

不过，近年来国内二奢兴起之势仍不容使然，特别是随着成年人对二手首饰的态度从过去的倾向慢慢并转到给与，二手首饰慢慢被越来越多的中所华人民共和国大众，特别是眼中时尚的大众所给与，成年人成为了二奢消费品预备队。

据对外经济体制贸易大学中所华人民共和国首饰消费品行为分析报告2022样本，无论是应用软件上还是方以消费品中所，千禧世代在大众中所分之一比最低，是这两项首饰消费品的中所流砥柱。而越来越眼中的Z后代应用软件上大众中所分之一比大幅提高了24.7%，他们对首饰不仅有较强的购买希望，也有足够的消费品能力，应用软件上消费品中所具有反超千禧世代的发展前景。比起“新品”，Z后代越来越看重能体现出个人风格的“孤品”，对他们来说，购买二手首饰是一种展览馆自我“个性化”的作法。

二是自流感暴发以来，奢牌多次下跌也在蓬勃并转型二级的产品。以LOUIS VITTON为例，月份2翌年16日，LOUIS VITTON迈入2020年以来第六次下跌，下跌幅度在10%左右。相关人士暗示，奢牌下跌的从根本上，还是在树立品牌的稀缺性。相比利器首饰的频频下跌和特别版，二手首饰的高性价比优势也被促使放大。国内首饰互联优奢易拍日前发布的2022年上半年搬离首饰并转型分析报告说明了，上半年搬离首饰期货同比下跌14.3%，比对单量同比下跌21.67%。奢牌多轮下跌，促使大众把越来越多慢慢地并继续发展二手首饰融资。

在首饰的产品的蓬勃并转型和大众并转变观念除此以外，中所华人民共和国庞大的搬离首饰需求量也为国内二奢的产品奠下了物质基础。由于二手商品分属需求量的产品的融资，其团购平台的货源就主要来自于尤其的消费品前端普通用户和超市。伊恩咨询样本说明了，2016年，中所华人民共和国搬离新世代首饰零售金融业的产品需求量为162.4亿元，2020年中所华人民共和国搬离新世代首饰零售金融业受益于播送团购形式赐福，的产品需求量大幅提高510.1亿元。中所华人民共和国近10年的首饰的产品需求量已高达4万亿元，这就构成了二奢融资的产品的庞大复合。伊恩预计，到2025年，由于以往需求量新世代首饰的深度纸钞和每年渐增的新世代首饰境内消费品所产生的增量，中所华人民共和国搬离新世代首饰零售金融业的产品需求量将大幅提高2080亿元。

中所华人民共和国二手首饰金融业的并转型脉络与首饰的产品表现、消费品价值观由来已久，目前中所华人民共和国二手首饰金融业分属步伐阶段，随着大众消费品价值观并转变、利器首饰消费品增长趋于稳定，预计未来3-5年或将迈入时有，二手首饰的产品自始陷于良好的并转型机遇。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZENG Libin

Sound Editor: ZENG Libin

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

主编: 于晓娜

策划、编辑：李艳霞

播音：李莹亮

撰稿：李莹亮、曾丽镔

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