China's secondhand luxury shopping sector is booming, and sales continue to rise. Experts say the rising sales are a clear sign that Chinese people's attitudes towards conspicuous consumption are changing.
China's Secondhand Luxury Shopping Industry Sees Surge in Sales!
In China, residents still want to buy luxury brands like clothes, bags, shoes, and other items. However, more and more of them are settling for secondhand goods.
One of them is a customer in the southern city of Guangzhou, who said he prefers to buy secondhand brands because new items are expensive.
The rising popularity of China's secondhand luxury sector shows the growing emphasis on value in people's daily shopping habits. Gen Z shoppers usually buy used luxury items.
"China's middle class, which drives volume in the country's consumption, is now afraid of spending," said Itochu Research Institute's senior researcher Zhao Weilin via Nikkei Asia.
Why Chinese People Buy Secondhand Items
According to China Daily's latest report, one reason more and more Chinese people purchase used items is that they see this shopping habit as "green consumption." This is the case for older residents who are familiar with it.
Meanwhile, Gen Zs and other younger people are doing secondhand shopping because they're facing uncertain job markets. These are just some reasons China's secondhand luxury shopping sector thrives.
Experts from the Institute of Energy, Environment, and Economy at Tsinghua University (Beijing) predicted that this market in China could reach over $400 billion by 2025, which is twice its value in 2020.
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