Luxury slowdown? Chinese snap up used Fendis, Guccis
STORY: A year ago, a shopping trip for Shanghai resident Wang Jianing would likely have involved standing in queues
at the glitzy flagship stores of global luxury brands, in search of the latest season’s handbag.
But these days, the office worker is exploring this warehouse and shop space of secondhand luxury goods marketplace ZZER.
"My consumption is definitely downgraded this year, but I still like what I like - I can't control my shopping urges. So, I think this kind of platform with second-hand items is great.”
ZZER started as an online platform in 2016.
The name translates to “only two” - referring to secondhand goods.
It began opening brick and mortar stores in Shanghai and Chengdu last year.
And is now looking for more shop space in Beijing, Guangzhou and Shenzhen.
China's economic slowdown – fueled by the global health crisis – is proving to be a boon for the company's founder, Zhu Tainiqi.
And it’s not only due a surge in interest from belt-tightening shoppers.
"On the consignor side, because the economy has slowed down, they will think, 'Why not sell the luxury goods sitting idle at home?'"
The 33-year-old former venture capitalist says the number of ZZER's consignors, or people putting up their goods for sale, has soared 40% so far in 2022 over the same period last year.
The platform now has 12 million members and expects to sell 5 million luxury pieces this year.
For some, like shopper Isabel Shi, the change in consumption habits also comes after months of intense lockdown in Shanghai.
"My desire for material goods is reduced. I mean, if you could wear your pyjamas for three months at home..."
The trend points to a key change in China's $74-billion luxury goods sector, where the secondhand sub-segment has been slow to take off, versus other markets such as Japan and the U.S.
That’s in part due to a preference for newness and fears of being sold fakes.
This could prove a challenge for the China-focused strategies of the world's major luxury goods makers, who are already grappling with softening demand.
Though Iris Chan, a partner and head of client development at consultancy Digital Luxury Group, believes the luxury resale subsegment is still niche.
"Overall, the high-end market in China is still expected to grow, whether that's resale or new luxury, I just say that maybe the middle-class, younger generations are perhaps not buying new luxury as much in this moment of being more measured about their pockets.”
ZZER and other top luxury resale platforms such as Feiyu, Ponhu and Plum are all homegrown.
Each drew tens of millions of dollars in venture capital funds in 2020 and 2021, with an eye on improving authentication practices.
According to consultancy iResearch late last year, China's secondhand luxury market is tipped to grow to $30 billion in 2025, from $8 billion in 2020.
相關影片推薦
- 2:02歐洲最長「超級高鐵」測試軌道開通 34鋼管連結420公尺路線、時速可達700公里Yahoo奇摩(國際通)13,431 次觀看・10 小時前
- 1:23寶林食安風暴2死者解剖 死者家屬盼司法還公道民視影音5,219 次觀看・10 小時前
- 1:48美樂透「兆彩」連槓30次 頭獎361億元終開出 創紐澤西紀錄Yahoo奇摩(國際通)70,251 次觀看・12 小時前
- 0:45台北橋塞爆! 卡40分鐘 騎士控紅綠燈調配出包東森新聞影音67,414 次觀看・8 小時前
- 1:31穿睡衣褲上班! 中國員工「噁心穿搭」風潮|#鏡新聞鏡新聞4,740 次觀看・1 天前
- 2:53寶林茶室負責人恐轉被告 欠債起底檢警疑內情不純華視影音139,146 次觀看・1 天前
- 0:59鋒面今晚抵達! 南部雨勢大 北部.宜蘭零星降雨華視影音10,216 次觀看・10 小時前
- 1:58墨西哥逾10萬人失蹤 家屬尋親發現「祕密墳場」驚現火化爐、無名墳Yahoo奇摩(國際通)20,606 次觀看・12 小時前
- 1:48奈奈加國困窘生活曝光 被害人:不可置信|#鏡新聞鏡新聞3,203 次觀看・1 天前
- 4:14一分鐘報天氣 / 週五 (03/29) 週四夜至週五鋒面快速掠過 僅北部及東部轉有短暫陣雨Yahoo奇摩新聞(報氣象)1,618 次觀看・6 小時前