Old is gold: the second-hand luxury market in China is thriving
In the dynamism of China’s consumer landscape, a significant shift has been observed in recent years: the strong emergence of the luxury second-hand market. As the personal luxury goods market surged to an all-time high of EUR 362 billion, the Chinese segment itself has a substantial share, reaching an impressive EUR 53 billion in 2023. […]
Inside Chinese car market: the rise of homegrown players and the impact of Covid-19
Chinese car market is one of the biggest and most developed markets in the world. In 2021, more than 26.7 million vehicles were sold in the country. China contributed to more than 32% of the world car production in 2021. Having a gross output of more than 10 trillion RMB (1.4 trillion USD) in 2021, […]
Unpacking the challenges of the secondhand clothing market in China
In China, an estimated 26 million tons of clothes are thrown away every year, whereas less than 1% of that amount is reused or recycled. Due to association with poverty and the concept of mianzi (面子), many Chinese people are unwilling to buy and wear secondhand clothing, leading to mass production and waste accumulation in […]
Dewu app (Poizon): The anti-counterfeiting resale app where you can buy a Ferrari
Dewu, also known as Poizon, is an online shopping app launched by Shanghai Shizhuang Information Technology Co., Ltd. Based on the traditional e-commerce model, the Chinese e-commerce platform has services for authenticating and inspecting products to combat counterfeits. It also has strict authenticity-checking measures for product listings, trading mechanism and unified delivery. Dewu’s unique selling […]
Second-hand e-commerce in China reaches demand from a new generation of consumers
Under the Chinese context, the word “Second-hand” (二手货) does not have a positive perception, as the previous generation of consumers do not take pride in consuming used product. It is a stereotype from the last consumer era in China when people were looking for “brand-new”, “luxury” and “possessions”. However, as the economy has matured, growth […]
The Extended Warranty market in China
Servicing the largest vehicle market in the world For over a decade, China has been the largest vehicle market in the world. Although 2018 marks the first year of declining vehicle sales (not including second-hand vehicles), China is still the largest vehicle market in the world. The high sales in the vehicle market also boost the […]
Market research: Second hand luxury market in China
Market research: Second hand luxury market in China The Second hand luxury market in China is still in its early stages, but is showing signs of huge growth potential. In 2013, the market was valued at about RMB 3 billion, benefiting from a 30% annual growth rate. That year, there were 823 second-hand luxury shops in the […]