BEIJING - China’s love for luxury is spilling over into the once shunned second-hand goods sector, with online stores surfing a wave of pent-up demand from shoppers, led by millennials, who have been forced into belt-tightening by the coronavirus pandemic.The rapid proliferation over recent years of second-hand luxury sales online platforms have helped fuel an expansion of the market, similar to those of U.S. online luxury reseller The RealReal Inc or Europe’s Vestiaire Collective.
Chinese consumers have traditionally shunned second-hand goods, though that has undergone a shift over the past decade or so led by younger, more environmentally conscious consumers looking for affordable high-end goods. The actual size of the Chinese second-hand luxury goods market is small, luring platforms such as Plum, Ponhu and Feiyu which are betting on strong growth over coming years.
Consultancy Bain estimates that Chinese consumers will account for nearly 50% of the global luxury market — valued around $374-386 billion — by 2025.
Where's the X-Boxes and Pizza Pockets.They're also a MILLENIALS LOVE AFFAIR..:)