A millennials love affair: China's second-hand luxury goods market booms

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.

"Compared to completely new products, second-hand products are more economical for them," Xu said. Sales growth at Plum have averaged over 25per cent month-on-month in the first half. Consultancy Bain estimates that Chinese consumers will account for nearly 50per cent of the global luxury market — valued around US$374-386 billion — by 2025.

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