Editor’s Note
The secondhand luxury market is gaining traction as consumers seek brand prestige at accessible prices while embracing more sustainable consumption habits. This overview explores the key drivers behind its emergence.
Secondhand luxury goods refer to luxury items that are traded or transferred after their initial purchase. Due to their lower prices compared to new luxury goods, their ability to satisfy the general public’s pursuit of brands and fashion, and the increasing environmental awareness among citizens, the secondhand luxury goods market has gradually emerged in recent years.
The secondhand luxury goods market includes sub-categories such as bags, apparel, watches, and jewelry. It is characterized by standardization and high attention, which facilitates sales. In 2023, China’s luxury goods consumption exceeded one trillion yuan, with mass consumption continuing to grow. Furthermore, the value retention and low depreciation of luxury goods create space for the development of the secondhand market. China’s luxury goods consumption has shown a long-term trend of high growth.
According to data, the market size was 17.195 billion yuan in 2019, rising to 19.348 billion yuan in 2020, reaching 21.625 billion yuan in 2021, 22.880 billion yuan in 2022, and approximately 26.031 billion yuan in 2023. It is projected to reach 29.682 billion yuan by 2024.
According to data, the market size for bags and leather goods was 8.924 billion yuan in 2019, rising to 10.119 billion yuan in 2020, reaching 11.591 billion yuan in 2021, 12.561 billion yuan in 2022, and approximately 14.473 billion yuan in 2023. It is projected to reach 15.682 billion yuan by 2024.
According to data, the market size for apparel and footwear was 2.046 billion yuan in 2019, rising to 2.380 billion yuan in 2020, reaching 2.725 billion yuan in 2021, 2.929 billion yuan in 2022, and approximately 3.358 billion yuan in 2023. It is projected to reach 3.482 billion yuan by 2024.
According to data, the market size for watches was 310 million yuan in 2019, rising to 387 million yuan in 2020, reaching 541 million yuan in 2021, 664 million yuan in 2022, and approximately 859 million yuan in 2023. It is projected to reach 982 million yuan by 2024.