China: The boom of sales of secondhand luxury products

The costs of luxury products and services up 7.73 percent year-on-year as of June, according to the Consumer Prices Index, published recently.

After these increases in luxury goods and custom tariffs, the second-hand luxury goods shops are gaining popularity in China.

Price differences between firsthand and secondhand items can range from 10% to 80%, depending on products and their conditions.

According to a World Luxury Association (WLA) report the consumers of luxury products in China have now increased to about 200 million people, accounting for 16% of the country’s population, and the market potential is huge because the number is still rising.

On these data some analysts estimate that this could even open the doors of the Chinese market for export of used goods, which could range from high-end cars to watches, and even clothing.

PoliticaPress