A customer shops at a secondhand luxury store in
Shanghai on Dec 9, 2021. [Photo provided to China Daily]
With prices of luxury products rising and the popularity of livestreaming
e-commerce blossoming in the country, secondhand luxury products are seeing
strong growth in China.
China has emerged as a major market for new and secondhand luxury products
with significant growth potential, but a sound industry standard has not been
To this end, a professional committee for luxury products was established
last Friday to better meet market demand by the China Entry-Exit Inspection and
Quarantine Association-a voluntary nonprofit nationwide social organization
composed of market players related to the entry-exit inspection and quarantine
sectors of the country.
The committee aims to formulate industry standards and institutionalized
communication mechanisms. By gathering experts, appraisal agencies and retailers
together, the committee hopes to unify appraisal standards and assess the range
of valuation of certain products.
China has become the largest luxury consumption market globally. In 2021,
sales of personal luxury products in China reached 471 billion yuan ($74
billion), up 36 percent year-on-year, a report by consultancy Bain& Co
Unlike some Western markets, young Chinese consumers have become the main
demographic for luxury spending in China, and the trend has been prominent in
the secondhand luxury market as well, said a report by market research firm
For secondhand luxury goods, its business scale accounts for 5 percent of the
total luxury market in China, which is 20 percent to 30 percent lower than
figures seen in some developed markets, according to a report by the University
of International Business and Economics and Youshe Yipai, a platform for
secondhand luxury deals.
Despite the fact that spending on luxury goods has grown rapidly in China,
the nation has insufficient talent and experience in the luxury market.
"The professional committee should do more industry analysis, provide
guidance to the sector and strengthen the fostering of more talents," said Wang
Qinhua, a former senior official with the Ministry of Commerce.
blossoming 开花 ; 变得更加健康 ; blossom的现在分词
in the country 在乡下
growth potential 增长潜力;生长势
industry standard 行业标准
market demand 市场需求
composed of 由…组成