2nd hand fever affects Chinese youth



As 2nd hand items hunting becomes a trend among Chinese youth, jobs related to this profession also gradually become more attractive.

 According to statistics, the consumer goods market in China in 2020 will grow 48% compared to the previous year, estimated at 346 billion yuan.  The increasing demand for branded goods has also led to the remarkable growth of the 2nd hand luxury market.

In some shopping malls in Shanghai, China, many buyers can be seen lining up in front of branded shops waiting for their turns to shop.  Due to the impact of the Covid-19 epidemic, buyers do not have the opportunity to go abroad to buy branded goods, while the need to use them never shows signs of rest.  Therefore, starting last year, in many luxury stores in China, there has been a situation of consumers in long queues waiting to shop.

2nd hand fever affects Chinese youth2nd hand items hunting becomes a trend among Chinese youth / ph: pexels

The strong growth of the branded goods market also leads to the development of the 2nd hand brand goods industry.

 At a second-hand store in Shanghai, even in the afternoon of a weekday, customers were still in and out.  The store owner revealed that, in the past 2 years, more and more people have chosen to use 2nd hand brands, so the store's revenue is also on the rise.  Even many connoisseurs also go to these shops to hunt for items that have been discontinued production many years ago. 

The manager of a 2nd hand brand shop, said that around 2018, the store had only about 10 employees, but by this year, the number of their employees has increased to 100.  Along with the growth in size, the store's revenue also increased 10 times compared to before.

 According to the staff at another store, along with the value of some branded products increased many times in 2020, the price of 2nd hand designer products is rising up. With some items that are extremely hot and difficult to buy, the price of the second hand is even higher than the new product on display in the store's glass case.

 An owner of a 2nd hand brand store in Shanghai shared that the sales of their store in 2020 will increase by about 100% compared to 2019, the value of brands will also increase by 50%.

Industry experts evaluate the 2nd hand brand products market in recent years are entering a period of great development.  In 2019, the US website for buying, selling, and depositing 2nd hand brands The Real Real is registered on NASDAQ * and becomes the world's first 2hand brand website on the stock exchange.

 * NASDAQ (National Association of Securities Dealers Automated Quotation System) is a US stock exchange.  It is currently the second largest electronic exchange in the US, just after the NYSE.  With around 3,200 daily transactions on the exchange, NASDAQ is currently the largest exchange in the world.

 Compared to the European - American market, the 2nd hand brand in China still has a very large development space.  However, the mixed sale of real and fake products in some stores and difficulty in traceability has become the main reasons limiting the growth of this industry.

 The birth of "old but new" occupations

2nd hand brands also have many different types, even fake items are so sophisticated that it is difficult for many connoisseurs to distinguish, so it is difficult to correctly price for this type of product.  And also for that reason, the 2nd hand brand has created a number of special jobs, such as inspection, hunting, valuation ...

An inspector for 2nd hand brand in Shanghai who has over 6 years of experience in the profession shared that if you want to become a valid brand-name verifier, you first need to attend training classes, then take the exam for a certificate before being allowed to practice.

According to this inspector, each different product has its own characteristics, so inspectors are forced to equip themselves with a lot of knowledge about brands and understand the story behind them in order to be able to  give the most accurate results.  In addition, he also said that because he wants to ensure careful and objective control, normally each product will a have final result based on the evaluation results of two different testers.

 From 2019 up to now, he can clearly feel that the number of brands tested has increased many times over before.

He disclosed the inspection price list as follows: For each branded item worth less than 5 thousand yuan, a fee of 100 yuan will be charged, the item costs 5-10 thousand yuan for a fee of 150 yuan, for 10-20 thousand yuan for fees 200 yuan. 

For items valued at over 80 thousand yuan, each specific case will be negotiated before conducting the inspection.

Along with the increasing demand for branded goods, the 2nd hand brand name market also appears more hunting.  A Shanghai girl, although at a young age, she has been hunting 2nd hand brand goods for nearly 10 years.

This Shanghai girl shared that her job was mainly to listen and search every corner to find and buy profitable branded products.  She said that at the present time, the 9X and 10X generations are the main objects of the brand name market.  The continued development of the 2nd hand brand name market demonstrates a more economic and cyclical pattern of consumption among young people.

 According to statistics, the current reserve of luxury products to serve the 2nd hand brands in China has reached nearly trillion yuan.  This potential market has spurred the creation and development of "old but new" occupations such as verifiers, valuations, refurbishers - product maintainers, marketers.  ... However, many industry insiders said that although the market is extremely large and full of potential, in the short term, there is a shortage of related professional training institutions in China, therefore, this industry still needs to be re-planned to be able to set specific standards.

2nd hand fever affects Chinese youth

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