Post-95s’ Obsession With Second-hand and Vintage Luxury
Who bought a quarter of luxury products in 2019? Chinese consumers. Well, people’s obsession for luxury products is expanding to second hand luxury. In recent years, people are changing their attitude towards this industry.
In the past, they would think people who bought second hand luxury were poor and people who sold those products to stores/platforms had experienced an unfortunate incident and they were selling their luxury items to earn money. But now, among younger generations, the stereotype has changed.
Post-95s Love Second Hand Luxury
According to a 2020 second hand luxury report (中国二手奢侈品市场发展研究报告2020), in 2019, over 50% of second hand luxury consumers in China are under age 30. A second hand app Red Plum (红布林) revealed that over 70% of its consumers are either post-90s or post-00s.
The average age of second hand luxury consumers has decreased from 35 to 25, making Gen Z the main consumer group. Why do they like second hand luxury? Gen Z value sustainable and rational consumption. Why pay full price for a new luxury bag when they can get a second hand one for a discount. Popular brands included are Chanel, Louis Vuitton, Gucci and other high-end luxury brands. Consumers sometimes can buy items that they are not able to get on the first hand market, for example, seasonal collections from those brands.
They are also interested in vintage luxury because they can find unique items that no one else around them has.
For example, I once bought a second hand Gucci tote bag from a vintage store in Hong Kong. At that time I didn’t have enough budget to buy a brand-new luxury product, so I chose whatever the cheapest one was in store (around 4,500 RMB).
It turns out that I made a very good deal! The tote bag was from the 90s and I have never seen anyone on the street with the same bag as me.
Offline Vintage Stores a Key Channel
The most traditional way to buy second hand luxury is from a vintage store, and it is still a main way to purchase those products. When I am preparing for a trip, I often go to Xiaohongshu, not only for searching popular scenery spots and restaurants, but also to search for local vintage stores.
Over the past summer, a popular TV show called Nothing But Thirty (三十而已) not only brought attention to some fashion brands, but it also brought a Shanghai vintage store Vintage Musevie into the spotlight. Many girls now visit the store to either buy products or take pictures. I went there as well when I was travelling in Shanghai.
Online Platforms
Along with vintage stores, second hand luxury platforms are also consumers’ go-to places. Popular platforms include Red Plum (红布林), Zhier (只2) and Secoo (寺库). Other than these specialized commerce apps, consumers also buy second hand luxury from livestreams on Douyin.
Obviously the most important issue that consumers care about is authenticity. If you are able to provide evidence that you are a master in identifying luxury products, your store/platform has a higher chance of gaining trust from consumers.
For example, when these second hand luxury platforms hold live streams, to show that their products are authentic, live streamers often show tags and explain which agency or person verified that this product is authentic. They also often wear gloves when handling the bags to show that they are taking good care of them.
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