A total of 300 billion yuan (US$49.1 billion) worth of secondhand luxury goods are available in China, with the amount posting an annual growth of 20%, according to the Beijing-based China Economic Net, citing a report released by luxury research center Fortune Character Institute.
Chinese nationals are the largest consumer group of luxury brands in the world, while unused or used luxury items are regularly bought and accumulated in China. However, total transactions in the second hand luxury goods market only reached 3 billion yuan (US$491.5 million) as of June because the market is underdeveloped, the report said.
Figures showed that the number of secondhand luxury goods stores rose from 512 last year to 823 this year, an increase of 37.8%, with their expansion focusing not only on first-tier cities such as Beijing and Shanghai, but also on second-tier cities, such as Changsha, Hangzhou and Chengdu…
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