{"id":1661179,"date":"2022-09-27T21:52:51","date_gmt":"2022-09-28T01:52:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661179"},"modified":"2022-09-27T21:53:01","modified_gmt":"2022-09-28T01:53:01","slug":"chinese-snap-up-used-rolexes-birkins-to-satisfy-luxury-cravings-amid-slowdown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-snap-up-used-rolexes-birkins-to-satisfy-luxury-cravings-amid-slowdown\/","title":{"rendered":"Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchinese-snap-up-used-rolexes-birkins-to-satisfy-luxury-cravings-amid-slowdown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661179&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Casey Hall<\/p>\n<p>SHANGHAI (Reuters) \u2013     China\u2019s coronavirus-driven economic slowdown is proving to be a  boon for Zhu Tainiqi, the Shanghai-based founder of second-hand luxury goods marketplace ZZER, who is now scouting for shop space to expand the business. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The former venture capitalist is seeing a surge in people  looking to sell their Hermes Birkin bags or Rolex watches to raise cash, as well as a jump in interest from belt-tightening shoppers.<\/p>\n<p>\u201cMore and more people are now aware they can sell luxury goods for some money and the buyer side is noticing that they can get a great deal,\u201d said Zhu, 33. \u201cThey think, \u2018Why not give it a shot?&#8217;\u201d<\/p>\n<p>He said the number of ZZER\u2019s consigners, or people putting up their goods for sale, has soared 40% so far in 2022 over the same period of last year. The platform now has 12 million members and expects to sell 5 million luxury pieces this year. <\/p>\n<p>The trend indicates a significant change in China\u2019s $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.<\/p>\n<p>It could have ramifications for the China-focused strategies of the world\u2019s big luxury goods makers, who are grappling with softening demand in the key market.<\/p>\n<p>\u201cI think because of China\u2019s interest \u2026 that can really move the needle for some brands to think about how they\u2019re going to handle this (resale) market, and what role they are going to play in the whole process,\u201d said Iris Chan, a partner and head of client development at consultancy Digital Luxury Group.<\/p>\n<p>China\u2019s second-hand luxury market is tipped to grow to $30 billion in 2025 from $8 billion in 2020, consultancy iResearch said late last year. New estimates from this year are yet to be released.<\/p>\n<p>HANDBAGS, JEWELLERY<\/p>\n<p>Office worker Wang Jianing is exploring buying second-hand luxury products, given the economic climate.<\/p>\n<p>\u201cMy consumption will definitely be downgraded (this year), but I still like what I like, and I can\u2019t control the desire to buy it,\u201d she told Reuters, standing in front of a wall displaying Louis Vuitton and Gucci bags in ZZER\u2019s cavernous downtown Shanghai warehouse.     <\/p>\n<p>ZZER is banking on sentiments like Wang\u2019s for growth. The company, which started as an online platform in 2016, began opening offline stores in Shanghai and Chengdu last year and is now looking for more shop space in Beijing, Guangzhou and Shenzhen.<\/p>\n<p>Besides ZZER, other top platforms are local names, such as Feiyu, Ponhu and Plum. Each of them drew tens of millions of dollars in venture capital funds in 2020 and 2021 with an eye to improving authentication practices, widening customer reach and, in some cases, moving from online-only to online-offline models.<\/p>\n<p>China\u2019s luxury resale marketplace is expected by analysts to remain dominated by local players for now. International companies such as Vestiaire Collective and The RealReal are yet to enter the mainland China market and confirmed to Reuters they have no immediate plans to do so.<\/p>\n<p>Though handbags remain the top-selling category on luxury platforms like ZZER, Zhu said sales of watches and jewellery are also growing fast.<\/p>\n<p>While a nylon Prada Messenger or Fendi Baguette bag sells for 30%-40% less on resale platforms than in luxury boutiques, some products have seen the price gap widen further as more consigners rush to sell goods online.<\/p>\n<p>Veteran vintage seller, Ou Huimin, who opened her Ding Dang store in Guangzhou a decade ago and also sells country-wide via livestreams, said speculators in the market have sent prices for top-tier luxury goods soaring. <\/p>\n<p>Ou said Rolex Submariner watch prices rose almost 250% between 2020 and 2021, but have pulled back as much as 60% this year. \u201cNow consumption has become more rational,\u201d she added.<\/p>\n<p> (Reporting by Casey Hall and Xihao Jiang; Editing by Brenda Goh and Muralikumar Anantharaman)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/chinese-snap-up-used\/attachment\/watches-and-wonders-exhibition-in-geneva\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8R019-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8R019-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Casey Hall SHANGHAI (Reuters) \u2013 China\u2019s coronavirus-driven economic slowdown is proving to be a boon for Zhu Tainiqi, the Shanghai-based founder of second-hand luxury goods marketplace ZZER, who is<\/p>\n","protected":false},"author":66,"featured_media":1889279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1661179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/chinese-snap-up-used\/?utm_source=rss&utm_medium=rss&utm_campaign=chinese-snap-up-used","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1661179"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1661179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1661179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1661179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}