Chinese consumers are most enthusiastic about mega brands such as Louis Vuitton, Gucci, Chanel, Christian Dior and Hermès, according to consumer data insights released by one of China’s major luxury resale platforms, Plum.
Over the first half of 2021, the report said, the platform recorded more than 33 million searches for Louis Vuitton, 24 million searches for Gucci and 18 million for Chanel.
Users showed strong interest in second-hand luxury bags, jewellery, watches and clothing. In each category, classic styles and products with iconic signatures were preferred, according to Plum.
A growing number of Chinese consumers, especially the country’s younger generation, are embracing the concept of resale, in part as a smarter way of life that addresses disposable cash flow and the desire to consume luxury goods, though many people also point to resale as being more sustainable and less wasteful.
According to Plum, there are also experienced users who see luxury resale as a strategic investment, with more emphasis on the timing and profitability of sales.
There is certainly evidence that not all the platform’s users are purely looking to save on full-price, in season luxury items, with one big spending customer purchasing an Hermès Crocodile Kelly bag for 500,000 yuan ($77,230) and another top customer placing 470 orders in six months.
The Future of Fashion Resale Report — BoF Insights
BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy. To explore the full report click here.
The Future of Fashion Resale is the first in-depth analysis to be published by the BoF Insights Lab, a new data and analysis unit at The Business of Fashion providing business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.
From fulfilment and logistics hurdles to local competition, international players face a range of challenges within the region.