In Shanghai, pre-owned luxury booms as Western brands close stores
AFP on the shoppers comparing who got the best deal, not who spent the most.
China's second-hand luxury market grew 15-20% in 2025 while the mainland's personal luxury market shrank another 3-5% after plunging as much as 19% in 2024, according to Bain & Company figures cited by AFP (via FashionUnited). Insight & Info Consulting estimates second-hand sales reached 38.4 billion yuan ($5.7 billion) in 2025 and could top 100 billion yuan by 2030.
Louis Vuitton has closed five stores in mainland China in two years, and Galeries Lafayette shut its Beijing flagship in May. At Shanghai's two-storey Super Zhuanzhuan store, shoppers wear black gloves to handle the goods. "People used to compare who had spent more," a 24-year-old dance teacher told AFP. "But now everyone compares who got a better deal and spent less."
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Luxury goods
After exploring Western brands under pressure as 'pre-owned' luxury booms in China, for the economics behind the swing, read Luxury goods.
Wikipedia explains luxury goods in economics: demand that rises faster than income, and the brands built on it.
Wikipedia · Swim · 30 min
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