“00”后成二手交易主力，理性消费时代的重要信号

Core Insights - The article discusses the transformation of second-hand trading from a stigmatized activity to a mainstream consumption trend driven by rational consumer behavior and changing values among the younger generation [2][3][31]. Group 1: Growth of Second-Hand Trading - The second-hand e-commerce market in China is projected to reach a GMV of 1.95 trillion yuan in the first half of 2025, with a 2024 annual GMV of 1.1 trillion yuan for Pinduoduo, indicating a significant growth trajectory [4]. - The transaction volume for second-hand e-commerce in China is expected to reach 645 billion yuan in 2024, reflecting a year-on-year growth of 17.56% [4]. - The penetration rate of second-hand e-commerce in China increased from 24.5% in 2020 to 38.9% in 2024, with expectations to surpass 40% by 2025 [5][8]. Group 2: The Role of Generation Z - Generation Z, as digital natives, shows a higher engagement with the internet, with 179 million active users in October 2025, accounting for 14% of total internet users [9]. - Approximately 95% of Generation Z exhibits a strong willingness to spend, indicating robust consumer intent and capability [11]. - Generation Z's acceptance of second-hand trading is significantly higher than previous generations, viewing it as a smart and trendy lifestyle choice [13][14]. Group 3: Structural Changes in Consumption - The second-hand market is evolving from a supplementary consumption model to a mainstream necessity, with the number of product categories on leading platforms increasing from fewer than 20 to 38 by 2025 [18]. - The integration of quality assurance and after-sales services in second-hand platforms has enhanced consumer confidence, shifting the perception of second-hand goods from low-cost alternatives to value-driven choices [18]. - Complaints regarding second-hand platforms have risen, with issues such as product misrepresentation and refund difficulties becoming prevalent, highlighting the need for improved service standards [19][20]. Group 4: Policy and Market Dynamics - The Chinese Ministry of Commerce is promoting the second-hand market through pilot programs and standardization efforts, aiming to foster a diverse and orderly trading ecosystem [30]. - The shift towards rational consumption is seen as a long-term trend, with second-hand trading emerging as a key component of a 3 trillion yuan circular economy [31][32].