Group 1: Second-Hand Luxury Market - The second-hand luxury goods market is expanding into county-level cities, reflecting an increase in consumer spending power in these areas. During the Spring Festival, order volume for second-hand luxury items in fifth-tier cities grew by 33%, while third and fourth-tier cities also saw double-digit growth [1] - Challenges for second-hand luxury stores in county areas include limited style variety, inventory backlog, and profit compression, necessitating stable sourcing and authentication capabilities [1] - The second-hand luxury industry is shifting from high profits to refined operations, with competition expected to concentrate among financially strong major players or local small shops [1] Group 2: New Consumption Trends - New consumption brands are rapidly emerging by targeting lower-tier markets and utilizing efficient channels, disrupting traditional consumer perceptions in first and second-tier cities [2] - Generation Z consumers prioritize emotional value, cost-effectiveness, and information transparency, driving a comprehensive restructuring of products, brands, and channels [2] - The lower-tier market shows strong consumption potential, becoming a new growth engine, reflecting profound changes in demand-side consumption [2] Group 3: Emotional Value in Luxury Consumption - A report indicates that happiness dominates luxury consumption trends in China, with brands needing to provide enjoyable and relaxed experiences while emphasizing equality and respect [4] - The value of luxury goods is shifting towards emotional, cultural, and personal expression, with consumers seeking resonance with ideal personas [4] - Changes in product roles are evident, with bags focusing on practicality and jewelry serving as emotional tokens, highlighting the need for brands to create high-level emotional connections [4] Group 4: Gold Consumption and IP Collaboration - The gold consumption market in China is experiencing turbulence, with rising gold prices but weak demand, leading to a decline in jewelry consumption and an increase in investment gold bars [5] - Brands are exploring the "Golden Valley" model, combining IP collaborations with the value retention of gold to shift consumer perception from "family assets" to "personal expression" [5] - Companies like Chow Tai Fook and Lao Feng Xiang are partnering with anime IPs to achieve product premiumization, while future strategies must balance value retention with emotional needs [5] Group 5: Fast Fashion Challenges - The fast fashion industry faces challenges due to the end of the U.S. tax exemption policy for small packages, significantly impacting the "small order quick response" model represented by Shein [10] - New tariffs increase costs and extend customs clearance times, undermining the rapid response advantage of these businesses [10] - While industry scale may decline in the short term, the "small order quick response" model remains a long-term development direction, requiring companies to innovate technologically and commercially [10] Group 6: Silver Economy in Luxury Brands - Luxury brands are targeting the "silver economy," with China's silver economy scale reaching 7 trillion yuan, indicating significant future potential [11] - Brands are developing practical products and age-appropriate experiences, such as lightweight handbags and cultural scene enhancements, to cater to this demographic [11] - Silver consumers are rational and loyal, focusing on self-expression and brand connotation, prompting brands to reinforce nostalgic emotions through classic revivals and workshops [11] Group 7: Brand Dynamics - The Chinese menswear brand Li Ning has opened its first overseas store in Malaysia, marking a key step in its internationalization strategy [12] - The opening aligns with Li Ning's multi-brand and international strategy, with projected revenue of 3.65 billion yuan in 2024 and a total of 2,773 stores [12] - Semir's children's clothing brand Balabala is facing challenges in a competitive market, with a decline in revenue and net profit, necessitating supply chain optimization and product enhancement [13]

Core Viewpoint - The enthusiasm for second-hand (中古) items among young consumers is declining, leading to a significant drop in market activity and business closures in the sector [2][4][20]. Group 1: Decline in Young Consumers' Interest - An increasing number of young people, including individuals like Miaojie, have lost interest in second-hand shopping, realizing it no longer holds the same appeal [5][6]. - Miaojie, once a fervent second-hand shopper, has shifted her focus to more unique and culturally significant items, indicating a change in consumer preferences [7][8]. - Social media platforms have seen a decline in second-hand content, with more discussions centered around avoiding pitfalls rather than promoting purchases [8][9]. Group 2: Business Impact - Businesses in the second-hand market, like Dazhao's store, have felt the impact of declining consumer interest, leading to closures and shifts in business strategy [3][10]. - Dazhao initially thrived in the booming second-hand market but began to experience a significant drop in revenue and customer retention by late 2023 [15][16]. - The competitive landscape has become challenging, with issues such as counterfeit products exacerbating the decline in consumer trust and business viability [17][30]. Group 3: Industry Trends - The second-hand market experienced rapid growth from 2019 to 2024, with significant increases in transaction volumes and capital investment [21][22]. - However, the market has since cooled, with major luxury brands also reporting declines in sales, indicating a broader trend affecting the luxury and second-hand sectors [25][26][27]. - The perception of second-hand items as valuable has been undermined by concerns over authenticity and quality, leading to a general skepticism among consumers [29][32]. Group 4: Future Outlook - Despite the current downturn, there remains a belief that a niche market for second-hand items still exists, albeit at a reduced scale compared to previous years [35][36]. - The luxury goods industry is facing a need for innovation and adaptation to new consumer demands, which may also influence the future of the second-hand market [37][38].

Core Insights - The emergence of second-hand luxury goods stores in county towns reflects the expanding consumer base and rising purchasing power in these areas, previously dominated by first and second-tier cities [1][2][3] - The growth of second-hand luxury goods consumption is driven by younger entrepreneurs returning to their hometowns, leveraging their experiences in larger cities to tap into the evolving market demand [1][2] - Data from Zhuanzhuan Group indicates a significant increase in second-hand luxury orders in lower-tier cities, with a 33% year-on-year growth in orders during the 2025 Spring Festival for fifth-tier cities [1] Market Dynamics - The county market's unique characteristics, such as lower competition and costs, make it an attractive option for second-hand luxury goods stores, although challenges remain regarding inventory management and consumer preferences [5][6] - The demand for second-hand luxury items is growing among high-income individuals and entrepreneurs in county towns, who are increasingly aware of brand value and seek affordable options compared to new items [2][3] - Social media platforms like Xiaohongshu and Douyin have played a crucial role in educating consumers about luxury brands and second-hand markets, enhancing their purchasing confidence [3] Business Challenges - Operating a second-hand luxury goods store in county towns presents challenges, including limited consumer demand for diverse styles and the need for significant capital to manage inventory effectively [5][7] - The industry has seen a decline in profitability, with many small operators struggling to compete against larger players and online platforms that offer lower prices and greater transparency [8][9] - The market has shifted from a high-margin environment to one where maintaining a 5% annual return is considered successful, highlighting the need for careful inventory management and cost control [9] Future Outlook - The second-hand luxury goods market is evolving, with opportunities for those who can navigate the complexities of supply chains and consumer preferences, while the era of easy profits appears to be over [8][9] - Successful operators in this space will likely be those with substantial resources or those who can provide exceptional local service and build strong community ties [9]

以下文章来源于潮生TIDE ，作者张晶、薇薇子 潮生TIDE . 36氪旗下生活方式内容品牌。潮来潮去，生活不息。 二奢超市， 治好了我的"奢侈品羞耻"。 文 ｜ 张晶 编辑 ｜ 薇薇子 设计｜ 曲枚 来源 ｜ 潮生TIDE（ID： chaoshengTIDE） 终于有种你选包 而不是包选你的感觉了 听说最近北京开了一家面积超过3000平米的二奢超市"超级转转"，店内几乎集齐所有品类的奢侈品牌，不仅有COACH、MCM等轻奢品牌，还有香奈儿爱 马仕可以随意试背。 最吸引我的还是成排成排的实物陈列，而且全场自助选购，没有导购跟随，试背查价无压力，属实是i人友好了。 挑了一个工作日的下午，我打算来店里一探究竟，看看这爱马仕的Birkin到底能不能随便买（背）。 逛之前先了解一个背景信息：超级转转二奢工厂店是二手平台转转集团收购了二奢平台红布林之后，在北京线下开的实体店。店铺开在建国门友谊商店的 三楼，目前还在试营业阶段。 我去的那天是工作日，赶上下午还下起了大雨，来逛的人并不多，但是门口的工作人员却说，周末要排半小时才能进场。进门把包存好，饮品放在门口的 小架子上，跟门口的工作人员领取一副白手套，你就可以开逛了。 ...

Core Viewpoint - The recent controversy surrounding Liu Meihan's "idle market" selling counterfeit goods has sparked significant public attention and discussion, leading to her public apology and commitment to resolve the issues with buyers [1][5][9]. Group 1: Event Overview - Liu Meihan's "Idle Circulation Plan" took place from April 25 to April 27, featuring over 45 artists and influencers, with more than 2,000 items for sale, including second-hand luxury goods, and tickets priced at 30 yuan each [6]. - Following the event, buyers reported receiving counterfeit items, such as LV bags and Miu Miu knitwear, which raised concerns about the authenticity and quality of the products sold [9][11]. Group 2: Market Context - The second-hand luxury market in China is rapidly growing, with a significant increase in demand for product authenticity verification. The market is expected to expand as consumer awareness and demand for genuine products rise [14][16]. - By 2030, it is projected that Chinese consumers will contribute approximately 50% to global luxury goods consumption, indicating a strong influence and purchasing power in the luxury market [16]. - The second-hand luxury market in China currently accounts for less than 5% of total luxury consumption, compared to around 30% in countries like Japan and the United States, suggesting substantial growth potential [16].

Core Insights - The recent controversy surrounding Liu Meihan's second-hand market event highlights the growing concerns over authenticity in the luxury second-hand goods sector [1][2] - The second-hand luxury market in China is rapidly expanding, with significant potential for growth as consumer demand increases [2][3] Group 1: Event Overview - Liu Meihan's "Idle Circulation Plan" took place from April 25 to April 27, featuring over 45 celebrities and influencers, with more than 2,000 items for sale, including luxury and designer goods [1] - The event charged an entry fee of 30 yuan, but several buyers raised concerns about the authenticity of items purchased, leading to third-party verification [1] Group 2: Market Trends - The luxury second-hand market in China is projected to grow significantly, with Bain & Company estimating that by 2030, Chinese consumers will contribute approximately 50% to global luxury goods consumption [2] - Currently, the second-hand luxury market in China accounts for less than 5% of total luxury consumption, compared to nearly 30% in countries like Japan and the United States, indicating substantial room for growth [2] Group 3: Authentication Demand - The demand for authentication services in the second-hand luxury market has surged, with a shift from in-store inspections to third-party verification since 2010 [3] - Recent trends show that many new exhibitions are now equipped with portable authentication devices and trained appraisers, with a standard fee of 70 yuan per item, often covered by sellers [3]