Core Insights - A 90s-born female entrepreneur in Hong Kong possesses the largest collection of rare Hermès bags in Asia, showcasing her focus on limited edition items and unique finds [1] - She travels to nearly 30 countries each year, indicating a strong global presence and market engagement [1] - Despite having a small team of only three people, the company achieves impressive sales of 800 million [1] Group 1 - The entrepreneur specializes in scarce and limited edition products, including the unique "Himalaya" bag, which is extremely rare in the market [1] - The business model emphasizes exclusivity and high-value items, appealing to affluent consumers seeking unique luxury goods [1] - The success of the company highlights the potential for niche markets within the luxury goods sector, particularly in Asia [1]

Core Insights - The article highlights the potential of seemingly ordinary businesses that are quietly generating significant profits, contrasting them with more popular industries that are highly competitive [1][5]. Group 1: Emerging Business Opportunities - The pet funeral industry is experiencing growth, with basic cremation services priced around 500-600 yuan, and additional services like diamond memorials or 3D printed sculptures costing several thousand yuan. The market is projected to exceed 5 billion yuan by 2025 [3]. - The second-hand luxury goods market is thriving, with online sales increasing even in smaller cities. The resale of items like a pair of Chanel shoes can yield profits of several thousand yuan per transaction, with transaction volume in lower-tier cities growing over 30% [3]. - Small-scale storage facilities are in high demand, with monthly rents exceeding 300 yuan for small units. This sector remains profitable even during economic downturns, driven by consistent demand from individuals and businesses [4]. Group 2: Specialized Services - The high-end maternity nurse industry is seeing significant demand, with top professionals earning up to 300,000 yuan annually in first-tier cities. The market is characterized by a shortage of qualified high-end nurses, creating a structural gap that drives profitability [4]. - These industries capitalize on essential needs and emerging trends, such as emotional spending in pet funerals and the rise of circular economy in second-hand luxury goods. They also possess hidden barriers to entry, requiring specialized skills and knowledge to succeed [4][5].

Core Insights - The global economy is facing multiple challenges, with growth expected to slow down to approximately 3.0% by 2025 according to the IMF [2] - Eight industries are identified as resilient during economic downturns, drawing lessons from Japan's "lost 30 years" experience [2] Industry Analysis - **Japanese Economic Characteristics**: Japan's economy has been in decline since 1992, with growth rates fluctuating between 0-3%, and significant drops in stock and real estate prices [4] - **Consumer Behavior Changes**: Post-1992, Japanese household consumption exhibited a trend towards frugality, with no consecutive annual increases exceeding 1% until 2022 [4][6] - **Counter-Cyclical Industry Performance**: Beauty and caffeine-related products saw significant growth during Japan's economic downturn, with beauty products increasing by 45.9% and caffeine beverages by 127% from 1992 to 2022 [7][16] Demand Shifts - **Consumer Segmentation**: Different consumer groups exhibit varied spending behaviors based on income, age, and occupation, leading to new consumption demands [10] - **Demand Migration**: Consumers shifted from luxury to value-driven purchases during economic downturns, emphasizing practicality and price [11] - **Demand Triangle Model**: This model illustrates the core consumer needs during spending, highlighting the psychological aspects of consumer behavior [12] Resilient Industries - **Second-Hand Economy**: The second-hand luxury market in Japan has thrived, with significant growth potential in China, where the market is expected to reach over 1 trillion yuan by 2026 [17][20] - **Pet Economy**: The pet industry in Japan showed resilience during economic downturns, with China's market projected to exceed 1.15 trillion yuan by 2028 [21][24] - **Adult Care Industry**: Driven by an aging population, this sector is expected to see rapid growth, with China's market projected to surpass 100 billion yuan by 2030 [25][28] - **Health Food and Beverage**: The market for health-oriented products is growing, with a focus on low-sugar options and functional beverages [29][31] - **Beauty Economy**: The medical beauty market is expanding rapidly, with projections indicating a market size of 700 billion yuan by 2031 [34][37] - **Outdoor Recreation**: The outdoor market is expected to reach 300 billion yuan by 2025, driven by increasing consumer interest in outdoor activities [41] - **Emotional Economy**: This sector is projected to exceed 2 trillion yuan by 2025, reflecting a growing consumer focus on emotional well-being [46] - **Lazy Economy**: The market for convenience products is expected to surpass 5 trillion yuan by 2030, driven by the demand for time-saving solutions [51] Comparative Market Insights - **Market Size Comparison**: The second-hand economy in China is approximately 150 billion yuan, significantly lower than Japan's 20-30% market penetration [54] - **Growth Potential**: The pet economy in China is robust, with a projected market size of 300 billion yuan, comparable to Japan's market [54] - **Future Trends**: Understanding these industries' growth logic and future trends will help identify new business opportunities in a seemingly sluggish economic environment [55]

Core Insights - The luxury goods market in China is experiencing significant growth, particularly in the second-hand luxury segment, driven by increasing consumer awareness and the rise of circular consumption concepts [1][9] - The second-hand luxury market is expanding into lower-tier cities, indicating a substantial untapped market potential [9] Group 1: Market Trends - The second-hand luxury goods market in China has surpassed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 37% [9] - The penetration rate of second-hand luxury goods in China is currently at 5%, compared to 30% in Japan, highlighting considerable room for growth [7] - The first half of the year saw the Chinese luxury market generate sales of 517 billion yuan, with notable growth in high-end niche brands and lifestyle service brands [9] Group 2: Consumer Behavior - There is a noticeable trend of younger consumers engaging in the second-hand luxury market, with an increasing proportion of male buyers [7] - The shopping experience at "Super Transfer" has been positively received, with customers spending extended periods in-store, indicating strong consumer interest [5] Group 3: Company Strategy - "Super Transfer" operates a 3,000 square meter space with transparent pricing and rigorous quality checks, enhancing consumer trust and satisfaction [3][5] - The company plans to continue exploring multi-category strategies and improving service capabilities to foster healthy development in the second-hand industry [9]

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]

Core Viewpoint - The article discusses the emergence of a new second-hand luxury goods supermarket, "Super Turn," which offers a self-service shopping experience for luxury items, allowing customers to browse and try on products without the pressure of sales staff [6][19]. Group 1: Store Overview - "Super Turn" is a second-hand luxury supermarket located in Beijing, covering over 3,000 square meters and featuring a wide range of luxury brands, including both high-end and light luxury options [6][7]. - The store is designed with a simple layout, using metal shelves for product display, emphasizing an eco-friendly approach [9][11]. - Customers can freely browse and try on items, with a unique self-service model that eliminates the need for personal sales associates [19][21]. Group 2: Product Offerings - The store features a variety of luxury bags, including popular models from brands like Gucci, LV, and Chanel, with many items displayed without protective coverings [11][29]. - Prices for second-hand luxury items vary significantly, with some items available at steep discounts, such as a Burberry tote priced at 1,071 yuan, which is only 1.5% of its original price [18][29]. - The store also offers a range of accessories, with some items showing signs of wear that may affect their perceived value [13][15]. Group 3: Customer Experience - Customers appreciate the self-service model, which allows them to explore products without the anxiety of being followed by sales staff, making it particularly appealing for those who may feel uncomfortable in traditional luxury retail environments [19][21]. - The experience of browsing through a vast selection of luxury items has led some customers to feel less inclined to make purchases, as the abundance of options can diminish the allure of luxury goods [36][38]. - The store's approach is seen as a positive trend in the industry, providing emotional value and educating consumers about the second-hand luxury market [38].

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]