China’s domestic luxury resale market was valued at 51 billion yuan ($8 billion) in 2020 and its total value will exceed 208 billion yuan ($32.75 billion) by 2025, with a compound annual growth rate (CAGR) of 32.5 percent, according to a new report released by iResearch.
As of last year, more than 50 percent of individual sellers in China’s luxury resale market were born after 1990, and more than 80 percent of them were female.
The report also shows the resale market currently accounts for around 5 percent of China’s total luxury market, far lower than rates seen in more developed markets such as the US (31 percent) and Japan (28 percent). This said, the development of China’s e-commerce infrastructure and its livestreaming ecosystem are working to rapidly promote the sector’s development.
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.