Abstract : A report published by Shenzhen-based market research company AskCI Consulting Co., Ltd. indicates that revenue of China's secondary market reached 740 billion yuan (about 114 billion U.S. dollars) in 2018, and the figure was estimated at 1 trillion yuan in 2020.
LANZHOU, March 4 (Xinhua) — Clad in a vintage wool suit vest and
brown plaid pants, Yang Le is sorting out apparel and accessories in his
soon-to-open secondhand boutique store.
The 34-year-old’s new shop is nestled on a busy shopping street in
Lanzhou City, northwest China’s Gansu Province, and mostly sells
secondhand clothing such as Japanese flight jackets, European-style
umbrella skirts and vintage T-shirts made in the 1980s.
Successively opening two boutique stores within four years, Yang has great faith in China’s secondary market.
The resale economy in China is growing at a rapid pace fuelled by changing consumer attitudes to sustainability and nostalgia.
A report published by Shenzhen-based market research company AskCI
Consulting Co., Ltd. indicates that revenue of China’s secondary market
reached 740 billion yuan (about 114 billion U.S. dollars) in 2018, and
the figure was estimated at 1 trillion yuan in 2020.
“The young generation cherishes the value of time in a vintage object,” said Yang.
Obsessed with Western and Japanese secondhand culture, Yang quit his
office job and opened his first vintage store in 2017. He invested over 1
million yuan in selecting old objects from around the world.
“It’s generally believed that objects that are more than 20 years old
can be seen as vintage,” said Yang. “They should bear the value of time
and be of high quality.”
Positioned as the antidote to fast fashion, the resale economy has
been rising among young hipsters in Western countries for decades, but
in China, it is still quite new and the industry is still small.
The first store, as Yang has predicted, did not see high sales in the beginning.
“A pair of hip-hugging jeans from the early 1970s may cost twice as
much as a new pair of Levi’s,” said Yang. “Few can accept both the
concept and the price.”
As the new semester approaches, a secondhand book store in Lanzhou Jiaotong University was stirring again.
Piles of secondhand books flooded the less than 10-square-meter store, with customers having to shoulder their way out.
Purchasing used books has become the top choice for many students in China as it is cost-effective and environmental-friendly.
“It’s a win-win business and avoids unnecessary waste,” said 21-year-old Suo Peng.
The booming secondary market has also spawned new professions such as
secondhand luxury appraisers and revived old businesses like pawnshops.
Yang Suchang, a professor with the school of economics, Lanzhou
University, said that the secondary market has entered a virtuous circle
in China, and more professional practitioners and institutions will
emerge in the future.
Yang is still indulged in secondhand objects and spends much time traveling around searching for antiques.
“They are highlights of the past and treasures of the future,” he said. Enditem
About Xinhua Silk Road
Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).
Source: Across China: Young hipsters fuel resale economy in China