In recent years, as people’s consumption concepts have changed, second-hand transactions have gradually come into people’s sight. Relevant research data shows that the second-hand luxury goods market has entered a stage of rapid growth. Driven by Generation Z, the global second-hand luxury goods transaction scale may exceed US$60 billion in 2025. The second-hand luxury e-commerce platform Hong Bulin “2021 China Second-hand Luxury E-commerce Platform Consumption Insights Report” shows that more than 70% of consumers on the Hong Bulin platform are “post-90s” and “post-00s”.
So how did second-hand luxury goods become popular among young people? How did the seemingly contradictory “second-hand” and “luxury” come together? A senior user shared her story with second-hand luxury goods for us:
I am a post-90s generation. About two or three years ago, I started to find that I was particularly interested in fashion and luxury items, but these items are generally very expensive, so I just tasted it at first. It wasn’t until later that second-hand luxury goods were discovered, and I felt that it was very cost-effective, and I fell into the pit.
In playing second luxury, I have experienced a change from being a pure buyer to being both a buyer and a seller. My job is a product manager, so I prefer to analyze and research some strategic and model things. At the beginning I just bought things on Red Bolling, but then I discovered that sometimes I bought some goods at Red Bolling at a low price. After a while, the system prompts me that the price of this commodity has risen. At that time, I discovered that, It turns out that there is room for appreciation of second-hand goods, and it does not necessarily depreciate. Gradually, I came up with the idea of using second luxury as a hobby and sideline to develop money.
The most memorable transaction was an earring. When I bought this earring, I only spent a few hundred dollars. I was very worried about whether it could pass the appraisal of the platform. When it finally showed that it passed the appraisal, I was almost excited. Jump up, because I’m pretty sure it can be sold for four to five thousand. This was the first product I successfully sold, and I made several thousand at a time. That moment was actually a turning point for me. I was convinced that this road would work, and I found a Closed-loop lifestyle.
With the first success, I gradually touched the doorway. I have been using Red Bolling for two years now, and the total amount of sales in the last six months has exceeded 200,000. If I calculate the profit every month, I can have an income of 7,000 or 8,000. For young people nowadays, second luxury is actually a “smarter way of life.”
Just like this user’s story, with the rapid development of the second-hand market in China, people’s acceptance of second-hand goods is gradually increasing, and they gradually abandon their inherent prejudices and opinions on idle goods. The younger generation’s pursuit of luxury goods is no longer rigidly bound to formalism, but more about the pursuit of exquisite life and individualization. Second-hand luxury goods have naturally become a more cost-effective choice than new products.
In Hong Bulin, more and more users have gradually moved from one-way purchase or consignment to the two-way use stage of both buying and selling. Users can circulate goods through the platform, realizing the desire to experience a richer and more fashionable life with less cost. Xu Wei, the founder and CEO of Redbrin, once said, “The goal of Redbrin in the future is to achieve 100% mutual conversion between buyers and sellers.”
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