China Daily reports today that according to the Director of the Research Center for Luxury Goods and Services at the University of International Business and Economics, Zhou Ting, it is likely:
"that buying and selling second-hand luxury items will be one of the growth points for China's luxury market."
Image via Heritage Auctions
According to the report
"Falling property prices and a bearish stock market may change wealthy Chinese people's luxury goods buying behaviors."
It suggests that a large percentage of the Chinese high net worth individuals (HNW) is said to be getting cautious with its spending choices and will probably turn to the second hand market as sellers and buyers. This will allow them to both free up their cash tied up in assets, and satisfy their lust for luxury goods, bags accessories and apparel in particular.
So readers, start scouring through the back of your closets for all your vintage Hermes, LVs, Chanels etc and book a ticket to China - a new opportunity awaits!
Afterall the Hermes Shiny Rouge H Porosus Crocodile 30cm Birkin Bag with Solid 18K White Gold & Diamond Hardware pictured above, fetched over $200,000 at auction recently!