⏱ 1 min read
Background
Chinese consumers still accounted for a third of global luxury spending a few years ago. With China's economic difficulties, they are cutting spending and turning to second-hand goods or Chinese brands.
The key points
China's second-hand luxury market jumped by 15 to 20% in 2025, according to Bain & Company. Over the same period, China's personal luxury goods market shrank by 3 to 5%.
LVMH blamed slowing demand in China for the drop in third-quarter organic sales in its fashion and leather goods division. Louis Vuitton has closed five boutiques in mainland China in two years.
Key figures
- Growth of second-hand luxury in China in 2025: 15 to 20%.
- Decline of new luxury in China in 2025: 3 to 5%, after 17 to 19% in 2024.
- Size of the second-hand market in 2025: 38.4 billion yuan, or 5.1 billion euros.
- Projection for 2030: more than 100 billion yuan, according to Insight & Info Consulting.
What it means for businesses
Driven by young people's enthusiasm for resale platforms, the trend is forcing brands to scale back. Galeries Lafayette closed its Beijing department store in May.
Who says what
A 24-year-old customer at a Shanghai second-hand shop sums up the shift: getting the best deal now matters more than spending.
Further reading
Sources
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