Learn How To Make Money From Home Using Your Smartphone In 2025
By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AfricaNews360AfricaNews360
  • Politics
    PoliticsShow More
    The future is African – Ghana President declares at UN Assembly
    September 26, 2025
    Burkina Faso to ‘street honour’ late Ghanaian President Jerry John Rawlings
    May 19, 2025
    Burkina Faso honours late president Thomas Sankara with memorial park
    May 19, 2025
    Nigeria Presidency refutes Catholic leaders’ criticism of economic hardship
    March 11, 2025
    Ghana’s President Mahama strengthens ties with Mali during Bamako visit
    March 10, 2025
  • Business
    BusinessShow More
    Ghana secures additional $28m grant from China for infrastructure projects
    October 17, 2025
    Ghana’s President Mahama seeks investment partnerships during Singapore visit
    August 25, 2025
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Burkina Faso strengthens Russian ties with new mining licence
    April 27, 2025
    Ghana Bauxite Company targets 6 million tonnes production by end of 2025
    April 7, 2025
  • Showbiz
    ShowbizShow More
    Davido releases ’10 Kilo’ Music Video
    August 13, 2025
    Nigerian Star Davido’s Foundation supports 500 orphanages in annual Charity drive
    February 13, 2025
    Nigerian president Tinubu celebrates Nollywood icon Nkem Owoh ‘Osuofia’ at 70
    February 8, 2025
    Burkina Faso’s Bissa music sensation Eunice Goula drops new Banger ‘Mariage’
    September 25, 2024
    Kenya’s president hosts national music festival
    August 16, 2024
  • Sports
    SportsShow More
    CAF announces nominees for National Team of the Year Award
    October 22, 2025
    Morocco beat Argentina to claim maiden Under-20 World Cup
    October 20, 2025
    Ghana considering Dede Ayew’s return to Black Stars for 2026 World Cup
    October 17, 2025
    Cape Verde secure historic World Cup qualification with victory over Eswatini
    October 13, 2025
    Ghana seal 2026 World Cup qualification with narrow victory over Comoros
    October 13, 2025
  • Biographies
    BiographiesShow More
    Michael Gallup Bio, Age, Net Worth, Height, Parents, Siblings, Wife, Children
    July 25, 2024
  • Columns
    ColumnsShow More
    Ghana Government does not subsidize Hajj Pilgrims: Debunking the myth with facts
    March 7, 2025
    Full Speech: South African president’s address at first G20 Foreign Ministers’ meeting 2025
    February 22, 2025
    Ing. Abdullah Mohammed Billey: The Ghanaian road expert victimised for political reasons by the ousted Government
    February 3, 2025
    Ghana President Mahama’s speech at Africa Prosperity Dialogues 2025
    February 2, 2025
    An American opinion on the impending NDC Government structure
    December 17, 2024
  • Travel
    TravelShow More
    Ghana’s Tourism Minister commends Emirates at grand opening of Travel Store
    May 15, 2025
    Thousands of Ethiopian diaspora heed PM’s call to ‘come home’
    May 2, 2024
    Malawi and Ghana sign visa waiver agreement to enhance bilateral ties
    March 21, 2024
    Ghana signs visa waiver agreement with Bahamas
    February 22, 2024
    Malawi scrapes visa restrictions for 79 countries
    February 9, 2024
  • Editorial
    EditorialShow More
    FEATURE: Kigali City- A glittering jewel of Africa
    September 2, 2023
    All eyes on INEC as Nigeria decides
    February 26, 2023
    Feed Africa Summit: Continent Plans to Achieve Zero Hunger by 2030
    January 25, 2023
    Africa must speak with one voice at COP27
    November 8, 2022
    Nigerian headteacher sentenced to death after pupil’s murder
    July 28, 2022
  • World
    WorldShow More
    Robert Prevost
    American prelate Robert Prevost elected New Pope
    May 9, 2025
    Rwanda cuts diplomatic ties with Belgium amid Congo conflict tensions
    March 17, 2025
    ICC issues arrest warrants for Israel’s Benjamin Netanyahu, Ibrahim Al-Masri
    November 21, 2024
    Voting underway in US as Donald Trump faces Kamala Harris for presidency
    November 5, 2024
    Biden directs US forces to aid Israel’s defence against Iran
    October 2, 2024
Reading: Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown
Share
Notification Show More
Latest News
CAF announces nominees for National Team of the Year Award
October 22, 2025
Morocco beat Argentina to claim maiden Under-20 World Cup
October 20, 2025
Ghana secures additional $28m grant from China for infrastructure projects
October 17, 2025
Former Kenyan VP Kalonzo Musyoka mourns ‘brother’ Raila Odinga
October 17, 2025
Kenyan President Ruto hails former PM Raila Odinga as ‘true patriot’ ahead of lying-in-state
October 17, 2025
Aa
AfricaNews360AfricaNews360
Aa
  • Technology
  • Science
  • Education
  • Health
Search
  • Topics
    • Business
    • Columns
    • Gossip
    • News
    • Politics
    • Showbiz
    • Fashion
    • Climate
    • World
    • Videos
Have an existing account? Sign In
Follow US
AfricaNews360 > World > Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown
World

Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown

Posted Africanews360 September 28, 2022 5 Min Read
Updated 2022/09/28 at 2:44 AM
A logo of Swiss watchmaker Rolex is pictured at the Watches and Wonders exhibition in Geneva, Switzerland March 30, 2022. REUTERS/Denis Balibouse
SHARE

China’s coronavirus-driven economic slowdown is proving to be a boon for Zhu Tainiqi, the Shanghai-based founder of second-hand luxury goods marketplace ZZER, who is now scouting for shop space to expand the business.

The former venture capitalist is seeing a surge in people looking to sell their Hermes Birkin bags or Rolex watches to raise cash, as well as a jump in interest from belt-tightening shoppers.

“More and more people are now aware they can sell luxury goods for some money and the buyer side is noticing that they can get a great deal,” said Zhu, 33. “They think, ‘Why not give it a shot?'”

He said the number of ZZER’s consigners, or people putting up their goods for sale, has soared 40% so far in 2022 over the same period of last year. The platform now has 12 million members and expects to sell 5 million luxury pieces this year.

Learn How To Make Money Online Using Your Smartphone In 2025

The trend indicates a significant change in China’s $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.

RECOMMENDED FOR YOU  Russia fines WhatsApp, Snap and others for storing user data abroad

It could have ramifications for the China-focused strategies of the world’s big luxury goods makers, who are grappling with softening demand in the key market.

“I think because of China’s interest … that can really move the needle for some brands to think about how they’re going to handle this (resale) market, and what role they are going to play in the whole process,” said Iris Chan, a partner and head of client development at consultancy Digital Luxury Group.

China’s second-hand luxury market is tipped to grow to $30 billion in 2025 from $8 billion in 2020, consultancy iResearch said late last year. New estimates from this year are yet to be released.

HANDBAGS, JEWELLERY
Office worker Wang Jianing is exploring buying second-hand luxury products, given the economic climate.

RECOMMENDED FOR YOU  King Charles III's first address as king (Full speech)

“My consumption will definitely be downgraded (this year), but I still like what I like, and I can’t control the desire to buy it,” she told Reuters, standing in front of a wall displaying Louis Vuitton and Gucci bags in ZZER’s cavernous downtown Shanghai warehouse.

ZZER is banking on sentiments like Wang’s for growth. The company, which started as an online platform in 2016, began opening offline stores in Shanghai and Chengdu last year and is now looking for more shop space in Beijing, Guangzhou and Shenzhen.

Besides ZZER, other top platforms are local names, such as Feiyu, Ponhu and Plum. Each of them drew tens of millions of dollars in venture capital funds in 2020 and 2021 with an eye to improving authentication practices, widening customer reach and, in some cases, moving from online-only to online-offline models.

China’s luxury resale marketplace is expected by analysts to remain dominated by local players for now. International companies such as Vestiaire Collective and The RealReal are yet to enter the mainland China market and confirmed to Reuters they have no immediate plans to do so.

RECOMMENDED FOR YOU  US shooting: Man kills up to 10 in Virginia Walmart store

Though handbags remain the top-selling category on luxury platforms like ZZER, Zhu said sales of watches and jewellery are also growing fast.

While a nylon Prada Messenger or Fendi Baguette bag sells for 30%-40% less on resale platforms than in luxury boutiques, some products have seen the price gap widen further as more consigners rush to sell goods online.

Veteran vintage seller, Ou Huimin, who opened her Ding Dang store in Guangzhou a decade ago and also sells country-wide via livestreams, said speculators in the market have sent prices for top-tier luxury goods soaring.

Ou said Rolex Submariner watch prices rose almost 250% between 2020 and 2021, but have pulled back as much as 60% this year. “Now consumption has become more rational,” she added.

RSS EDITORS’ SUGGESTIONS

  • Chelsea youngster Tyrique George impresses again with a goal in Champions League — Ghana urged to take notice
  • Kotoko announce squad for CAF Confederation Cup return leg against Wydad AC
  • Kotoko Director criticises Mohammed Camara’s red card reaction against Wydad Casablanca
  • Ghana Premier League 2025/26: Medeama SC edge ahead as Aduana and Hearts of Oak close in
  • Defender Kingsley Schindler makes Buriram United debut in AFC Champions League
TAGGED: Birkins, Rolexes, SNAP, Zhu Tainiqi
SOURCES: Reuters
Africanews360 September 28, 2022
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Dior takes baroque-theme to catwalk for Paris Fashion Week
Next Article Apple drops iPhone production increase plans as demand falters – reports
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Latest on AfricaNews360

  • CAF announces nominees for National Team of the Year Award
  • Morocco beat Argentina to claim maiden Under-20 World Cup
  • Ghana secures additional $28m grant from China for infrastructure projects
  • Former Kenyan VP Kalonzo Musyoka mourns ‘brother’ Raila Odinga
  • Kenyan President Ruto hails former PM Raila Odinga as ‘true patriot’ ahead of lying-in-state

More recommendations for you

  • OFFICIAL: Zimbabwe sack Coach Michael Nees after a year in charge
  • WAFCON Qualifiers: Black Queens midfielder Chantelle Boye-Hlorkah confident ahead of Egypt Clash
  • No Black Stars player complained after budget disclosure – Dr. Randy Abbey
  • Black Stars technical team to be strengthened ahead of 2026 World Cup – Dr. Randy Abbey
  • “We’ll keep our identity” — Tanzania coach Hemed Suleiman on facing Nigeria, Tunisia and Uganda

You Might Also Like

Robert Prevost
CreedWorld

American prelate Robert Prevost elected New Pope

May 9, 2025
NewsTop StoriesWorld

Rwanda cuts diplomatic ties with Belgium amid Congo conflict tensions

March 17, 2025
Top StoriesWorld

ICC issues arrest warrants for Israel’s Benjamin Netanyahu, Ibrahim Al-Masri

November 21, 2024
World

Voting underway in US as Donald Trump faces Kamala Harris for presidency

November 5, 2024
  • Bereavement
  • Debt Management
  • Finance
  • Job Creation
  • Small Business
  • Climate
  • Education
  • Fashion
  • Health
  • Rights
  • Science
  • Sanitation
  • Mobilisation
  • Secondary Education
  • Celebrity News
  • Tertiary Education
  • Culture
  • Security
  • Corruption
  • Creed
  • Athletics
  • Basketball
  • Boxing
  • Formula 1
  • Rugby
  • Soccer
  • Tennis
  • Minning
  • Gaming
  • Technology
AfricaNews360AfricaNews360
Follow US

© 2024 - AfricaNews360 | All rights reserved.

  • About
  • Advertise with us
  • Contact

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Register Lost your password?