In China, the Rise of Second-Hand Luxury Shakes Western Brands
Second-hand luxury sales rose 15% to 20% in 2025 as shoppers chose cheaper alternatives and Western labels closed stores across mainland China.
5 Articles
5 Articles
‘A better deal and spent less’: Western brands under pressure as ‘pre-owned’ luxury booms in China
With China's economy still struggling to recover from the pandemic, even global fashion icons are beginning to feel the pinch as consumers turn instead to the second-hand market or buy upstart new homegrown brands.
"Today, it is to whom will have made the best deal and spent the least," smiled the dance teacher in this new storeroom in the heart of China's financial capital. Long among the world's leading buyers of luxury products, Chinese still accounted for a third of the sector's spending a few years ago, providing billions of euros of revenue to groups like LVMH or Hermes. But with the difficulties of the Chinese economy, consumers reduce their spendin…
China's luxury goods market is going through a difficult period, based on slowing down the economy and changing consumer habits. China, which accounted for about a third of the world's spending on luxury products a few years ago, increasingly prefers second-hand goods, while groups such as LVMH and Hermès are facing [...]
Western luxury brands used to have one of their main markets in China, accounting for about a third of global spending and making billions of dollars to companies like LVMH and Hermès.
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