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1、Tal eA New Frontier:The luxury second-hand market in ChinaA deep dive report into luxury handbags second-hand development in Chinese digital ecosystemDecember 2021IntroductionSince the start of COVID-19 pandemic,China has been a bastion of safety for luxury brands who already had a foot hold in the

2、region.Many brands have shown losses in many other geographies in the world while China still stays on course to become the biggest luxury market in the world by 2025.With this maturation of the market,we have also seen the development of luxury second-hand sales.Spurred by consumer trends,the secon

3、d-hand market is booming.However,it is starting from a small base and is yet to reach the penetrations of countries such as Japan and the US.In this series of reports,we will look at the development of digital second-hand sales of selected luxury bags,understanding which platforms are attracting the

4、 most listings,and what products are on offer.1Japan28%USA31%China luxury resale represents$2.7b estimated 5%of total market11%20%-23%ChinaChinaGlobal Luxury Market 2019Global Luxury Market 20202025China Projected to be the largest luxury market in the world by 20255%Drivers of Change1.Gen Z1.Gen ZG

5、eneration Z in China are hard to anticipate,and constantly on the move.Having access to years of potential collections through second-hand fits well into their ability to navigate and conquer fashionxxx2Source:Re-Hub proprietary data analysisInvisible LuxuryInvisible LuxuryLowering the Lowering the

6、BarrierBarrierConsumer to Consumer to CollectorCollector2.Consumer to collector2.Consumer to collectorWith many consumers already owning entry level products of several brands,second-hand offers them a chance to get closer to their favorite brands history and become a collector3.Lowering the Barrier

7、3.Lowering the BarrierFor many in China luxury is still inaccessible.Second-hand sales offer the opportunity to enter the category at a lower price point and be part of the luxury movement4.Invisible Luxury4.Invisible LuxuryBuying second-hand aligns well with the rising concerns on sustainability,gi

8、ving consumers a chance to recycle their old goodsGen ZGen ZApproach3In this series of reports,we looked at some of the top digital platforms for second-hand goods in China(shown in Figure 1.).We focused on four iconic luxury brands that are often known for their ability to maintain value,the rare a

9、bility to access discounts and their exclusivity to the discerning luxury consumer.We then looked at the presence of these brands across the platforms using key category keywords to ensure the highest accuracy of our results.Finally,we developed a taxonomy to map out the top collections for each bra

10、nd,and in turn being able to identify the number of listings and average pricing of each collection.Zhi Er 只Pang Hu 胖虎Plum 红布林#Number of listingsUpper price rangeMaximum listing priceAverage listing priceMinimum listing priceLegend for Listing AnalysisBrands analyzed in this reportFigure 1Brand List

11、ings4Source:Re-Hub proprietary data analysisUsing different keyword combinations in both English and Chinese we extracted the number of listings for each brand on Zhi Er.The keywords used were a combination of brand name and category keywords for bags to ensure the highest accuracy.Additionally,we a

12、nalyzed the average price of the listings on the platform for additional insights.Louis Vuitton has the most listings on the platform,but also has the lowest average price.Hermes has the second largest number of listings,but with an impressive 80,000 RMB per product price tag.Chanel straddles the mi

13、ddle in terms of price,but still has a large number of listings while Dior has the fewest listings,with an 8,000 RMB average price.In the following sections we will show the top 5 listed collections for each brand and the average price of these on the platform.Total Number of Listings for Brand on Z

14、hi ErAverage Listing Price for brand products on Zhi Er(in RMB)3,4892,0211,8058406,73584,18718,0838,856Louis VuittonTop 5 Collections5Source:Re-Hub proprietary data analysisAlmaAlma1030k1,78823,5005,5712SpeedySpeedy2,79918,7506,643030k3PochettePochette99919,3918,169030k4NoeNoe1,88826,5007,611030k5Pa

15、pillonPapillon01,69111,4944,63830k23723721021016016011411497976Source:Re-Hub proprietary data analysis102m42,0001,593,406169,4172KellyKelly13,3541,358,695147,00502m3PicotinPicotin10,125 103,33328,27902m4LindyLindy5ConstanceConstance7,400160,87060,38702m10,000440,260117,19402mHermesTop 5 Collections3

16、87387381381150150142142130130BirkinBirkin7Source:Re-Hub proprietary data analysis1070k8,66459,00026,5042Le BoyLe Boy2,70049,00022,807070k32.552.553,99963,33324,355070k4GabrielleGabrielle14,40052,82325,342070k5WOCWOC7,86533,00017,473070kChanelTop 5 Collections251251181181959588882929ClassicClassic8So

17、urce:Re-Hub proprietary data analysis10180k2,430173,91315,5112SaddleSaddle2,88026,80012,8500180k3DioramaDiorama3,51012,8307,2190180k4BookBook14,29025,00018,2320180k5DiorissimoDiorissimo3,75033,0007,9420180kDiorTop 5 Collections1861866161585833333232Lady DiorLady DiorWhile second-hand is under penetr

18、ated in China,many of the consumer trends and technological enablers point to the growth of the channel and consumer behavior.From our data we can see a significant presence of high-end luxury bags selling at a wide range of prices.To all intents and purposes these channels are serving as another sa

19、les window to luxury.To the discerning collector consumer,it is also a chance to get hold of items they would not otherwise be able to and the supply of exclusive items can be seen from the high number of listings of both Birkin and Kelly bags for Hermes.From a brand point of view the platforms offe

20、r the opportunity to learn about consumers through their propensity to buy exclusive luxury at a premium and how fashion trends are shaping what is being sold/bought.Lastly,there are also many low-priced items on the platform that could represent counterfeit products,which in turn harm brand equity.

21、Brands have an opportunity to protect their equity through working with these platforms to ensure the authenticity of the product on sale.9Key TakeawaysMax PeiroCEOmaxrehub.techAt Re-Hub we work with luxury brands in China to generate growthopportunities using AI and Data.We help decision-makers to

22、drive realbusiness impact and generate competitive advantages at speed.We specialize in four areas of digital transformation for our clients:insights&intelligence,e-commerce performance optimization,datadriven marketing automation and omnichannel client telling.Yoyo LiangCCOyoyorehub.techThomas PiachaudHead of Strategythomasrehub.techAuthorsFor more information,visitwww.rehub.techwww.rehub.techAbout Re-Hub