The shift towards second-hand and vintage shopping is associated with the rise of thoughtful purchasing efforts, with consumers attempting to make more conscious purchasing decisions. Shoppers are looking for investment products that showcase their luxury prowess and promote environmental awareness.
Against this backdrop of caution, the second-hand market is creating an opportunity for prudent and meaningful spending. Although the macroeconomic environment is expected to become more stable in the final quarter of 2024 as a result of the US election results, it remains unclear whether this will restore confidence among Chinese luxury goods buyers.
Boilerplate: *Vogue Business surveyed 532 Chinese luxury consumers aged 18 to 64 in March 2023, 502 in June 2023, 506 in September 2023, and 506 in December 2023. We surveyed 506 people in March 2024, 503 people in June 2024, and 500 people in June 2024. August 2024. Consumers were segmented by natural fallout across gender and age groups (18-24, 25-34, 35-44, 45-54, and 55-64). Respondents were luxury shoppers who spent at least RMB 1,000 (approximately $142) or a total of RMB 8,500 (approximately $1,211) on a single item in the past 12 months. Respondents were asked about their luxury shopping habits, spending, travel, second-hand purchases, and more. This is the seventh edition of our quarterly survey of Chinese luxury consumers, conducted in partnership with Barclays Research.
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