On 19 December 2024, during the Second-hand Economy High-quality Innovation Development Conference in Shenzhen, a panel examined value and investment in the pre-owned luxury market. The China Used Goods Association subsequently published a report on the session.
Five Companies on the Panel
According to the report, the discussion was moderated by Zhu Ming, chairman of a Shenzhen-based luxury inspection company. Panellists included Qiu Zhenjie, COO of The LuxPik (Sheshouduo), alongside representatives of Panghu Technology, Feiyu Digital Technology and Plum.
Qiu Zhenjie's Argument
The report records Qiu's view that the value case for pre-owned luxury rests on uniqueness and scarcity:
Precise market positioning and a broad product range give consumers a genuine choice, and meet very different personal preferences.
He added that the company runs cultural and social events so that customers come to understand pre-owned luxury as a culture, building a stronger sense of participation and belonging.
Points of Agreement
- Authenticity and condition are what consumers care about most, and authoritative, traceable authentication underpins a healthy market;
- Digitalisation was treated as an inevitable direction, with data and AI applied to matching and to faster circulation;
- The trade needs stronger self-regulation, with guidance and standard-setting seen as the technical foundation for sound growth.
The report closes by noting the panel's shared view that, as buyers become more demanding about quality and individuality, the pre-owned luxury market still has considerable room to grow.
