Generation Z consumers in China are tightening their belts in the face of a challenging economy and high unemployment and buying what they need on the secondhand market, from cellphones to clothes to cosmetics and collectibles. And its millennials are continuing their love affair with used luxury goods - online and at resale stores - in a market expected to be worth over US$32 billion (HK$249.6 billion) by 2025.
The trends are propelling China's secondhand economy to new heights while also supporting the government's drive toward a circular economy. Thrifty youngsters The market value for secondhand goods in China is expected to exceed 3 trillion yuan (HK$3.25 trillion) next year, according to a report by the Institute of Energy, Environment and Economy of Tsinghua University and Frost & Sullivan.
As the number of secondhand consumers grows steadily, there's been a notable demographic shift with younger individuals leading the trend, the report says. Chinese youngsters are spending less and saving more amid the slow economic recovery and high unemployment. Last year, youth unemployment skyrocketed to a record 21.
3 percent last year in June, leading authorities to suspend the release of figures for several months, citing a need to change the way it was calculated. Under the new methodology, which now excludes students, the jobless rate for people aged 16 to 24 was 14.2 in May and slightly lower at 13.
2 in June, but still more than double the general jobless rate of around 5 pe.