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China’s booming second-hand market is perfect for penny-pinching, but maybe skip the used socks

The value of second-hand e-commerce transactions in China reached about 240.12 billion yuan (US$33.8 billion) in the first half of 2022, and it is likely to reach 480.24 billion yuan by the end of the year, up 20 per cent from last year, according to the market research platform 100ec.

After decades of rapid economic growth, China’s people have amassed a stockpile of excess goods. Some are old but still-useful items that have been replaced by newer versions. Others are as good as new, perhaps rarely used.

And in a time of pandemic-induced economic difficulties, this second-hand market has become not only ripe for the picking, but also an essential means of saving money.

According to 100ec’s research, the number of second-hand e-commerce users in China is expected to reach 263 million in the second half of 2022, up from 243 million in the first half, which would be an 8.23 per cent increase.

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