China’s used marketplace economy, which grew 40- fold from 2015 to be worth more than 500 billion yuan (US$70b) in 2023 in terms of trade volume, is expanding from sales to offer coupons, shopping points and memberships. To attract more users, second-hand selling app Xianyu is tapping into social media communities, while rival Zhuanzhuan is exploring the integration of online and offline operations for books and clothing. Despite the booming market, fraudulent and illegal second-hand products are causing concern. Not all second-hand sectors are growing though. Challenged by safety concerns and price wars among electric vehicle automakers, trade in used automobiles has hit bottlenecks. Though immature, experts believe the burgeoning second-hand market in China mirrors the country’s transformation in consumption habits.
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