China’s youngest consumers are reshaping a market long defined by thrift. Data from trading platform Zhuanzhuan’s 2025 second‑hand consumption report show users born after 2005 are now the fastest‑growing cohort on the site, growing more than 30% year‑on‑year and pushing the market beyond simple cost‑cutting into an interest‑driven, hobbyist economy.
The behavioural shift is striking: these “Post‑05” buyers are less motivated by saving money than by hunting for scarce items that signal belonging and taste. They dominate trades in collectibles such as trendy toys, celebrity cards and anime figures — in some categories accounting for over half of transactions — and their average order value rose roughly 20% in 2025. Orders for celebrity‑related merchandise surged by about 800% compared with 2024, underlining how fandom and social signalling are migrating to resale platforms.
Alongside demand for niche cultural goods, the second‑hand market has also acquired an investment dimension. Zhuanzhuan’s 2025 retention ranking lists gold, computer memory modules, cameras, designer women’s bags and high‑end watches as “hard currency” items that held or increased value. Iconic designer pieces such as an early‑generation Hermès Mini Kelly reportedly posted a 271% retention rate, while classic Louis Vuitton Speedy bags and Rolex Submariners saw year‑end averages above their opening prices.
Some of the market dynamics are industry‑specific. Rising interest in fitness and outdoor pursuits fed strong second‑hand demand for domestic road bikes and cues for billiards, and commercial IPs like Labubu and Xingxingren produced a wave of collectible hand‑held figures. At the same time, an apparent shortage or speculative demand for memory modules has led to sharp second‑hand price inflation in that component market, turning what was once a low‑value commodity into a quasi‑store of value.
Policy is aligning with the trend. On January 5, nine government departments, led by the Ministry of Commerce, published guidance promoting green consumption, explicitly encouraging internet‑enabled second‑hand commerce, rentals and community flea markets. Industry participants view this as a signal that authorities will back the formalisation and scaling of resale markets, which dovetails with environmental goals and offers platforms clearer pathways to expand services.
The rise of interest‑driven resale brings benefits and risks. For platforms and brands it creates new monetisation opportunities: premium resale, authentication services and community‑centred marketplaces. But it also invites fraud, counterfeits and speculative bubbles, as illustrated by ongoing reports of fake gold scams and volatile component prices. The maturation of authentication, grading and dispute resolution mechanisms will determine whether these secondary markets evolve into stable, mainstream channels or remain a volatile niche.