TAIPEI, Oct. 23, 2023 – PopChill Corp, a second-hand luxury goods marketplace, recently concluded its Pre-A+ round of funding on October 19th. In partnership with Entrupy, a renowned AI-powered international luxury goods authenticator, they have jointly unveiled the 2023 annual Taiwan second-hand luxury goods report. The report not only delves into international authentic and replica circulation trends but also incorporates data regarding Taiwanese consumption patterns derived from an analysis of over 100,000 items. Notably, the report highlights that the most sought-after second-hand luxury brands in Taiwan are Chanel, Louis Vuitton (LV), and Hermès, with an average resale value of approximately US$800. This figure represents a significant cost savings compared to the average original price of US$2,500, making second-hand luxury goods an attractive and cost-effective option for many consumers.
Taiwan’s Strong Emphasis on Authenticity
According to Entrupy’s data, 91.9% of the items examined were verified as genuine, while the remaining were either counterfeit or could not be conclusively verified as genuine. Notably, when compared to international figures, PopChill’s authenticity verification rate in Taiwan stands at an impressive 98.4%, signaling that the Taiwanese population places a heightened emphasis on the protection of intellectual property rights.
Kelly Liao, co-founder of PopChill, noted, “Our platform employs a rigorous two-stage verification process, encompassing authenticity checks and product quality inspections. Each month, we successfully prevent the circulation of over US$40,000 worth of counterfeit and substandard goods in the market. We are pleased to harness Entrupy’s technology to safeguard the interests of both buyers and sellers and promote secure transactions.”
Bags Lead the Way, with Chanel, LV, and Hermès in High Demand
PopChill’s data indicates that bags are the most popular category, constituting 78% of the second-hand luxury goods market, followed by jewelry, clothing, and shoes. This preference can be attributed to the fact that Taiwanese consumers are more receptive to second-hand bags, which do not pose the sizing challenges often associated with second-hand clothing.
Chanel, LV, and Hermès continue to dominate the second-hand luxury goods market, collectively accounting for approximately 60% of total transactions. These brands not only enjoy considerable popularity but also retain their value well in the luxury goods market. Items in 90% new condition can still command prices exceeding 60% of their original cost.
Predominance of 25-45-Year-Old Women with Substantial Purchasing Power
In the demographic of second-hand luxury goods enthusiasts, women constitute nearly 80% of the user group, primarily falling within the 25-45 age bracket. Contrary to stereotypes surrounding this demographic, these women possess impressive purchasing power, with an average annual expenditure of approximately US$3,000 on second-hand luxury goods, including those who allocate more than US$10,000 annually for such purchases. Furthermore, it is essential to dispel the misconception that second-hand bags are outdated; the primary luxury goods available on the market are often described as “brand new” or “almost new.”
Through the release of this report, PopChill and Entrupy aim to raise awareness regarding the significance of brand authenticity and enhance the safety of transactions for both buyers and sellers in the market. In the post-pandemic landscape, as luxury goods prices continue to rise, second-hand luxury goods trading has emerged as an appealing alternative for a growing number of consumers.
Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.
#PopChillCorp #Entrupy #LuxuryGoods #SecondHandLuxury #TaiwanLuxuryMarket #AuthenticityMatters #LuxuryResale #Chanel #LouisVuitton #Hermes #LuxuryBags #AuthenticLuxury #CounterfeitPrevention #TaiwanConsumers #SustainableLuxury #LuxuryMarketTrends #AIAuthenticity #LuxuryShopping #SecondHandShopping #LuxuryOnABudget #PopChillReport #EntrupyTechnology #LuxuryResaleTrends
