Zhu Tainiqi, the founder of the online marketplace for used luxury products ZZER, based in Shanghai, is finding the country’s coronavirus-driven economic downturn to be advantageous as she searches for store space to grow the company.
As consumers tighten their belts, the former venture capitalist is noticing an increase in people trying to sell their Hermes Birkin bags or Rolex watches to obtain money.
A 33-year-old woman named Zhu remarked, “More and more people are now aware they can sell luxury things for some money and the buyer side is recognizing they can get a wonderful price.” “They reason, ‘Why not try it?'”
According to him, the number of ZZER consigners—those who list their products for sale—has increased 40% so far in 2022 compared to the same period in 2017.
With its current 12 million users, the platform anticipates selling 5 million high-end items this year.
