China's secondhand goods market has seen sustained expansion in recent years, with transaction volume reaching 1.69 trillion yuan in 2024, marking a 28% year-on-year increase and a 12% compound annual growth rate over the past six years. Since the launch of the secondhand goods circulation pilot program late last year, authorities have focused on nurturing market players, fostering innovation, and standardizing operations.
Key initiatives include: 1. Policy Framework: Issuing documents to improve recycling systems for used home appliances and furniture. 2. Pilot Implementation: Selecting 10 cities and 28 enterprises as national pilot projects, with particular emphasis on the used smartphone sector. 3. Standardization: Developing and revising industry standards such as the "Terminology for Secondhand Goods."
The market has shown clear signs of innovative transformation, revitalizing some physical markets. Future priorities include: 1. Establishing High Standards: Guiding industry players to maintain integrity and prevent fraudulent practices like selling used items as new. 2. Developing New Business Models: Promoting green consumption through innovative formats like secondhand leasing, auctions, and installment sales, along with immersive offline experiences and creative retail concepts. 3. Enhancing Digitalization: Accelerating the application of AI, big data, and cloud computing technologies to deepen online-offline integration in secondhand goods circulation.
The government aims to transform the sector into a vibrant, innovation-driven industry while addressing current bottlenecks.
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