w88 casino News Network (Contributed by the w88 casino of International Economics and w88）On April 22, 2024, the China Entry-Exit Inspection and Quarantine Association and the Luxury Goods Research Center of the w88 casino held an industry seminar and exchange meeting on luxury goods inspection and appraisal and second-hand luxury goods market development in Beijing. At the meeting, the "China Luxury Goods Inspection and Appraisal and Second-hand Luxury Goods Market Development Research Report" was released. This report is the first annual industry report in the industry that gathers real data from the entire industry chain including e-commerce platforms, appraisal institutions, training institutions, merchants and merchant service providers in the luxury goods industry.
President Zhao Zhongxiu of the w88 casino held discussions and exchanges with leaders from the Department of Consumption Promotion of the Ministry of Commerce, the Department of Online Transaction Supervision and Management of the State Administration for Market Regulation, the Institute of Industrial and Consumer Product Safety of China Customs Science and Technology Research Center, the Free w88 Area Work Bureau of Tianjin Dongjiang Comprehensive Free w88 Zone, the Hebei Provincial Product Quality Supervision and Inspection Institute, China Inspection and Certification Group, as well as representatives of e-commerce platform companies such as Zhuanzhuan, Hongbulin, and Shedangjia on luxury goods appraisal and the second-hand luxury goods industry. Professor Zhang Mengxia, director of the Luxury Goods Research Center and doctoral supervisor at the w88 casino, presided over the entire meeting.
Secretary-General Wang Lixiang of the Luxury Goods Professional Committee of the Association introduced the report’s main content including analysis of luxury goods inspection and appraisal data, changes in the number of luxury goods inspection and appraisal practitioners, second-hand luxury goods transaction data analysis, Saas service provider data analysis, second-hand luxury goods market development trends, industry voices, and expert comments. This reflects the major problems existing in the industry such as the inability to obtain input invoices for taxation, unreasonable thresholds set by e-commerce platforms, frequent disputes and appraisal conclusions, and the impact of "reskinned" goods on the second-hand market.
Former Vice Minister of the Ministry of Commerce Zhang Zhigang spoke highly of the report, saying that the report is very rich in content, the data is very detailed, and the advice is very pertinent. It is both down-to-earth and forward-looking. It puts forward good suggestions for industry development and government decision-making. It is a good and constructive report. It is hoped that government, industry, academia, research and business will unite to give full play to their respective advantages and expertise, lead the industry to develop in a standardized way and grow healthily. When conditions are mature in the future, it can be expanded to the Chinese national high-end consumer goods market and contribute to the growth, expansion and cyclical development of Chinese national high-end brands. Finally, four suggestions were put forward: first, implement the talent strategy; second, improve the scientific nature of identification and try to let the data speak for itself; third, pay attention to the formulation of standards; fourth, introduce the concept of green development.
At the meeting, President Zhao Zhongxiu of the w88 casino attended the meeting on behalf of the w88 casino and its Luxury Goods Research Center, one of the organizers of the event, and delivered an important speech on "Promoting the Development of Circular Economy through Branding of the Second Luxury Industry." President Zhao Zhongxiu pointed out that in the "14th Five-Year Plan for Circular Economy Development" issued by the National Development and Reform Commission in 2021, it was clearly stated that the development of the second-hand commodity market should be standardized, establish and improve commodity identification, evaluation and grading standards, standardize circulation order and transaction behavior; and encourage the development of the "Internet + second-hand" model to improve transaction efficiency. The "Second Luxury Market Report" released today shows that as the number of luxury goods inspection and appraisal practitioners increases year by year and the professional level of appraisals improves, the health of the second luxury goods trading market has greatly improved, and the market will maintain a rapid growth trend in the future. However, it should be noted that the second-hand luxury market still needs to be improved in terms of transaction trust, healthy competition, and win-win cooperation. He believes that efforts can be made from the following three aspects to find breakthroughs and development directions to solve the problem.
First, take brand building as the starting point and give full play to the resource sharing advantages of the second-hand luxury market.
At present, the second-hand luxury industry is still in the primary development stage of pursuing transaction volume, market share and high profit returns, and there is a lack of strategic thinking on brand building in the industry. The Ershe market deals in luxury brand products with high unit prices, and consumers also have high requirements for the authenticity and professionalism of product identification. As the team of market appraisal institutions and practitioners grows, the market competition in this industry becomes increasingly fierce, and brand building will help those outstanding merchants stand out, enhance their core competitiveness, and effectively reduce consumers' choice costs. The creation of a trinity resource sharing cooperation brand platform consisting of "industry association brand + university brand + corporate brand", giving full play to the brand advantages of all parties and forming a joint force, will more effectively promote the healthy and sustainable development of the second-hand luxury market, and at the same time serve my country's circular economy development strategy.
Building a brand is of strategic significance to the healthy development of the second-hand luxury goods market. Brand is the value anchor for Erluxe enterprises to actively participate in market competition, and brand is an important carrier of corporate culture. An excellent brand is the guarantee of consumer trust and the source of high-value intangible assets for enterprises. For example, TheRealReal, a foreign second-hand luxury platform founded in 2011, adheres to the concept of brand development and was successfully listed on Nasdaq in 2019; other second-hand luxury platforms such as Rebag and Vestiaire Collective have also effectively consolidated their market positions by actively strengthening brand building, showing the role of second-hand luxury enterprise branding in improving customer experience and enhancing corporate market competitiveness. In China, there are also well-known second-tier luxury companies, but they have yet to reach the level of strategic brand management.
Brand is of great significance for enterprises to gain competitive advantages and achieve sustainable development. Strategic brand management will guide enterprises to develop from "single property rights identification and feature highlighting" to the high market value direction of "value creation, information integration and contract conclusion", and it takes brand asset management as the core. This concept emphasizes that companies should find a dynamic balance between enhancing customer value and enhancing brand value. Therefore, brand management is a kind of strategic management, which is conducive to the longevity of the enterprise and is the future development direction of the second-hand luxury industry.
Second, integrate ESG concepts to empower second luxury companies.
ESG is the concept and practice of incorporating environmental, social, and governance factors into corporate investment decisions and operations. ESG emphasizes that companies should not only focus on financial performance, but also measure corporate value from an environmental, social and governance perspective, so that the practice and performance of corporate social responsibilities can be quantified, comparable, and continuously improved. The establishment of ESG concepts by Ershe companies is an important driving factor for them to enhance their brand value.
The second-hand luxury goods industry is in line with the circular economy proposition of reducing carbon footprint and resource waste by promoting the reuse and recycling of idle resources. Research shows that repurchasing and using a piece of clothing can extend its life by 2.2 years, which is equivalent to reducing carbon emissions and water consumption by 73%. This green consumption model is not only beneficial to environmental protection, but also greatly extends the life cycle of the product.
Third, platformization and content innovation help Ershe enterprise brand building.
The core value of the trading platform is to improve circulation efficiency and reduce transaction friction. An excellent trading platform can not only strictly screen products and control product quality, but also effectively manage and innovate content. By telling brand stories, sharing consumer brand experience, attracting customers, and managing customer loyalty.
“Half of the brand is culture”. Exploring the stories and cultural connotations of Ershe products and trying to carry out secondary creations will promote the branding process of Ershe enterprises, such as enhancing the brand emotional value of Ershe products and giving them new life. For example, Louis Vuitton is gradually strengthening its recycling and upcycling business. At the 2021 spring and summer fashion show, Louis Vuitton cooperated with a shoe factory to upcycle the brand's first batch of LV Trainer sneaker models and designed a new shoe model, LV Trainer Upcycling, which was welcomed by the market.
In addition, with the development of high technologies such as the Internet, AI, AR, and VR, it will bring more ideas, methods, and opportunities to Ershe’s platform and content innovation. New productivity characterized by high technology will help Ershe enterprises expand their territories by building brands.
Finally, President Zhao Zhongxiu specially thanked the research team of Professor Zhang Mengxia, director of the Luxury Goods Research Center, for their continued contribution to the research on the luxury consumer market.
Next, Secretary-General Duan Xiaohong of the China Entry-Exit Inspection and Quarantine Association explained the background, purpose and significance of the preparation of the industry report, as well as the relevant work in the preparation process of the industry report; Gao Xin, deputy director of the Industrial Products and Consumer Product Safety Research Institute of the China Customs Science and Technology Research Center of the General Administration of Customs, gave a speech on the theme of "Promoting the Technical Capacity Improvement of the Industry" and introduced the relationship between Haike Center and China Entry-Exit Inspection and Quarantine The Inspection and Quarantine Association carried out the first verification of luxury goods identification capabilities in the field of luxury goods identification; Zhao He of the Hebei Provincial Product Quality Supervision and Inspection Institute introduced the inspection and identification of luxury goods and the second-hand luxury goods market in Hebei Province; Xu Wei, founder and CEO of Hongbulin, and Hu Weiwei, founder and CEO of Shedangjia, gave speeches on the themes of "Opportunities and Challenges in the Second-hand Luxury Industry" and "Serving Merchants and Helping the Development and Growth of the Second-hand Luxury Industry" respectively.
In the future, the Luxury Goods Professional Committee of the China Entry-Exit Inspection and Quarantine Association will focus on industry research and problem collection for the development of emerging industries, conduct in-depth research and exchanges with all parties, regularly write and publish reports, and promote the healthy development of the market.
