An Exploration of Chinese College Students' Consumption Motivation on Secondhand Luxury Goods on Douyin Platform

Abstract

In 2020, the stock size of China's idle high-end consumer goods is 2.87 trillion yuan. The retail market size of idle high-end consumer goods has grown from 16.2 billion yuan in 2016 to 51 billion yuan in 2020, with a compound annual growth rate of 33.2%. The huge stock of unused luxury goods has laid a solid foundation of potential trading sources for the long-term development of the second luxury industry. After the epidemic, a growing number of second luxury platforms have seen the dividends of live streaming. Douyin, as the mainstream live broadcast sales platform in China, is a breakthrough for second-hand luxury goods to enter the live broadcast market. College students are a group that cannot be underestimated in online shopping, and their online consumption frequency is extremely high. This study aims to fill the gap in past research on the consumption of luxury goods, especially second-hand luxury goods, by Chinese university students. By collecting questionnaires, this paper explores the attitudes and consumption patterns of Chinese college students towards Douyin buying second-hand luxury goods. The results illustrated that Chinese college students have a positive attitude towards second-hand luxury goods but do not trust Douyin as a buying channel.