30% of Chinese Millionaires Drive 220% Premiums in Secondhand Luxury Watch Auctions

Elite Consumer Preferences Reshape China’s Second-hand Luxury Market The comprehensive survey, which included 750 high-net-worth individuals with personal assets exceeding ten million yuan (approximately $1.4 million USD), provides valuable insights into the consumption patterns of China’s wealthiest consumers.

Respondents were predominantly young, with an average age of 35 years, equally split between genders, and overwhelmingly married (91 percent). Nearly half (45 percent) resided in tier-1 cities, with the remainder distributed across new tier-1 and tier-2 urban centers.

This trend among millionaires reflects a broader shift in China’s luxury consumption landscape, which has undergone significant transformation in recent years. The wealthy’s preference for pre-owned watches and jewelry comes at a time when the overall luxury market in China faces substantial headwinds.

It experienced an 18-20 percent year-on-year decline in 2024, reverting to 2020 levels. “The downturn is primarily driven by lukewarm consumer confidence driven by economic uncertainty and a decline in real estate value, a shift in spending toward overseas markets, and a reluctance to accept frequent price…