CHINA People's Daily Tonight: Podcast News (7/1/2018 Sun.)


People's Daily Tonight: Podcast News (7/1/2018 Sun.)

People's Daily app

19:20, July 01, 2018


This is People's Daily Tonight, your news source from China. 


Who are major followers of Chinese luxury sharing economy?


For only 25 yuan (about $3.80) per day, Dai Chen, a 28-year-old clerk at a financial company in Changsha, Hunan Province, rented a Gucci limited edition bag to attend her boyfriend's party.

"People may consider me vain, but for a small amount of money to use the high end bags, and change styles very often, why not do it?" Dai said.

From bicycles to umbrellas, China's sharing economy has reached virtually every item. And now it has entered the high-end field.

The main consumers of this emerging business are millennials like Dai, who was born between 1982 and 2000. They claim to have a better fashion sense and higher consumption tastes but less income, and they are willing to share stuff with others.

The popular luxury leasing platforms are mostly focusing on luxury brand bags and clothes, and pricey watches and jewelry. Renters must log in with their real names and pay a deposit. The items  include brands like Chanel, Hermes, LV and Gucci, whose rent reaches hundreds of yuan.

The sharing economy has rapidly emerged as the new major force of China's society development, and is expanding to all industries. In 2017, revenue from China's sharing economy reached 4.9 trillion yuan, 47.2 percent higher than the previous year. 

China's luxury rental market still faces growing pains such as pricing, maintenance and identification.

The biggest problem is credibility, and how to identify if the platforms are offering authentic items. And platforms are uncertain if users are replacing their goods with counterfeits.

In the future, China's sharing economy might see a big opportunity in many fields such as manufacturing, agriculture, education, and retirement.

Whether the products have sharing markets and whether there is a support mechanism are the key questions which need to be answered.

(Produced by Chi Jingyi and Zhao Dantong, story written by Wang Yi)

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