China’s deepening deflation is reshaping consumer habits and forcing dramatic price cuts, with luxury goods now selling for as little as $30, and second-hand markets booming as economic pressures weigh on household spending.
A Coach handbag once sold for ¥3,260 ($454) can now be picked up at Beijing’s newly opened Super Zhuanzhuan store for just ¥219 ($30), as demand slumps and sellers flood the market.
Driving the trend is a combination of falling incomes, collapsing property values, and growing overcapacity in multiple industries, from autos to coffee. Consumer prices dropped 0.1% year-on-year in May, according to official data released Monday, reinforcing fears that deflation may become entrenched.
"The economy is definitely in a downturn," said 28-year-old Mandy Li, whose wage was cut by 10%. "My family's wealth has shrunk by a lot."
Luxury buyers like Li are increasingly turning to second-hand goods, a segment growing over 20% annually, but now oversupplied, leading to deep discounts well beyond the usual 30–40% markdowns.
Zhuanzhuan and other platforms — including Xianyu, Feiyu, Ponhu, and Plum — now commonly offer 70–90% off original prices on branded items. Some sellers say they are being pushed to the edge.
“It’s 20% more sellers every year, but buyers haven’t increased,” said one business owner anonymously. “Outside of Shanghai and Beijing, there’s no room for growth — many new stores will shut down.”
Experts warn these price wars are unsustainable, threatening the survival of businesses and possibly accelerating job losses — which could deepen the deflation spiral.
“The middle class — their salary has really decreased,” the second-hand store founder said. “That’s the number one reason we’re seeing these trends.”
Even luxury owners like Professor Riley Chang are considering selling but find the market unwelcoming.
“They push your price as low as possible,” she said. “It’s not worth it.”
Economists caution that while flash sales and ultra-cheap menus may seem good for consumers in the short term, the long-term effect could be harmful if business closures and job losses mount, further stifling economic recovery.
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Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
The Pentagon concluded a high-stakes press briefing Saturday afternoon following the U.S. strikes on Iran’s nuclear facilities, outlining the scale and success of the mission while stressing the door remains open to diplomacy.
Türkiye has voiced strong concern following the United States’ strikes on Iranian nuclear facilities, warning that the action could dangerously escalate the conflict and trigger a global crisis.
Global investors are bracing for significant market turmoil when trading reopens, with analysts predicting a sharp spike in oil prices and a flight to safe-haven assets following the United States' announcement of military strikes against three Iranian nuclear facilities.
Iran’s top diplomat on Sunday issued a stark condemnation of the United States following overnight military strikes on Iranian nuclear facilities, declaring that Washington had crossed a "very big red line" and would be held "fully responsible" for the consequences.
Gulf states hosting major U.S. military bases were placed on high alert Sunday after American airstrikes destroyed Iran’s main nuclear sites, raising fears of regional retaliation and a broader conflict that could engulf key energy exporters and destabilise global security.
Senior Russian officials have condemned the United States’ recent military strikes on Iran, warning of a spiralling regional conflict and accusing U.S. President Donald Trump of igniting a "new war" that could backfire by strengthening Iran's leadership.
The United States has clarified that its recent military strikes on Iranian nuclear facilities were not intended to overthrow the Iranian government, but to neutralise what it described as urgent threats to national security, amid rising tensions and fears of broader regional conflict.
Iran's top security body, the SNSC, will decide on closing the Strait of Hormuz, a critical oil and gas chokepoint, after parliament's reported approval. A Revolutionary Guards commander stated the measure is "on the agenda," signaling escalating tensions.
Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
The USS Nimitz is heading to the Middle East amid tensions between Israel and Iran. The U.S. aircraft carrier has a decades-long history in the region, from the 1979 hostage crisis to modern deployments, often serving as a key asset during periods of rising friction with Iran.
Gulf states hosting major U.S. military bases were placed on high alert Sunday after American airstrikes destroyed Iran’s main nuclear sites, raising fears of regional retaliation and a broader conflict that could engulf key energy exporters and destabilise global security.
Iran's top security body, the SNSC, will decide on closing the Strait of Hormuz, a critical oil and gas chokepoint, after parliament's reported approval. A Revolutionary Guards commander stated the measure is "on the agenda," signaling escalating tensions.
Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
Türkiye has voiced strong concern following the United States’ strikes on Iranian nuclear facilities, warning that the action could dangerously escalate the conflict and trigger a global crisis.
Iran’s top diplomat on Sunday issued a stark condemnation of the United States following overnight military strikes on Iranian nuclear facilities, declaring that Washington had crossed a "very big red line" and would be held "fully responsible" for the consequences.
Gulf states hosting major U.S. military bases were placed on high alert Sunday after American airstrikes destroyed Iran’s main nuclear sites, raising fears of regional retaliation and a broader conflict that could engulf key energy exporters and destabilise global security.
Senior Russian officials have condemned the United States’ recent military strikes on Iran, warning of a spiralling regional conflict and accusing U.S. President Donald Trump of igniting a "new war" that could backfire by strengthening Iran's leadership.
The United States has clarified that its recent military strikes on Iranian nuclear facilities were not intended to overthrow the Iranian government, but to neutralise what it described as urgent threats to national security, amid rising tensions and fears of broader regional conflict.
Iran's top security body, the SNSC, will decide on closing the Strait of Hormuz, a critical oil and gas chokepoint, after parliament's reported approval. A Revolutionary Guards commander stated the measure is "on the agenda," signaling escalating tensions.
Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
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