TAIPEI, Oct. 23, 2023 /PRNewswire/ -- PopChill Corp, a second-hand luxury goods marketplace, announced the completion of its Pre-A+ round of funding on October 19th, and in collaboration with Entrupy, an AI powered international luxury goods authenticator, jointly released the 2023 annual Taiwan second-hand luxury goods report. In addition to international authentic and replica circulation trends, the report also includes Taiwanese consumption data analyzed by PopChill from over 100,000 items. The report points out that the most popular second-hand luxury brands among Taiwanese are Chanel, LV, and Hermès, with an average sales amount of US$800. Compared to the average original price of US$2,500, second-hand luxury goods are roughly 30-40% of the original price, which is quite cost-effective for most people.
PopChill's authentication process with Entrupy device
Report URL: https://bit.ly/3PViHUF
Taiwan Has a Higher Authenticity Rate Than International, PopChill Blocks Over US$40,000 Worth of Luxury Goods Monthly
According to Entrupy's data, items verified as genuine account for 91.9% of the total, with the rest being fake or unable to be verified as genuine. In comparison to international figures, PopChill verifies 98.4% authenticity in Taiwan, which is higher and indicates that the Taiwanese general public places more emphasis on intellectual property rights.
PopChill co-founder Kelly Liao stated: "Our platform conducts two stages of checks, not only verifying authenticity but also inspecting product quality. Every month we prevent over US$40,000 worth of counterfeit and defective goods from circulating in the market. We are happy to use Entrupy's technology to provide the best protection for buyers and promote safe transactions for both parties."
Bags are the Most Purchased, Chanel, LV, Hermès are Most Loved
According to PopChill data, Taiwanese people love to buy bags the most, which account for 78% of the second-hand luxury goods market, followed by jewelry, clothing, and shoes. The main reason is that Taiwanese people are more receptive to second-hand bags than second-hand clothes, and bags don't have sizing issues.
In second-hand luxury goods, the top favorites are still Chanel, LV, and Hermès. These three brands account for about 60% of the total transaction amount of second-hand luxury goods. In addition to being the most loved, these three are also the most value-retaining items in the luxury goods market. Items in 90% new condition can still be sold for more than 60% of the original price.
25-45-Year-Old Women Predominate, a Consumer Group with Amazing Spending Power
In the user group that loves second-hand luxury goods, women account for nearly 80%, primarily aged between 25 and 45. Contrary to many people's stereotype of the second-hand luxury goods demographic, this group actually has a surprisingly high purchasing power, consuming on average about US$3,000 per year buying second-hand luxury goods, including those who spend more than US$10,000 annually. While many people think of second-hand bags as old, the primary luxury goods circulating in the market are "brand new" and "almost new."
Through this report, PopChill and Entrupy hope to raise public awareness of the importance of brand authenticity and ensure the transaction safety of buyers and sellers in the market. In the post-pandemic era, with luxury goods continuously increasing in price, second-hand luxury goods trading has become a new choice for many people.
PopChill: https://www.popchill.com
Entrupy: https://www.entrupy.com
