Luxury appraisers are in high demand in China to sift through counterfeit products as the worldâs second biggest market for luxury goods has shown growth over the years and is expected to surpass the United States by 2025. Photo supplied.
Eagle-eyed appraisers watch over Chinaâs booming second-hand luxury goods market
By Reuters
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CAPE TOWN, May 06 (ANA) - Luxury appraisers are in high demand in China to sift through counterfeit products as the worldâs second biggest market for luxury goods has shown growth over the years and is expected to surpass the United States by 2025.
According to a report released by consultancy firm Bain & Company last November, China will become the worldâs biggest luxury goods market, which includes jewellery, fashion and beauty, with Chinese consumers to account for close to half of the global spending.
China s Rich Paying Big Money on Learning How to Recognize Fake Luxury Goods – Face of Malawi faceofmalawi.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from faceofmalawi.com Daily Mail and Mail on Sunday newspapers.
China’s Rich Paying Big Money on Learning How to Recognize Fake Luxury Goods
With counterfeit luxury goods getting harder and harder to spot, China’s rich are paying thousands of dollars for specialized courses on how to tell apart authentic luxury products from fakes.
China’s domestic luxury market is currently valued at approximately 4 trillion yuan ($617.7 billion) and that’s not even taking into account the second-hand luxury goods trade, but this boom has also given rise to sophisticated counterfeiting. Stories of bargain hunters being conned into parting with their money in exchange for hard-to-spot fake luxury products are very common on Chinese social media, so much so that there are now companies offering specialized courses on how to tell authentic luxury goods like Louis Vuitton or Chanel bags from counterfeit ones.
Japan-trained appraiser sifts through China s second-hand luxury market for fakes Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
Zhang Chen, founder of the Extraordinary Luxuries Business School, verifies the authenticity of a watch at the Beijing Extraordinary Luxuries Technology company in Beijing on March 24. | AFP-JIJI
AFP-JIJI May 3, 2021
Beijing – It’s the world’s biggest market for luxury goods and their counterfeits so an expert eye for telling a bona fide Chanel handbag from a bogus one is a skill set in hot demand across China.