Stocks

As pandemic spurs a tidying-up frenzy, Japan’s market for second-hand goods booms

5/5
© Reuters. Buysell Technologies worker takes photo of a luxury-brand bag in Funabashi

2/5

By Kim Kyung Hoon

TOKYO (Reuters) – When Japan announced a state of emergency due to the coronavirus pandemic this year, people were urged to declutter their homes to pass the time, with Tokyo’s governor even roping in household-organising celebrity Marie Kondo in promotional videos.

Many have taken that message to heart and the market for second-hand luxury goods is booming as a result.

Mitsuko Iwama, a 71-year-old housewife, is a case in point. Pre-pandemic, she would have been spending a lot of time at the gym but after being stuck at home and cleaning her closets more often, she decided to part ways with kimonos that her parents bought her decades ago.

“I thought it was a waste to leave the kimonos just hanging up, and if someone from a younger generation would wear them, that would make me happy,” said Iwama, who sold 22 kimonos for 4,000 yen ($38).

Buysell Technologies Co Ltd, the company used by Iwama which collects goods from people’s homes and resells them through online stores and at old-style in-person auctions, has been one of the biggest beneficiaries of pandemic-induced tidying.

Visits to people’s homes surged 31% to 20,990 in October from a year ago, the company said, adding that three quarters of its customers are in their 50s or older, selling kimonos, luxury handbags and jewellery.

Similarly, Mercari Inc, which operates a popular flea market app, reported a 52% jump in sales for its July-September quarter compared with the same period a year earlier.

A surge in the value of gold this year as the pandemic spurred demand for safe-haven assets has also prompted people to sell rings and necklaces that had just been sitting around, adds BuySell Chief Executive Kyohei Iwata.

“There’s a term in Japanese, “danshari”, which means minimise your life. People’s mindsets have changed that way,” he said.

($1 = 104.4800 yen)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button