⚠️ Three deadly sins of the Chinese consumer market: big narratives, copycatting trends, state subsidies | Following the Yuan

Their perils stand out even more in a downturn market environment.

Walking into China’s largest second-hand luxury store, ZZER, starts as a novel experience. You store all of your belongings, slide on two gloves — one with two finger holes so that you can still use your phone to scan QR codes for prices — you feel like a luxury connoisseur.

But soon, you realize you are visiting a 10,000m² graveyard of China’s consumpti…