Instances of high net worth consumers in China seeking to sell rather than buy luxury products are on the rise, local reports have said. There is “panic-selling” of products, including expensive handbags, to raise cash quickly, Jing Daily has said.

As a result, though, dealers in Shanghai and other cities have said the second-hand price of handbags, even exclusive models from high-end brands, has fallen by 20% in recent months.

A recession is “knocking on China’s door”, the newspaper said, and consumers there are becoming cautious about buying luxury goods. It quoted analysts at Barclays have calculated a fall of 40% in sales of luxury goods in China in the last three months.

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