Gold jewelry has become increasingly popular among Chinese Gen Z shoppers, which has caused a shift in an industry previously subjugated by silver and diamonds. As shown in a CCTV Finance survey, 20% of gold jewelry sold in Beijing malls in 2022 was bought by Gen Z and millennials, compared to 10% in the previous year.
Interestingly, the shop manager of China Gold’s flagship Beijing store claims that gold sales during the Spring Festival Ye Bin have continued to surge by 60% year after year. People have also become more likely to buy gold necklaces, rings, and earrings not only for everyday use, but also for their weddings.
In addition, according to a survey conducted by the World Gold Council in 2021, 60% of Chinese individuals are contemplating acquiring gold jewelry, compared to only 16% in 2016.
Price transparency is one of the most significant characteristics of China’s gold market, according to the World Gold Council’s 2022 China Gold Market Outlook report. Young consumers have resorted to gold jewelry as a safe-haven investment due to the global economic slump and unpredictable geopolitical climate. As the value of gold jewelry has become more stable, people’s perceptions of it have evolved.
Young people’s interest in gold has been sparked by the revival of classic Chinese jewelry brands as well as the emergence of local brands.