Gold jewelry market consumption ushered in a recovery

2023-04-24


The National Bureau of Statistics recently released consumption data for the first quarter of 2023. The data showed that during the first quarter, the total retail sales of consumer goods was 11492.2 billion billion yuan, a year-on-year increase of 5.8 percent. The total retail sales of gold, silver and jewelry were 97 billion yuan, up 13.6 year on year. The total retail sales in March were 28.8 billion yuan, up 37.4 year on year. In the data plate of total retail sales of social sales, the biggest increase is the total retail sales of gold, silver and jewelry, showing a rapid recovery momentum.

Jewelry market ushered in a high tide of consumption due to epidemic policy adjustment

The first quarter of this year, is the golden period after the adjustment of the epidemic policy, and just in time for the Spring Festival, the annual Spring Festival is the peak consumption season of gold jewelry, jewelry gold consumption during the Spring Festival in 2023 a significant recovery, all areas of consumption are significantly warmer. In addition, large jewelry cities such as Beijing, Shanghai, and Shenzhen also ushered in a peak of passenger flow. Well-known jewelry brands such as Chow Tai Fook, Lao Fengxiang, and Liufu took advantage of the marketing, and the major stores were crowded, and even the showcases in the gold jewelry wholesale market were crowded., Jewelry retailers are also buying gold jewelry in large quantities.

Chow Tai Fook Group recently released its first quarter performance report. During the reporting period, the group's retail value increased by 14.2 year-on-year. The retail value of the Chinese mainland market increased by 9.6 year-on-year, accounting for 88.9 of the group's total retail value. Same-store sales fell 5.6 per cent year-on-year, with jewellery inlays, platinum and K-gold jewellery falling 19.3 per cent year-on-year, gold jewellery and products falling 2.0 per cent year-on-year, while retail sales in Hong Kong, Macao and other markets rose 71.2 per cent year-on-year, accounting for 11.1 per cent of the group's total retail value. Same-store sales rose 96.5 percent year-on-year, with jewelry inlays, platinum and K-gold jewelry up 99.2 percent year-on-year and gold jewelry and products up 116.5 percent year-on-year.

According to data from the China Gold Association, during the period from the Spring Festival to the Lantern Festival in 2023, my country's gold consumption increased by 18.2 year-on-year. During the Golden Week, the sales of cultural and creative products, bracelets and other jewelry accessories for the Year of the Rabbit are relatively high, and investment products such as gold coins and investment gold bars are also favored by consumers.

February 14 Valentine's Day for gold and silver jewelry, and can drive a wave of sales. Gold jewelry with value-added and value-preserving properties has become the choice of consumers. Secondly, the sales of personalized jewelry have increased significantly. The prices of jadeite, jade, gems and other jewelry have risen, and sales have also increased, with a certain increase year-on-year.

Since mid-March, the international gold price has continued to rise, and many investors and buyers have focused their attention on gold. From the beginning of March, the international gold price was as low as US $1810 per ounce, and then rose rapidly and exceeded US $2000 in the past two weeks. The domestic gold price also rose simultaneously. The retail prices of physical gold stores such as Chow Tai Fook, Zhou Shengsheng, and Lao Fengxiang were within a week. It rose by 40 yuan/gram, and the highest exceeded 580 yuan/gram. Overall, gold prices rose 6.4 per cent in March, up about 8 per cent from a year earlier.

Jewelry show restarts, market in short supply

Due to the adjustment of the epidemic policy, the feast of major jewelry exhibitions was restarted. From February to March, Thailand International Jewelry Exhibition, Hong Kong International Jewelry Exhibition and China International Jewelry Exhibition were held successively. The exhibition site is very popular, and exhibitors, buyers, wholesalers and jewelry lovers from all over the world gather at the exhibition site.

Jadeite and precious stones are in short supply. At the Thailand Jewelry Fair, many industry peers said that the price of gemstones has generally risen this year. The average retail price of platinum necklaces and rings has reached 1820 yuan/g, which is 2.3 times that of 2022; the average wholesale price of gold jewelry It is 2660 yuan/kg, which is 3.5 times the same period in 2022; the average wholesale price of silver jewelry has risen to 6200 yuan/kg, more than double that of 2022. In addition, diamonds, red sapphire, turquoise and other high-grade gemstones have also risen sharply. Ruby, in particular, has doubled in growth. In the subsequent Hong Kong exhibition and Beijing exhibition, affected by the epidemic, many merchants inventory vacancies, urgent need to replenish, jewelry demand ushered in a major outbreak, the market in short supply.

Gold jewelry consumption trends change, the main young

According to the 2022 National Tide Jewelry Research Report, in 2022, the main consumers of gold shops in mainland China will be between 25 and 34 years old, accounting for 55%, ranking first; secondly, the 35-44 age group will account for 36%, ranking second. In addition, the China Gold Association also stated that in the future, Generation Z consumers under the age of 25 will become the main force in gold consumption, and China's gold jewelry consumption is developing in a younger direction.

In China's retail jewelry market, compared with other categories, gold jewelry and investment gold products are gradually welcomed by consumers. In the first seven months of 2022, gold products contributed the most to jewelry sales, with gold jewelry accounting for the largest share at 59%. Therefore, gold jewelry is the most important jewelry category in China's retail jewelry market. In recent years, the craftsmanship and design of domestic gold jewelry have become increasingly fashionable, the main consumer of gold jewelry has gradually become younger, and young consumer groups have become more and more receptive to gold jewelry.

According to the "2021 China Gold and Jewelry Consumption Survey White Paper", the main force of China's gold and jewelry consumption has begun to become younger. In previous years, the people who bought gold were mainly wedding accessories. Now the diversity and diversified design of products are more popular among young people. Favored. According to the data, the main consumers of gold jewelry are between 25 and 50 years old, and the consumption proportion of 25-35 years old is as high as 75.59. The post-90s and post-00s have taken up the banner of gold jewelry consumption.

Jewelry consumption concept change, from buying "feelings" to buying "value preservation"

With the rapid development of the Internet, the impact of the overlay epidemic, so that people buy gold jewelry concept slowly changed. In the past, the marketing strategy of "feelings" in the jewelry market is gradually losing its attraction to consumers, and value-added consumption has become the mainstream of the market, especially gold jewelry, which has become the main role of jewelry circle consumption.

The relevant person in charge of the World Gold Council said that gold jewelry has dual attributes. It is not only a dazzling and exquisite accessory, but also a means to store wealth and preserve value. It not only meets consumers' demands for savings and value preservation, but also satisfies consumers' pursuit of beauty. At present, the style of domestic gold ornaments has been greatly upgraded compared with the past, and gold production enterprises are also studying the process upgrade.

Looking at the moment, ancient gold, 5G gold and other gold manufacturing technology and innovative jewelry continue to emerge, more and more consumers sought after, this demand forced the production side of technological innovation phenomenon is undoubtedly conducive to the healthy development of the industry, but also illustrates the upgrading of China's gold consumption pattern.

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