China News Agency, Tianjin, June 18th Question: The pattern of gold consumption has been upgraded. Why do China’s “Generation Z” like to buy gold?
Since 2023, the international gold price has generally shown an upward trend, which has driven up the retail gold price in China and triggered a “gold rush” among young people. On June 18, the reporter visited many branded gold jewelry stores in Tianjin and found that the retail price of pure gold was above 585 yuan per gram that day, and many young consumers were still rushing to buy gold jewelry.
“We are going to get married on ’11’ and take advantage of the ‘618’ mid-year promotion to order ‘hardware’ (gold rings, gold earrings, gold necklaces, gold bracelets, gold pendants).” Liu Zhongyuan and Wei Xiaxia are a pair of “post-95s” “Couples, they told reporters that compared with diamonds, gold has dual attributes, which can not only satisfy the pursuit of beauty in wedding accessories, but also save and preserve value.
According to the “2022 China Gold Jewelry Industry Insight Report” data, in the past five years, Chinese young people’s willingness to consume gold has grown rapidly, from 16% in 2016 to 59% in 2021. highest consumption potential. According to the “2021 China Gold and Jewelry Consumption Survey White Paper”, among the gold store consumer groups, customers aged 25 to 35 account for more than 70%. Among them, investment and financial management are the main reasons for young people to buy gold. Satisfaction and saving consumption make young people like to buy gold.
“I have collected some gold beans and gold bars. I bought them with a little bit of savings since I started working.” Zhang Yishi, a 28-year-old white-collar worker, told reporters that she is paid every month, except for living expenses , she will buy the rest of the money into small pieces of gold, and after the accumulation, she will exchange it for gold bars when the price of gold is right.
According to the latest data released by the National Bureau of Statistics of China, the retail value of gold, silver and jewelry commodities in May was 26.56 billion yuan, a year-on-year increase of 24.4%. According to the latest “Global Gold Demand Trends Report” released by the World Gold Council, the total demand for gold in the first quarter of 2023 will increase to 1,174 tons. China’s gold jewelry consumption demand rebounded in the first quarter, reaching 198 tons, accounting for 41.42% of the global gold jewelry consumption demand.
Some analysts pointed out that consumption concepts such as gold value preservation and appreciation are becoming the mainstream of the Chinese market.
According to statistics, the “post-95s” and “post-00s” groups account for more than half of the people who buy gold in Tmall Supermarket, becoming the main group of online gold buyers. China’s gold and jewelry consumption is developing towards a younger age.
Cong Yi, a professor of economics at Tianjin University of Finance and Economics, said that the “Generation Z” consumer group pursues individuality, values experience and the practical value of products, and is more pragmatic in consumption.
According to a designer of China Gold Tianjin Company: “Currently, the craftsmanship and style of domestic gold jewelry have been greatly upgraded compared with the past, especially a series of cross-border fusion products designed with fashion elements such as national trends, not only affordable , Unique shape, also makes gold jewelry and consumers have an ideological connection, and is sought after by more and more young consumers. On the basis of increasingly sophisticated craftsmanship, the needs of young consumer groups have prompted the gold jewelry industry and arts and crafts It also shows the upgrading of China’s gold consumption pattern.”