New Year’s gold rush: young people become the main force in “gold mining”
Consumer Daily reporter Lu Yue□ Wang Xinkun
As the New Year of 2024 is approaching, the consumer market is showing a prosperous scene. As a traditional value-preserving commodity, gold has once again become the target pursued by consumers. It is worth noting that in this “gold rush”, a new force is already gaining momentum. “I have just awakened my bloodline. I wish I had bought gold earlier!” Netizens’ sigh has become a true portrayal of contemporary young consumer groups.
The gold market continues to improve in the New Year
“In the past year to the present, the gold market has been generally stable and has shown a slight increase. Affected by the global economic recovery, the value of gold, as a safe-haven asset, has been relatively stable.” Industry insiders said in an interview with reporters. The QiChacha data report shows that there will be 14,000 new gold-related companies in my country in 2023, a year-on-year increase of 18.69%, reaching the peak growth rate in the past five years.
At the beginning of the New Year in 2024, the gold market is also continuing to heat up.
According to Zhang Wenbin, a nationally registered gold analyst, in addition to the strong confidence given to merchants by the outstanding performance of the gold market last year, more importantly, the Spring Festival is the traditional peak season for gold sales and purchases in my country. He said, “Because of its many beautiful meanings in its cultural connotation, gold has naturally become a popular product for people to buy during the Spring Festival. From an investment perspective, the wealth value of gold in preserving and increasing its value is also deeply rooted in the hearts of the people. At the beginning of the New Year, people start to period of investment planning.” Therefore, under the combined influence of multiple factors, the gold market has shown a continued hot trend.
In such a hot market, gold consumption during the Spring Festival also shows new characteristics. During the visit, the reporter saw that in this gold rush wave, young consumer groups such as the “post-95s” and “post-00s” are becoming more and more active. Compared with the dominance of “Chinese aunts” for many years, this time young people are no longer bystander. They are quickly taking over from the older generation and becoming the main force in buying gold.
Young people become the main force in “gold digging”
According to relevant data, in the first week of JD Double 11 in 2023, among buyers of gold jewelry, consumers aged 26 to 35 accounted for 57% of the transaction volume, and the transaction volume increased nearly 15 times compared with the same period last year; The transaction volume of gold jewelry among consumers under the age of 25 also increased nearly 9 times year-on-year.
“Young people are paying more and more attention to investment and value preservation, and gold, as a traditional value preservation commodity, has naturally attracted attention; secondly, today’s various types of gold jewelry also have fashionable attributes, which also makes this type of product more relevant to young people. closer; finally, the social attributes of gold are becoming more and more obvious, such as anniversaries and important nodes. Gold is given as a gift to family and friends, which also has a more ceremonial feel.” Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, told reporters that these The superposition of factors makes young people gradually become an important force in the gold consumption market.
The reporter noticed that with the change in consumption concepts, compared with middle-aged and elderly consumers, young people pay more attention to their own spiritual needs and aesthetic experience, and are more receptive to new things. In order to capture this emerging consumer group, many businesses have launched a series of gold products and services targeted at young people to meet their needs.
“Good-looking, fun and value-preserving” “Who can’t be confused by this appearance?” In the eyes of many consumers, the “new generation” gold products not only have stable investment value, but also have the characteristics of fashion and personalization. . Chow Sang Sang once created a series of cute rabbit gold jewelry based on rabbits. Through unique craftsmanship and color matching techniques, the finished products are more adorable. Another example is the previously trendy joint product between Acer and Doraemon, which cleverly combines trendiness and sweetness. The “Golden Beans” that has exploded since last year has integrated traditional gold jewelry with new areas such as fragmented financial management, and the enthusiasm of young people in the rush for gold continues to rise.
Rejuvenation coexists “danger” and “opportunity”
According to the “2022 China Gold Jewelry Industry Insight Report”, in the past five years, Generation Z’s willingness to consume gold has grown rapidly, from 16% in 2016 to 59% in 2021. It is the largest gold jewelry consumption potential among all age groups. Highest. Unlike 10 years ago, as young people gradually become the main force in “gold mining”, this market will also usher in new development opportunities and challenges. “The youth trend has brought positive impacts to the gold market,” said Bo Wenxi, vice chairman of the China Enterprise Capital Alliance: “First of all, this can promote the development and innovation of the gold market and make the gold market younger and more diverse. Secondly, the participation of young consumers also promotes transaction activity in the gold market.”
The reporter saw that in addition to the above-mentioned product innovations, businesses also use a variety of other ways to attract young consumers. Such as organizing online and offline interactive activities, using social media marketing strategies, and providing high-quality after-sales services. Today, well-known brands that stand out in the fiercely competitive young market, Metropolis enhances consumers’ awareness and loyalty to the brand by improving consumers’ shopping experience and satisfaction.
But it is worth noting that the rising enthusiasm for gold consumption has made young people call them “tops”. However, according to experts, investing in gold is not without risks. Cui Xing, an industry insider, said that under the influence of the younger gold consumption trend, some businesses have begun to take advantage of the gap in gold supply and demand market information and other means, such as overpriced craft fees, confusing second-hand gold recycling channels, and customized and other high-premium products. , these routines can easily cause young consumers to suffer loss of profits, so he suggested that young consumers should fully understand the market dynamics and risk factors when buying gold, and avoid blindly following the trend.