news — September 11, 2020 at 5:00 am

The Chinese are buying more gold. But it is not in vogue

According a survey 62% of Chinese women own gold jewelry, a percentage that exceeds those with a smartphone (51%). But is this enough to consider China a great opportunity for jewelry manufacturers? A survey of 2,021 women, fashion and lifestyle consumers, in various Chinese cities raises some doubts. The survey was carried out on behalf of the World Gold Council and reached non-trivial conclusions.

La modella cinese Liu Wen inanellata

30% of Chinese women say they have never bought gold jewelry, but consider doing so in the future. But young women between 18 and 24 are less interested in gold than those in other markets. For young Chinese women, gold is seen as too flashy and unsuitable for their style. Furthermore, they consider it too difficult to buy and not good value for money. Not to mention that they consider they already have enough gold jewelry. Not enough: for young Chinese women, gold jewelery is obsolete and lacking in style. Among those who have never bought gold jewelry, 90% cite reasons related to fashion.
L’attrice, cantante e produttrice cinematografica cinese Fan Bingbing

Different speech for the average of women over 24. Most continue to positively consider gold jewelry, which is part of the family heritage, a durable and precious asset, and a testimony of success, but at the same time more than a demonstration of wealth or an investment.
Modella cinese con gioielli di Annamaria Cammilli
Modella cinese con gioielli di Annamaria Cammilli

Spending on gold jewelry is on the rise, especially among consumers in larger cities. Rapid economic development in China may have shown signs of decelerating in recent years, the survey report noted, but the increase in individual wealth and, with it, spending power is remarkable. And so there is a significant increase in accessibility to gold jewelry that has lasted since 2016. Overall, consumers are buying more gold now than they were five years ago: 79% say they spend more and 81% of buy more jewelry.
Stanislas de Quercize assieme all'attrice cinese Gong Li
Stanislas de Quercize assieme all’attrice cinese Gong Li

If, however, gold is compared with the category of fashion and lifestyle as a whole, the yellow metal is behind in its perception of trend. Consumers motivated by style, fashion and self-expression do not consider gold jewelry to be particularly trendy, a perception that probably represents a barrier to purchase.
Inaugurazione di uno store Tiffany a Shenyang, in Cina

L’attrice cinese Anne Liu

Gioielleria a Shanghai
Gioielleria a Shanghai

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