Boom in jewelry purchases in China. According to the latest World Gold Council survey, shopping for rings and necklaces in the first quarter was 119.1 tons, the highest level in seven years. Reason? It is the revenge shopping effect, that is, making up for lost time due to covid restrictions with an increase in spending. In short, a revenge that is consumed with the credit card. According to Roland Wang, CEO of the World Gold Council China, there are three factors that have pushed the demand for jewelry: the improvement in economic conditions thanks to the end of the emergency (in China), a slightly lower gold price and sales related to holidays.
In fact, in China, the first quarter in China coincides with the Spring Festival, New Year’s Day and Valentine’s Day. And, this year, for the first time even Women’s Day was a reason for purchases of gold jewelry. In particular, the Gufajin style, gold jewelry with elements of Chinese fashion, has gained popularity. The purchase of Gufajin jewelry came mainly from middle-class women with high incomes. But this year, more young women have started buying this kind of jewelry.