Young Chinese Drive the Gold Jewelry Market

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Sales to People Between 25 and 34 Years Old Have Skyrocketed in the Country

China is witnessing a new gold rush, led by its younger generation. According to statistics from the China Gold Association, in 2023, national consumption of the metal reached nearly 1090 tonnes, representing an increase of 8.78% over the previous year. Notably, the age group of 25 to 34 years was identified as the main consumer group of gold, with their proportion rising from 16% to 59% in the same year.

According to Mercia Dias, founder of Merciaa Fine Jewelry, a company operating in the luxury market since 2008, the growing trend among young Chinese for gold reflects not just an aesthetic appreciation but also a promising investment outlook. ‘We are witnessing a convergence between Chinese cultural tradition and modernity, resulting in an ever-increasing demand for gold jewelry with Chinese aesthetic and cultural elements,’ she says.

The phenomenon is multifaceted, driven by a series of factors. On one hand, the resurgence of fashion in China has inspired jewelers to create elegant gold pieces that incorporate traditional Chinese elements, thus winning the preference of young consumers. On the other hand, the consistently positive performance of gold in the capital markets has encouraged young Chinese to see gold not just as an adornment but also as a reliable investment asset.

With the extended Chinese New Year holiday, February of this year marked the peak for gold stores across the country. Among the jewelry, necklaces, bracelets, rings, and other items valued between RMB 2,000 and RMB 3,000 are the most sought after when it comes to young consumers. ‘This further demonstrates the value of gold as a symbol of status and culture,’ adds the expert.

The trend reflects not just a change in the perception of gold, but also an evolution in the identity of the Chinese Generation Y. Previously associated with the good taste of the older generation, the material is now considered an expression of personal style and cultural loyalty among people of this age group.