The sales growth of gold and silver has hit a record, and the rise of the new generation of consumers cannot be ignored

From January to November this year, domestic sales of gold and silver rose by a record, according to statistics from the Bureau of Statistics. Surveys from multiple institutions show that with the continuous growth of the gold and jewelry industry, the rise of the new generation of consumers cannot be ignored. Major financial institutions also said that consumer confidence is still strong at the moment, but gold and silver prices have not decreased following the weakening of the retail industry. Recently, the prices of gold and silver have continued to decline, while retail consumption of gold and silver jewelry has Another sight. The total retail sales in November this year was 40 trillion yuan, a year-on-year increase of about 13.7%. Among various commodity sales, the sales volume of gold, silver and gemstone products was 275.6 billion yuan, a year-on-year increase of 34.1%.

Brokerage companies are very concerned about the warm atmosphere in the gold and silver jewelry market. According to the latest report of the Shanghai Stock Exchange, the price of gold continued to rebound strongly at the beginning of this year, and the outlook is optimistic. In a recent survey, sales of gold and silver in mainland China began to rise in July. The jewelry industry still has a good room for development, and new jewelry companies are emerging.

In terms of time, “Golden Nine and Silver Ten” is a traditional festival in China. As the Chinese Lunar New Year approaches, people’s desire to buy is still strong, especially the younger generation, which has also started their golden age.

The latest data released by Vipshop shows that since December this year, gold jewelry including K and platinum has increased by 80% year-on-year. In jewelry, the sales of gold and silver jewelry for the post-80s, post-90s and post-95s increased by 72%, 80% and 105% respectively over the previous year.

As far as the current development trend is concerned, it is largely due to the changes in the industry and the improvement of the purchasing power of the new generation of consumers. More than 60% of young people buy jewelry with their own money. It is estimated that by 2025, the new generation of Chinese will account for more than 50% of the population.

As the new generation and millennials gradually form their own consumption habits, the entertainment attributes of the jewelry industry will continue to improve. In recent years, many jewelry manufacturers have stepped up their efforts to develop jewelry for young people. Sales in the jewelry industry have risen significantly, and the reason for this rebound is largely due to the rise of entertainment and consumption, coupled with the domestic boom. In the long run, gold and silver jewelry will benefit as consumers sink and the new generation trend.

The shift in demand for young people in the gold and silver jewelry industry is a long-term process. A study co-published by China Gold Weekly in September showed that one-third of those surveyed said consumers aged 25 or younger would spend more gold and silver jewellery in malls by 2021. Merchants believe that in the future, young consumers will become the main force of a new wave of gold and silver jewelry consumption. 48% of the respondents believe that the next generation will buy more metal jewelry in the next one or two years.

Post time: Mar-07-2022