The World Gold Council disclosed on the 11th that China National Gold Group Gold Jewellery Co.Ltd(600916) consumption ushered in a "good start" during the Spring Festival. The relatively stable local gold price, the traditional Spring Festival Gold shopping season and the endless means of business promotion have ignited consumers' interest in gold jewelry products. In 2022, China National Gold Group Gold Jewellery Co.Ltd(600916) demand is expected to show a positive growth trend.
According to the World Gold Council, there is strong demand for physical gold in the upper reaches of China before the Spring Festival holiday. The active replenishment of local manufacturers and retailers before the Spring Festival holiday has kept China's upstream gold demand strong from December 2021 to January 2022.
According to the World Gold Council, China imported 818 tons of gold in 2021, 36% higher than that in 2020, close to the level in 2019. Despite the successful epidemic prevention and control in China, border control may be slightly relaxed compared with 2020, but the strong recovery of China National Gold Group Gold Jewellery Co.Ltd(600916) consumption in 2021 is the more key factor to promote such a significant increase in gold imports.
In addition, China National Gold Group Gold Jewellery Co.Ltd(600916) consumption remained strong during the Spring Festival. The strong promotion of retailers and the relatively low price of gold have also increased the attractiveness of gold jewelry products to consumers. Because 2022 is the year of the tiger in China, gold products with the theme of "tiger" are widely welcomed by consumers, and ancient gold jewelry is also attracting attention as always.
According to the analysis of the World Gold Council, due to the sporadic spread of the epidemic, many consumers choose to cancel their travel and tourism plans and celebrate the new year on the spot. The travel budget vacated by consumers may also be another key driver of the strong holiday gold consumption.
The World Gold Council said that although economic growth may slow down, it is still optimistic about the prospect of China's gold demand in 2022.
