2022 World jewelry development conference is being held in Haikou. At the “golden sub forum” held at the conference on August 8, many guests believed that the China National Gold Group Gold Jewellery Co.Ltd(600916) consumer market was warming up. With the consumption upgrading of China’s jewelry market and the rise of cultural self-confidence, young consumers paid more attention to product innovation and the story behind products. “Gufajin”, which is closely integrated with design, technology and traditional cultural elements, is gradually popular in the China National Gold Group Gold Jewellery Co.Ltd(600916) jewelry consumption market.
The consumption demand of gold in the Chinese market has been strong, which also makes China the main force driving the growth of global gold consumption. According to the global gold demand trend report of the World Gold Council in the third quarter of last year, the demand for gold jewelry in the Chinese market reached 157 tons in the third quarter of last year, with a year-on-year increase of 32% and a month on month increase of 7%, basically returning to the level before the epidemic.
In recent years, the culture and innovation of gold jewelry market are becoming the main driving force to drive the gold jewelry market into a new track.
Li Xuesong, deputy general manager of China Industrial And Commercial Bank Of China Limited(601398) precious metals business department, introduced that at present, there is also a rise of national tide in the gold industry, which mainly presents three characteristics, namely, justice, unique, firm and personalized expression and ideological expression. The post-90s and generation Z prefer these characteristics.
The ancient French gold, which inherits the manufacturing skills of ancient Chinese palace gold and silver ware, combines modern design concepts and uses modern precision processing technology, not only brings consumers a refreshing product experience, but also is favored by the younger generation of consumers because of its rich Chinese traditional culture and intangible cultural heritage “memory”.
Li Gen, chief designer of Beijing Caishikou Department Store Co.Ltd(605599) introduced that since the outbreak, consumers\’ demand for jewelry and gold jewelry has quietly changed. Young consumers pay more attention to cultural and creative products and ancient French gold products, and pay more attention to the story behind the products. In recent years, “Caibai” has formed an “innovation matrix” in marketing channels, product design, production technology and other aspects. At present, the sales of cultural and creative products and gufajin products are good.
Jia Shuchang, senior analyst of the World Gold Council in China, noted that gufajin products are in the limelight in the current China National Gold Group Gold Jewellery Co.Ltd(600916) market, and gufajin ranks third in the inventory of jewelry retail stores in China. In view of the current expectation of gold market consumption, the market is mainly concentrated in the groups under the age of 40. He believes that in the future, retail stores will focus more on the younger generation of consumers, mainly on private traffic and social media, attract young groups in a young way, activate existing customers and realize secondary sales.
Take Zhou Dafu, the leading brand in the gold jewelry industry, as an example. In 2021, it launched the “inheritance” series of ancient French gold products, with a total sales of 1.85 million pieces. Chen Shichang, managing director of Chow Tai Fook jewelry Group Co., Ltd., introduced that in order to better connect with consumers, the group realizes intelligent retail through services such as cloud counter and digital customization platform. At the same time, it will also carry out a series of product innovation to meet the diversified needs of consumers.
The emergence of “ancient gold” jewelry makes more people pay attention to the beauty of ancient technology. How can ancient gold achieve internationalization? Wu Fenghua, founder of TTF senior jewelry brand, believes that the internationalization of ancient French gold is, in the final analysis, the internationalization of Chinese traditional culture and Chinese brands. Specifically, we can combine the design inspiration and technology with Chinese characteristics with Western jewelry culture, develop jewelry products integrating East and West, and transmit the unique jewelry cultural characteristics and process value of China to the international market.
“Consumers feel that gold jewelry is not fashionable enough and their emotional connection with their life circle is weak.” Zhang Qi, industry development and marketing manager of the world gold association, said that in response to these challenges, retailers need to re-establish the emotional relationship between young consumers and gold jewelry, improve the image of gold jewelry, dig deep into the young consumer market, and make the brand younger, product innovative and promote socialization.
(source: China News Network)
