Trending in China: Why gold is booming with China’s youth
Once considered an 'outdated item' exclusively for the elderly, gold is now sparking a frenzy among Chinese young people.
Since 2023, the price of gold in China has been on the rise. In January 2024, the basic price of gold reached ¥480 per gram with retail prices of major gold brands exceeding ¥600. The enthusiasm of young people for purchasing gold jewellery continues to rise unabated. On the first day of pre-sale for Double 11 in 2023, the GMV of gold products increased by over 250% froma. year earlier. On Xiaohongshu/RED, there are nearly 10 million related posts, discussing the price trend of gold and sharing experiences of buying gold. This consumer demand saw China supersede India as the top gold-importing country last year.
What's behind the current enthusiasm of young people for gold? First of all, not only is it an on-trend accessory, gold also presents promising appreciation potential compared to other jewellery, making it an attractive investment for young buyers. In addition, many gold jewellery brands are adopting innovative marketing approaches to capture the attention of young consumers. It isn’t just exclusive luxury brands who are tapping into the gold trend, but plenty of fun collabs with popular mainstream brands such as Ultraman, blind-box sensation POP MART, Disney, Harry Potter and Linefriends. For those who don’t want the popular characters and want to save money, some youth are becoming gold craftsmen and DIYing their gold for personalized accessories. In short, gold is no longer perceived as old-fashioned; instead it has become a trendy gem that blends traditional cultural elements with popular contemporary art.
Chow Tai Fook unveiled the new designs for HUÁ Collection, inspired by the Tang Dynasty artefacts and forged with time-honoured gold-crafting techniques. An immersive launch event was held at the Shaanxi History Museum in Xi'an. Images from Chow Tai Fook's Weibo account.
Chow Tai Fook and its sub-brand MONOLOGUE both launched a gold jewelry series co-branded with the IP Ultraman, triggering nostalgic memories for post-90s consumers and causing a sensation on social media. Images: Xiaohongshu
Chow Sang Sang partnered with IP MOLLY from POP MART to launch a collaborative gold jewellery collection, increasing brand visibility and recognition among Chinese young people. Images: Xiaohongshu
Images showing gold jewellery collections co-branded with IPs including Harry Potter, Linefriends, Disney, Crayon Shin-chan. Source: DIGITALING
Gold crafted into various interesting shapes across the spectrum from the expensive Kweichow moutai baijiu and instant noodles. Source: DIGITALING.
