China’s Gold Consumption Soared with Increasing Spending Power of Younger Generations
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Gold consumption in the Chinese market continued to rebound in 2021. According to the latest data released by China’s Statistics Bureau, from Jan. to Nov. the consumption of jewelries with gold, silver and gem enjoyed the biggest growth among all the major commodity categories. The total retail sales of consumer goods were 39,955.4 billion RMB, increased by 13.7% y/y. Among them, the sales of jewelries with gold, silver and gem totaled 275.6 billion RMB, increased by 34.1% y/y.
The latest sales data of a renowned e-commerce platform shows, in Dec. order of gold jewelries, incl. K-gold and Pt increased by ca. 80%. Among them, orders from generations after 80s’, 90s’ and 95s’increased by 72%, 80% and 105% respectively.
Industry insiders believe that over 60% of people buy jewelry because of self-reward. In 2025, Gen Z will account for more than 50% of China's overall consumption power. As the Gen Z and millennial consumers gradually become the backbone of consumption, the self-pleasure attribute of jewelry consumption will be further enhanced. Major jewelers in China have stepped up efforts to rejuvenate their products, focusing on the young market. Gold jewelry will benefit from the upgrading of consumption in the sinking market and the rise of new consumer groups of Gen Z and millennials in the long run.
China imposes strict control on imports & exports of gold and gold products, incl. jewelry, gold dust, etc., for detailed information, please contact us.
Ms. Linda Li
0086（0）21 3538 3306
As food importer & food distributor based in Frankfurt and Shanghai, Sinoloben Europa Trading GmbH helps client export to China and bring your food products to International Expo, e.g. China International Import Expo (CIIE), the world's largest import-themed expo.
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