Editor’s Note
Recent data highlights a significant surge in gold consumption, particularly among younger demographics. This trend, driven by seasonal demand and evolving consumer preferences, reflects broader shifts in the market.
Data released by the National Bureau of Statistics shows that from January to December 2024, the total retail sales of gold, silver, and jewelry enterprises above a designated size reached 330 billion yuan. The Spring Festival has always been a traditional peak season for gold consumption, with “buying gold for the New Year” becoming the first choice for many consumers. According to data from the China Gold Association, during the 2025 Spring Festival period, national gold consumption increased by 13% year-on-year.
This generation of young people has also used their actions to overturn the stereotype of “young people don’t know the joy of gold,” becoming the main force in gold consumption! According to reports, among the groups purchasing gold on Tmall, the two major groups of “post-95s” and “post-00s” account for more than half.
Twelve years ago, “Chinese aunties buying gold” sparked global discussion.
Understanding “aunties” and becoming “big sisters” is the common choice of this generation of young people.
On February 5th, the retail gold prices of brands like Chow Tai Fook, Lao Feng Xiang, and Lao Miao Gold generally exceeded 855 yuan per gram, while the latest closing price of spot gold AU9999 on the Shanghai Gold Exchange was 667.75 yuan per gram. Despite high gold prices, the gold-buying frenzy shows no sign of abating.
When mentioning emotional value, one cannot help but mention Jellycat, which was wildly popular in 2024. Store staff provided unique shopping services for consumers through “home visit” style performances. A small plush toy costing four or five hundred yuan can provide emotional value that far exceeds the product itself.
Before this Spring Festival, the author was selecting a transfer bead at Chow Sang Sang as a gift. The clerk informed that buying transfer beads could provide free stringing services, with various stringing styles available for customers to choose from, and even indicated that any stringing style found online could be replicated.
According to understanding, major gold jewelry brands now offer free stringing services, and the competition among clerks is very “intense.” This mainly stems from the fact that when young consumers today buy satisfactory gold jewelry and stringing combinations, they often share on social media platforms like Xiaohongshu, which can bring in new customers.
Early on, clerks learned stringing by following online tutorials. Now, stringing has become an important skill in gold jewelry company training. During company training, corresponding combinations are designed for different product designs, incorporating some trendy elements and avant-garde design concepts. For example, for the Year of the Snake in 2025, green and white became the main recommended colors.
The author also randomly inquired with clerks from several other gold jewelry brands. In addition to basic stringing combinations, some clerks can also give more targeted and reasonable suggestions based on information such as the wearer’s zodiac sign, birthday, personality, and hobbies. The overall shopping experience is very comfortable, making one feel that wearing it will bring good luck, with emotional value maximized throughout the process.
Young consumers are increasingly valuing emotional value, and consumer brands are also meeting their emotional needs in various ways.
From consumer behavior and investment/financial management to fashion customization and cultural identity, young people’s enthusiasm for gold is accelerating the reshaping of the gold market landscape.
Mothers buy gold, loving small zodiac pendants, peace locks, Ruyi, and various flower-shaped jewelry, each shape full of beautiful blessings. Young people buy gold, loving small gold beans, national trend styles, ancient method gold, and IP co-branded jewelry, focusing on following one’s heart.
According to the “China Jewelry Market Development Report (2019-2024)” released by the China Gem & Jewelry Jade Jewelry Industry Association, young consumers no longer blindly pursue “big and heavy” products but are more willing to pay for products that are “small and beautiful.” Major brands have followed the trend, launching “small gold bracelets,” “small gold beans,” and other “small but heavy” gold jewelry.
“Small but heavy” gold jewelry has become one of the preferred gold products for young people with limited budgets due to its lower purchase threshold. “Saving small gold beans” has also become a new financial management method for contemporary young people, with very high topic discussion heat on Xiaohongshu. On one hand, it can achieve value preservation and appreciation when gold prices rise; on the other hand, the accumulation process gives young consumers a sense of comfort and satisfaction.
Young people have unique preferences in their choice of gold jewelry. They are no longer satisfied with traditional gold styles but pursue more personalized, fashionable designs, and products with cultural connotations.
The rise of “national trend” and the growing cultural confidence of the younger generation have made ancient method gold jewelry, which incorporates traditional Chinese cultural elements, popular among some young people who pursue quality and culture. Ancient method gold not only inherits the craftsmanship of ancient Chinese palace gold and silverware making but also innovatively combines modern design concepts and precision processing technology.
In 2023, the consumption volume of ancient method gold jewelry was 249.39 tons, a year-on-year increase of 37.29% compared to 2022, accounting for 35.30% of the annual consumption volume of gold jewelry, with total retail revenue of 161.867 billion yuan, a year-on-year increase of 66.38% compared to 2022.
In addition, some popular IP co-branded gold jewelry items that combine traditional cultural elements and modern fashion elements are also highly sought after by young people.
Chow Tai Seng launched a series of new IP collaboration projects at the end of 2024, including National Treasure·Golden Cloud Dragon, National Trend·Peace Mount Tai, Master Art Jewelry·Da Vinci, and Master Collaboration·Vitality Snake.
According to reports, one of the new growth points targeted by Chow Sang Sang for the young consumer group is collaborating with IPs loved by young people, such as Bubble Mart, Sanliang Ostrich, Harry Potter, and SpongeBob SquarePants, to launch co-branded series.
Mothers buy gold, buying into the rebound of global gold prices; young people buy gold, igniting China’s Shuibei market.
Shuibei Market is China’s largest gold jewelry manufacturing, processing center, and trading cluster, gathering tens of thousands of gold jewelry enterprises. With the rise of short video platforms, a large number of Shuibei purchasing agents have emerged, and there is a sea of recommendations about Shuibei gold on platforms like Douyin and Xiaohongshu.