Editor’s Note
As gold prices reach unprecedented highs, a notable demographic shift is emerging in the market. This article explores the growing influence of young consumers in driving gold demand, even amid soaring costs.
As of press time, spot gold (London Gold Spot) was quoted at $4,143 per ounce intraday, hitting a new record high. The price of pure gold jewelry from brands such as Chow Tai Fook, Chow Sang Sang, and Chiba Jewelry has exceeded 1,200 yuan per gram. Compared to before the National Day holiday, the domestic gold jewelry price per gram has cumulatively increased by over 80 yuan, with a year-to-date increase of nearly 50%.
Even as gold prices continue to climb, the enthusiasm for buying gold among young consumers remains undiminished.
The concept of gold consumption has changed. It now represents a dual purpose of self-gratification and saving, reflecting the current consumption mindset of many young people. Ms. Li, a post-95 customer selecting a piece, stated frankly that buying gold was “a gift for myself during the ‘Double Festival’.”
This new trend is equally evident on social media. On Xiaohongshu (Little Red Book), there are over 100,000 notes under the topic “Gold Styling,” where young people share how to incorporate traditional gold jewelry into everyday outfits. Gold is transforming from an investment product kept in a safe into a fashionable item for young people to express their individuality.
Data from the World Gold Council shows a significant increase in gold jewelry ownership among younger groups. The “2025 China Gold Jewelry Retail Market Insight” report mentions that the gold jewelry ownership rate among consumers aged 18-24 has reached 62%, compared to just 37% five years ago.
These small, exquisite gold items are often sold at a “fixed price,” breaking the traditional “price-per-gram” model, and are currently the most popular product type.
Guosen Securities stated in a report that significant new trends have emerged in gold jewelry consumption since last year, with the proportion of high-margin “fixed price” products increasing. For example, Chow Tai Fook’s revenue from “fixed price” gold products in the 2025 fiscal year increased by 105.5% year-on-year.
In terms of form, the sustained popularity of IP collaborations and ancient-method craft gold supports the high premium of gold jewelry.
“Gold grains” co-branded with popular anime, film, TV, and game IPs have become targets for registration by many gold brands. At a gold brand store in Beijing Zhonghai Daji Lane, during the “Double Festival,” Sanrio co-branded gold jewelry was placed in the most prominent spot at the entrance, with a steady stream of consumers inquiring about prices. Among the various items shown by the salesperson to the reporter, some had a per-gram price converted to be 880 yuan higher than the day’s gold price.
Ancient-method gold is also favored. World Gold Council statistics show that ancient-method gold jewelry entered a market explosion period starting in 2019 and has continued to grow over the past five years. By 2023, ancient-method gold jewelry accounted for 35% of domestic gold jewelry consumption, becoming the second-largest sub-category of gold jewelry after ordinary pure gold jewelry.
For example, Laopu Gold, which gained popularity through “ancient craftsmanship” and “Chinese aesthetic,” still found consumers “willing to buy” even after raising prices twice in February and August this year. Xiao Zhou, a salesperson at the Laopu Gold counter in Beijing SKP mall, introduced that single-item prices mostly range from 10,000 to 60,000 yuan. Depending on the craftsmanship and combined materials, the converted price per gram is approximately 1,200 to 1,700 yuan, with the price per gram for small-weight products even exceeding 2,000 yuan.
Data shows that international gold prices have risen approximately fourfold over the past six years. Rising raw material costs put pressure on corporate profitability, leading some companies to focus their main business on IP gold and high-end ancient-method gold.
The former attracts young people with IP, while the latter breaks traditional pricing with craftsmanship. Can this development model be sustained long-term?
Some opinions suggest that IP consumer groups are, after all, niche, and popularity “comes and goes quickly.” Once the bound IP cools down, the value of co-branded gold may also shrink. Additionally, the high proportion of gold raw material costs and its monetary nature make consumers accustomed to “price-per-gram” valuation. The business model of “IP + gold” still awaits long-term testing.
From a long-term development perspective, Zhang Yi believes gold brands can focus on three directions. “First, product innovation, creating differentiation by integrating Guochao (national trend) elements and upgrading intangible cultural heritage craftsmanship. Second, clear positioning, either delving into specific vertical categories or becoming a high-end brand. Third, optimizing marketing channels, consolidating ‘offline stores + online e-commerce,’ and accurately capturing trends and guiding consumption scenarios.”
Wang Jingtao added that digital transformation is key to cost reduction.
The “Double Festival” shopping frenzy has subsided, but changes in consumption concepts and industry innovation continue. For gold brands, how to capture the demand of young people amid gold price fluctuations and build a sustainable profit model remains a question to be answered.