Sou Hu Cai Jing·2025-08-05 06:02Core Insights - The traditional gold jewelry industry in China is undergoing a transformation, as brands like Lao Feng Xiang and Chow Tai Fook actively engage with younger consumers through cultural events and collaborations with popular IPs [4][8][12] Group 1: Industry Challenges and Responses - The gold jewelry consumption in China has seen a significant decline, with a 26% year-on-year drop in the first half of the year, totaling 199.826 tons [4] - The shift in consumer behavior indicates that gold is increasingly viewed as a "social currency" for self-expression rather than merely a symbol of wealth or a wedding necessity [5][16] - Brands are now prioritizing cultural engagement over traditional retail strategies, moving from relying on geographic foot traffic to creating targeted cultural experiences [8] Group 2: Strategic Use of IPs - Brands are carefully selecting IPs to resonate with different consumer segments, with Lao Feng Xiang leveraging nostalgic symbols like "Saint Seiya" and "Astro Boy" while also appealing to Gen Z with trending IPs like "Honkai: Star Rail" [12] - Chow Tai Fook employs a similar strategy, targeting hardcore gamers with "Black Myth: Wukong" and attracting young women with the Chiikawa brand, showcasing a layered approach to market segmentation [12] - Pricing strategies reflect this segmentation, with high-end products like a 666-gram gold figurine and more accessible items like lightweight gold cards, aiming to balance brand prestige with market reach [12] Group 3: Future Considerations - The challenge remains whether the excitement generated by cultural engagement can translate into actual sales, as the price point of gold jewelry is significantly higher than typical merchandise [13] - Brands must also consider how to strengthen their identity while collaborating with popular IPs, ensuring they do not become mere manufacturers for these brands [15] - The value of gold must evolve from a focus on material worth to encompass the cultural and emotional narratives it represents in contemporary society [16]