“卖不动了”！上半年中国金饰消费量同比骤降28%

Core Viewpoint - Gold has been one of the best-performing assets this year, with a year-to-date increase of over 24%, but high prices have led to a significant decline in gold jewelry consumption in China, prompting brands to accelerate transformation efforts [1][2]. Group 1: Market Performance - Gold jewelry consumption in China dropped by 28% year-on-year in the first half of the year, while total retail demand for gold (including jewelry, bars, coins, and ETFs) reached 518 tons, a 5% increase year-on-year [2]. - Retail investment demand for gold rose to 239 tons, a 26% increase year-on-year, with bar and coin sales achieving the strongest performance since 2013 [2]. Group 2: Company Responses - Chow Tai Fook reported a 3.3% decline in retail value in mainland China for the three months from April to June, with a reduction of 311 stores by the end of June [3]. - Lao Feng Xiang's franchise stores decreased by 166, while direct stores only increased by 10 [3]. Group 3: Industry Trends - The gold jewelry industry is undergoing consolidation due to weak consumption, leading to a reduction in retail outlets, which further limits consumer purchasing channels [4]. - Despite the overall decline, Lao Pu Gold has shown significant growth, with expected revenue of approximately 12 to 12.5 billion yuan, a year-on-year increase of 241% to 255% [4]. Group 4: Product Innovation and Transformation - Brands are focusing on product innovation and design, with a shift towards lighter-weight products that are more affordable and offer unique designs [5][6]. - Chow Tai Fook has seen a 20.8% year-on-year increase in retail value for its priced gold products, with the proportion of these products rising from 15.8% to 19.8% [7]. - Lao Feng Xiang is adjusting its store layout to increase mall store numbers while reducing independent store presence, reflecting changing consumer traffic patterns [7]. Group 5: Future Outlook - The World Gold Council anticipates that gold jewelry consumption may continue to face challenges in the second half of the year due to low consumer confidence and high prices, while ongoing industry consolidation may suppress upstream demand [8].