边疯涨边倒闭，千家门店关门停业：金店老板们扛不住了

Group 1 - The price of gold has seen unprecedented growth, with prices rising from around $1800 per ounce in early 2022 to over $2500 by September 2023, and projections suggest it may exceed $3000 by March 2025 [1][10][11] - Despite the soaring gold prices, major jewelry brands are experiencing significant declines in revenue and profit, with companies like Lao Feng Xiang reporting a 20.5% drop in revenue and 11.95% decrease in net profit for 2024 [5][6] - The jewelry industry is undergoing a store closure wave, with major brands like Chow Tai Fook and Lao Feng Xiang shutting down hundreds of stores due to declining sales and profitability pressures [7][31] Group 2 - The surge in gold prices is attributed to various factors, including geopolitical tensions, central banks' de-dollarization efforts, and increased industrial demand for gold in sectors like renewable energy [11][12][13] - Consumer demand for gold remains strong, with a 29.81% year-on-year increase in gold bar and coin consumption in early 2025, indicating a preference for investment over jewelry [20] - The rising costs of gold jewelry due to increased raw material prices are leading to decreased consumer spending, as many are opting for alternatives or reducing their budgets for gold purchases [22][23][24] Group 3 - The jewelry market is facing challenges as younger consumers are less inclined to purchase high-priced gold jewelry, viewing it as less practical compared to investing in gold bars [25][36] - The emergence of new business models, such as the "Shuibei model," which offers lower prices and eliminates high overhead costs, is intensifying competition for traditional jewelry stores [29][30] - Major jewelry brands are attempting to adapt by diversifying their offerings and collaborating with cultural IPs to attract new customer segments [37][38]