“痛金”狂飙：情感消费下的黄金新局与隐忧

Core Viewpoint - The emerging concept of "Pain Gold" has gained significant traction among young consumers, combining anime and gaming IPs with gold jewelry, despite a generally weak gold market [2][4]. Group 1: Market Dynamics - "Pain Gold" has seen a remarkable increase in popularity, with IP gold product transactions on e-commerce platforms growing by 294% year-on-year [2]. - The collaboration between Chow Tai Fook and the game "Black Myth: Wukong" resulted in over 100,000 units sold in just six months [2]. - The pricing logic of gold has been disrupted, with the value now being determined by the scarcity and popularity of the IP rather than just weight and international gold prices [4]. Group 2: Consumer Behavior - The ownership rate of gold jewelry among the 18-24 age group is projected to rise from 37% in 2019 to 62% by 2025, indicating a shift in consumer perception towards gold as an emotional investment [4]. - "Pain Gold" meets the Z generation's demand for personalization and emotional connection, transforming jewelry into a form of social currency [5]. Group 3: Pricing and Risks - The average price of "Pain Gold" products is significantly higher than traditional gold, often exceeding 2,000 yuan per gram, which raises concerns about its inherent value retention [6]. - The value of "Pain Gold" is closely tied to the popularity of the associated IP, making it susceptible to market fluctuations as trends change [6]. Group 4: Future Outlook - UBS has raised its gold price forecast for 2026 to $3,700 per ounce, suggesting that high gold prices may become the norm [7]. - Brands need to effectively communicate their IP stories to maintain consumer interest and repeat purchases, while consumers should approach "Pain Gold" with a clear understanding of its emotional versus investment value [7].