“一口价”黄金热销，金店老板还发愁

Core Viewpoint - The recent price adjustments in the gold jewelry market, particularly the significant increase in "fixed-price" gold products, reflect a response to the volatility of international gold prices, leading to a surge in consumer demand and purchasing behavior [2][3][12]. Price Adjustments - On October 26, Laopu Gold completed its third price adjustment of the year, with an increase of approximately 18% to 25%, surpassing the previous maximum adjustment of 12% [2]. - Other brands, such as Chow Tai Fook, are also raising retail prices for fixed-price gold products by an estimated 12% to 18% by the end of October [2]. - The price gap between fixed-price gold and weight-based gold has narrowed, making fixed-price gold more appealing to consumers [3][7]. Consumer Behavior - A buying frenzy has emerged in the market as consumers rush to purchase gold before the price hikes take effect, leading to shortages of popular items [2][6]. - Consumers are increasingly opting for fixed-price gold due to its perceived value, as the price per gram is now closer to that of weight-based gold [3][4][7]. - The demand for fixed-price gold is driven by a more cautious consumer approach, with many seeking better value amidst rising gold prices [7][9]. Inventory and Supply Issues - Many stores are experiencing stock shortages of fixed-price gold items due to high consumer demand, with some popular styles requiring several days for restocking [6][8]. - The cash flow pressure on jewelry stores is increasing as the cost of purchasing gold rises in line with international prices, while consumer spending remains cautious [9][12]. Financial Performance - Despite the popularity of fixed-price gold, brands like Chow Tai Fook and Luk Fook have reported overall revenue declines, indicating that increased sales of fixed-price products have not translated into improved financial performance [10][11]. - Chow Tai Fook's revenue for the fiscal year 2025 decreased by 17.5% to HKD 896.6 billion, despite a 105.5% increase in sales of fixed-price gold products [11][12]. - The financial struggles are compounded by high operational costs and a lack of robust market demand, leading to a challenging environment for jewelry brands [12].