黄金首饰消费量大降 品牌珠宝商加快高附加值转型

Core Viewpoint - China's gold consumption is experiencing a decline, particularly in jewelry, while demand for gold bars and coins is increasing, indicating a shift in consumer preferences and market dynamics [1][2]. Group 1: Gold Consumption Trends - In the first three quarters of 2025, China's gold consumption reached 682.730 tons, a year-on-year decrease of 7.95% [1]. - Gold jewelry consumption fell to 270.036 tons, down 32.50% year-on-year, while gold bars and coins increased to 352.116 tons, up 24.55% [1]. - The rise in gold prices has significantly impacted gold jewelry consumption, leading to a strategic shift among jewelry brands towards high-value products [1][4]. Group 2: Market Dynamics and Consumer Preferences - Despite the overall decline in gold jewelry consumption, lightweight and high-value jewelry products are gaining market traction, with 10 grams or less gold products accounting for 45% of retail sales in the first half of 2025, up from 37% in 2023 [2]. - The market is witnessing a shift from traditional weight-based transactions to a focus on design, culture, and emotional value, particularly appealing to younger consumers [7]. Group 3: Industry Challenges and Strategic Responses - The implementation of new gold tax regulations is accelerating the transformation of the gold jewelry industry, creating pressure on smaller brands lacking design capabilities and brand influence [5][6]. - Major brands like Chow Tai Fook are adapting by enhancing their product offerings and focusing on high-value collections, such as the "Chuan Xi" series and the "Tian Yuan Di Fang" series, which incorporate cultural elements [5]. - Companies are increasingly leveraging innovative strategies, such as collaborations with cultural elements and IP partnerships, to enhance brand exposure and sales [6]. Group 4: Future Outlook - The younger generation is expected to play a crucial role in the gold jewelry market, driven by a growing appreciation for Chinese culture and the investment value of gold [7]. - The industry is moving towards a new development phase centered on design, culture, and emotional value, with brands like Lao Pu Gold exemplifying the "gold luxury" model [7].