金价飙至每克1200元，黄金首饰却卖不动！消费量骤降三成！

Core Viewpoint - The gold jewelry market is experiencing a downturn despite soaring international gold prices, leading to a significant shift in consumer behavior towards investment gold products rather than jewelry [1][19]. Group 1: Market Trends - International gold prices have surpassed $4,200 per ounce, while domestic jewelry gold prices have reached a historical high of 1,200 yuan per gram, marking the strongest increase since 1979 [1][5]. - In the first three quarters of 2025, China's gold consumption totaled 682.730 tons, a year-on-year decrease of 7.95%, with gold jewelry consumption dropping by 32.50% to 270.036 tons [3]. - In contrast, the consumption of gold bars and coins reached 352.116 tons, reflecting a year-on-year increase of 24.55% [3]. Group 2: Consumer Behavior - The rising gold prices have increased the cost of gold jewelry, with a 30-gram gold chain's price rising from 20,000 yuan in 2024 to over 30,000 yuan in 2025, while the growth rate of disposable income for residents was only 5.4% [6]. - Consumers are increasingly opting for lighter weight jewelry or directly purchasing investment gold bars due to the rising price barrier [6][19]. Group 3: Industry Response - Major brands are shifting from traditional per gram pricing to a "one-price" strategy, with brands like Chow Tai Fook and Lao Pu Gold increasing the proportion of one-price products [8]. - The recent tax policy changes may increase the tax burden on gold jewelry retailers, potentially leading to higher prices for consumers [10]. - Brands are innovating in product design, focusing on trends like "Guochao" (national trend) and traditional craftsmanship to attract consumers [12][13]. Group 4: Company Performance - Lao Pu Gold has reported a remarkable sales increase of 249% and a net profit growth of 291% in the first half of 2025, positioning itself as a luxury brand with a customer base similar to high-end brands like LV and Cartier [15]. - Despite the overall industry challenges, Lao Pu Gold has achieved significant success by targeting affluent consumers and adapting to market changes [15][19]. Group 5: Future Outlook - The gold jewelry sector may continue to face challenges from low consumer confidence and high gold prices, but seasonal improvements and potential policy support could provide some relief [17]. - The industry is expected to undergo further consolidation, which may suppress upstream demand while investment demand for gold bars and coins remains strong due to geopolitical and economic uncertainties [17][19].