周生生打响2026年金饰涨价第一枪：“一口价”盛宴与克重模式的落寞

Core Viewpoint - Chou Sang Sang announced a price increase for certain gold jewelry products at the beginning of 2026, marking the first public price adjustment among major Chinese gold jewelry brands this year [1][3] Price Adjustment Details - The price increase ranges from 200 to 1500 yuan, affecting products such as transport beads, co-branded priced items, and gold-inlaid diamond jewelry [1] - The adjustment was implemented immediately, with no buffer time for stores, driven by rising raw material and related costs [3] Market Context - Recent geopolitical tensions between the U.S. and Venezuela have contributed to rising gold prices, with the international gold price surpassing 4400 USD, leading to a 22 yuan per gram increase in Chou Sang Sang's gold jewelry price [4] - UBS forecasts that demand for gold will continue to grow steadily in 2026 as concerns about U.S. fiscal sustainability increase, making gold a "must-have asset" across all age groups [6] Consumer Behavior Changes - The structure of gold consumption is evolving, with younger consumers seeking "instant gratification" and willing to pay a premium for design and brand value, despite rising prices [6] - The "one-price" gold jewelry model lowers the purchase threshold for consumers, making it appealing even at high per gram costs [6] Industry Trends - The "one-price" model serves as a profit firewall for brands, significantly enhancing profitability by bundling craftsmanship, design rights, and brand premiums [7] - Traditional pricing models based on weight have led to thin profit margins for brands, with some experiencing revenue declines due to rising gold prices [7][8] Performance of "One-Price" Model - Brands adopting the "one-price" strategy have seen substantial growth, with Old Puhuang's revenue increasing by 251% and net profit by 290.6% in the first half of 2025 [8] - The gross profit margin for "one-price" gold jewelry can reach 30-40%, compared to 10-20% for weight-based pricing, making it a crucial support for brand profitability [8] Strategic Shifts - Chou Sang Sang's price adjustment reflects a broader industry consensus on transitioning from passive value appreciation linked to gold price increases to active growth driven by brand operation and craftsmanship premiums [10] - The outcome of this transformation will determine which brands can elevate from mere "gold stores" to higher-tier "jewelry halls" [10]