（原标题：从符号炫耀到价值消费 老铺黄金引领中国高奢换轨） 2025年，长期被西方品牌垄断的中国高端消费市场格局被老铺黄金打破。 在全球奢侈品持续遭遇增长放缓压力时，本土品牌老铺黄金却上演着一幕截然相反的景象：在万象城、 SKP、恒隆等高端商业中心的门店外，排队等候的人群常年不断。 贝恩公司资深全球合伙人布鲁诺（Bruno Lannes）在2025年底发出的警示，或许能解释这一幕发生的原 因：奢侈品行业正站在十字路口，价格与价值失衡，品牌亟需以真诚重建信任。 与国际奢侈品牌过于依赖符号炫耀的叙事不同，老铺黄金用文化、工艺、审美以及真切的产品价值，正 开创全新的价值消费赛道，提升和满足了消费者成熟理性的新需求，也让奢侈品回归本质——时间和价 值。 奢侈品行业的岔路口 贝恩咨询《2025年全球奢侈品市场研究》显示，全球奢侈品市场进入关键调整期，中国市场持续收缩， 按固定汇率计算预计在3%至5%，活跃客户从2022年的4亿缩减至2025年3.3亿，消费转向本土品牌及体 验型品类。 下滑的数据被高净值人群的选择不断印证。近几年，奢侈品消费里的一个明显变化：真正有钱的人，越 来越不愿意"被看出来"，外露的LOGO似乎不 ...

Core Viewpoint - The luxury goods industry is at a crossroads of price and value imbalance, with the brand Laopugold leading the way into a new era of value consumption through cultural, craftsmanship, aesthetic, and genuine product value [2][12]. Industry Overview - By 2025, Laopugold is expected to disrupt the long-standing dominance of Western brands in China's high-end consumer market, as it experiences a contrasting growth amidst a global slowdown in luxury goods [2][12]. - Bain & Company reports that the global luxury market is entering a critical adjustment phase, with the Chinese market projected to shrink by 3% to 5% from 2022 to 2025, and active customers decreasing from 400 million to 330 million [4]. - There is a notable shift among high-net-worth individuals who are increasingly reluctant to display overt logos, indicating a move away from "symbolic consumption" towards a more intrinsic value-based approach [4][5]. Shift in Consumer Behavior - Similar to the changes seen in Japan during the 1990s, Chinese consumers are moving away from ostentatious consumption towards brands that represent cultural depth and time-honored values [5][10]. - Laopugold's success is attributed to its focus on cultural assets and craftsmanship, appealing to consumers' desire for products that embody time and cultural significance [7][10]. Laopugold's Unique Value Proposition - Laopugold emphasizes craftsmanship through traditional techniques such as engraving and hammering, which enhances perceived value beyond just the gold price [9]. - The brand has established a stable Eastern aesthetic logic that prioritizes both classic and innovative designs, allowing products to transcend fleeting trends [9]. - Laopugold integrates Chinese cultural elements into its designs, creating a strong emotional connection with consumers [9][10]. Market Position and Future Outlook - In 2025, Laopugold is projected to become the only Chinese brand present in the top 10 commercial centers in China, with a half-year store efficiency nearing 500 million, surpassing that of leading international luxury brands [12][14]. - HSBC notes that Laopugold has transitioned from a "golden flywheel" to a "brand flywheel," establishing pricing power independent of gold price fluctuations, positioning it to compete with luxury giants like Tiffany and Richemont [14]. - The rise of Laopugold signifies a shift in the luxury market, moving from a focus on price wars to a new value system based on product quality, channel strategy, and brand establishment [14][15].