Core Insights - The emerging concept of "Pain Gold" has gained significant traction among young consumers, combining anime and gaming IP with gold jewelry, creating a new market phenomenon [2][4] - "Pain Gold" disrupts traditional gold pricing logic, where the value is now determined by the scarcity and popularity of the IP rather than just weight and international gold prices [4][6] - The World Gold Council's report indicates a substantial shift in consumer behavior, with gold jewelry ownership among the 18-24 age group rising from 37% in 2019 to an expected 62% by 2025 [4] Market Dynamics - The sales of IP gold products have surged, with a reported 294% year-on-year growth in transactions on e-commerce platforms, and specific collaborations achieving over 100,000 units sold in six months [2][4] - The pricing of "Pain Gold" often exceeds 2,000 RMB per gram, significantly higher than the typical gold price of around 1,000 RMB per gram, reflecting the added value of IP licensing and design costs [6] Consumer Behavior - "Pain Gold" aligns with the Z generation's demand for personalized and emotional consumption, serving as a social currency that conveys identity and interests [5] - The intrinsic value of gold provides a safety net for consumers, making "Pain Gold" a more stable choice compared to other collectibles with high price volatility [5] Challenges and Risks - The high premium associated with "Pain Gold" raises concerns about its long-term value retention, especially as the popularity of specific IPs can fluctuate [6] - The market is witnessing a polarization in the resale value of "Pain Gold," with limited editions seeing price increases while regular items face depreciation [6] Future Outlook - UBS has raised its gold price forecast for 2026 to 3,700 USD per ounce, suggesting that high gold prices may become the norm [7] - Brands need to effectively communicate the narrative behind their IPs to sustain consumer interest and repeat purchases, while consumers should approach "Pain Gold" with a clear understanding of its emotional versus investment value [7]

Core Insights - The article highlights the trend of "pain gold," a new category of gold jewelry that combines IP culture with gold, appealing to younger consumers aged 18 to 34, who prioritize emotional value and design over traditional investment aspects [1][2][8] Group 1: Market Trends - The "pain gold" market includes various products such as pendants, fortune beads, bracelets, and gold notes, with IP collaboration becoming a key strategy for jewelry brands targeting younger demographics [2][4] - Major brands like Chow Tai Fook and Lao Feng Xiang have successfully launched IP collaboration products, with Chow Tai Fook's partnership with the game "Black Myth: Wukong" selling over 100,000 pieces in six months [2][5] - The younger generation, particularly Gen Z, is more focused on the design and social expression of gold products rather than their value retention [2][8] Group 2: Consumer Behavior - Consumers are increasingly engaging in custom "pain gold" products, often collaborating with artists to create personalized items that hold both sentimental and financial value [4][7] - A notable example includes a consumer who customized a gold note featuring a beloved game character, highlighting the dual purpose of collection and liquidity [4] Group 3: Industry Challenges - The rise of "pain gold" has raised concerns regarding pricing disparities, with many products priced significantly higher than traditional gold jewelry due to design premiums and copyright costs [5][6] - There are significant copyright compliance issues, as many products are sold without proper licensing, leading to potential legal risks for brands [5][6] - The lack of industry standards for quality and labeling of "pain gold" products poses challenges for consumer protection and market regulation [6][7] Group 4: Future Outlook - Experts suggest that the emergence of "pain gold" signifies a deeper transformation in the gold value chain, shifting from a storage tool to a cultural medium [7][8] - The sustainability of "pain gold" relies on establishing emotional connections and continuous repurchase models, emphasizing the importance of community engagement and content updates [7][8] - Future opportunities may arise from integrating more cultural content forms, such as virtual idols and AI characters, into the gold industry, potentially leading to a new commercial norm [8]