Core Viewpoint - The rising popularity of "pain gold" jewelry, which features designs inspired by anime and other pop culture elements, is driven by young consumers' willingness to pay for emotional value, but there are concerns about its long-term value retention as market hype may fade [1][9]. Group 1: Market Trends - "Pain gold" products are becoming the main attraction in gold stores, replacing traditional items like bracelets and charms [2]. - Major brands such as Chow Tai Fook, Lao Miao, and Chao Hong Ji are actively promoting "pain gold" items, with a significant portion of their displays dedicated to these collaborations [2][4]. - The emotional connection to characters from popular series like "Tian Guan Ci Fu" is a key driver for purchases, with consumers willing to spend large amounts on these items [4][5]. Group 2: Pricing and Valuation - "Pain gold" products are typically sold at fixed prices, often significantly higher than traditional gold pricing, with examples including a Chow Tai Fook Stitch bracelet priced at 5340 yuan and a Lao Miao "Tian Guan Ci Fu" bracelet at 1520 yuan [5][6]. - The pricing strategy often obscures the actual gold weight, leading to high premiums; for instance, a gold note weighing only 0.2 grams is priced at 520 yuan, equating to 2600 yuan per gram [6][10]. - The premium pricing is justified by sellers citing the complexity of production and the costs associated with IP licensing [8]. Group 3: Consumer Behavior and Risks - Consumers face significant depreciation when attempting to resell "pain gold" items, with buyback offers often being a fraction of the original price [10][11]. - The marketing of "pain gold" emphasizes emotional and investment value, but there are concerns about transparency regarding actual gold weight and resale conditions [12]. - Many consumers report feeling misled about the value retention of these products, leading to dissatisfaction when they attempt to sell them [10][12].