2025.11.12 本文字数：2770，阅读时长大约5分钟 作者 |第一财经 陈杨园 尽管金价一路奔着奢侈品行列去了，但比黄金更贵的还有"痛金"。一克"痛金"动辄两三千元，却用小小 的"谷子"盖过了消费者的价格敏感，今年双11，更多"痛金"的出炉及走俏正在成为消费市场的新风向。 双11走过第17个年头，促销的狂热和消费集中爆发的热闹不断降温，近年来，电商及品牌始终在找价格 外的更多用户吸引力。从"痛金"的走红观察，更值得关注的是，双11里情绪消费的新变迁，当代年轻人 正在花钱中展露一种"精心计算的感性"。 "痛金"当道 黄金热延续到了2025年双11，电商平台的"黄金券"一度引发抢购热潮，"如何抢黄金券"的微博话题阅读 量突破3亿，背后是金价一路飙升下消费者对黄金的价格敏感。 但与此同时，消费者李欣告诉记者，她2018年买的"痛金"现在还卖不出原价。这在过去几年的金价走势 下称得上冷门故事。2018年国际金价尚处于每盎司1200美元左右，2025年国际金价已突破每盎司4000美 元，仍没能赶得上"痛金"当年的溢价。 "痛金"一般指代那些有潮玩IP元素的黄金产品。李欣提供的截图显示，她在2018年1月购入了一 ...

Core Viewpoint - The rise of "pain gold," a type of gold product associated with popular IPs, reflects a shift in consumer behavior towards emotional spending, particularly among younger demographics, during the 2025 Double Eleven shopping festival [2][10]. Group 1: Market Trends - "Pain gold" prices can reach two to three thousand yuan per gram, indicating a strong consumer interest despite high costs [2]. - The popularity of "pain gold" has led to significant growth in sales, with a three-digit percentage increase in transaction volume for IP gold products on platforms like Taobao and Tmall [4]. - The consumer demographic for gold has expanded, with at least half of the new gold buyers on Tmall previously purchasing luxury goods, highlighting a shift in spending habits [10]. Group 2: Consumer Behavior - Young consumers are increasingly purchasing "pain gold" not primarily for its gold value but for the associated IP, demonstrating a willingness to accept high premiums for emotional connections [3][9]. - The ownership rate of gold jewelry among consumers aged 18 to 24 has risen to 62%, up from 37% in 2019, indicating a growing trend in gold investment among younger individuals [7]. - Emotional spending is becoming a significant driver of purchases, with consumers seeking value in their emotional investments, leading to a preference for gold over traditional luxury items [10][11]. Group 3: Future Opportunities - There is potential for further development in the "pain gold" market, with many niche IPs still waiting to be explored, suggesting opportunities for brands to innovate and expand their offerings [6]. - The trend of emotional spending is not limited to younger consumers; it is emerging across all age groups, presenting new opportunities for brands to create products that resonate emotionally while also providing practical value [11].

当代年轻人正在花钱中展露一种"精心计算的感性"。 尽管金价一路奔着奢侈品行列去了，但比黄金更贵的还有"痛金"。一克"痛金"动辄两三千元，却用小小的"谷 子"盖过了消费者的价格敏感，今年双11，更多"痛金"的出炉及走俏正在成为消费市场的新风向。 双11走过第17个年头，促销的狂热和消费集中爆发的热闹不断降温，近年来，电商及品牌始终在找价格外的更多 用户吸引力。从"痛金"的走红观察，更值得关注的是，双11里情绪消费的新变迁，当代年轻人正在花钱中展露一 种"精心计算的感性"。 "痛金"当道 黄金热延续到了2025年双11，电商平台的"黄金券"一度引发抢购热潮，"如何抢黄金券"的微博话题阅读量突破3 亿，背后是金价一路飙升下消费者对黄金的价格敏感。 但与此同时，消费者李欣告诉记者，她2018年买的"痛金"现在还卖不出原价。这在过去几年的金价走势下称得上 冷门故事。2018年国际金价尚处于每盎司1200美元左右，2025年国际金价已突破每盎司4000美元，仍没能赶得 上"痛金"当年的溢价。 比起品牌金，"痛金"开团市场的水则更深了。记者从一家金银谷子定制工厂处了解到，一张IP定制手机小卡金钞 可以制作成双面含0.01克 ...

Core Viewpoint - The gold market is experiencing renewed consumer interest as the National Day holiday approaches, with several brands announcing price increases for gold jewelry [1][4]. Price Adjustments - Major brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook have confirmed price hikes, with Chow Tai Fook indicating that its "fixed price" gold products will see increases starting in October [3][4]. - Price increases vary by product category, with some popular items expected to rise by 30% to 40%, prompting customers to pre-order before the price hikes [5]. - Chow Tai Fook previously raised prices by 10% to 20% in March, while another brand, Baolan, is also adjusting prices with an average increase of over 15% [5]. Emerging Trends - A new product called "Pain Gold," which resonates with younger consumers, has gained popularity, priced at 2800 yuan per gram, significantly higher than standard gold jewelry prices [6][7]. - "Pain Gold" represents a fusion of gold products with subculture elements, appealing to young consumers' emotional and social needs [7]. - Collaborations with popular IPs have resulted in significant sales, with Chow Tai Fook's partnership with a game generating over 150 million yuan in retail sales [7]. Market Dynamics - The international gold price has been rising due to various factors, including expectations of U.S. Federal Reserve interest rate cuts and geopolitical risks [10][11]. - Analysts suggest that the current gold price increase is a result of short-term events, mid-term trends, and long-term structural changes, with a bullish outlook for gold prices due to ongoing demand from central banks and geopolitical uncertainties [10][11]. - The long-term outlook indicates a shift in the global monetary credit system, with a weakening of the dollar's dominance, which may sustain high gold prices in the future [11].

Core Viewpoint - The gold market is gaining attention as the National Day holiday approaches, with various brands adjusting their gold jewelry prices, indicating a potential upward trend in gold prices [1][2][3]. Price Adjustments - Major brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook Jewelry have set their gold prices at 1108 CNY per gram, while other brands like Lao Feng Xiang and Lao Miao are priced at 1100 CNY per gram [1][2]. - Chow Tai Fook confirmed that its "fixed price" gold products will see price increases starting in October, with specific adjustments to be announced later [2][3]. - Recent reports indicate that some brands have already begun or are about to increase their product prices, with potential increases of 30%-40% for popular items [3]. Emerging Trends - A new product called "Pain Gold," which resonates with younger consumers, has gained popularity, priced at 2800 CNY per gram, significantly higher than standard gold jewelry prices [4]. - The collaboration between traditional brands and popular culture, such as Chow Tai Fook's partnership with the game "Black Myth: Wukong," has resulted in substantial sales, exceeding 1.5 billion CNY [4]. Market Dynamics - The "谷子" (Guzi) economy, which includes merchandise from comics, games, and animations, is projected to reach a market size of 168.9 billion CNY in 2024, growing over 40% from 2023 [5]. - Gold's intrinsic value provides a more stable investment compared to other merchandise in the "谷子" category, even as trends fluctuate [5]. Price Influences - Multiple factors are contributing to the sustained high gold prices, including anticipated interest rate cuts by the Federal Reserve and geopolitical risks [6][7]. - Historical data suggests that gold prices tend to rise following interest rate cuts, with an average increase of 6% within 60 days [6]. - The long-term outlook for gold remains positive due to the restructuring of the global monetary credit system and the weakening of the dollar's reserve status [7].

Core Viewpoint - The gold market is gaining attention as the National Day holiday approaches, with various brands adjusting their gold jewelry prices, indicating a potential upward trend in consumer demand and pricing [1][3]. Price Trends - Major brands such as Chow Tai Fook, Lao Feng Xiang, and others are currently pricing their gold jewelry around 1108 CNY per gram, with slight variations among different brands [2][3]. - Chow Tai Fook confirmed that its "fixed price" gold products will see price increases starting in October, with an average increase expected to exceed 15% [3]. Emerging Trends - The "pain gold" trend is rapidly gaining popularity among young consumers, priced at 2800 CNY per gram, significantly higher than standard gold jewelry prices [4]. - Collaborations between traditional brands and popular culture, such as Chow Tai Fook's partnership with the game "Black Myth: Wukong," have resulted in substantial sales, exceeding 150 million CNY [5]. Market Dynamics - The gold market's performance is positively correlated with gold prices, influenced by various factors including geopolitical risks and monetary policy changes [6][7]. - Analysts suggest that the recent rise in international gold prices is driven by short-term expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical uncertainties [7][8]. Long-term Outlook - The long-term outlook for gold is shaped by a restructuring of the global monetary credit system, with a weakening of the dollar's dominance and increasing demand for gold as a safe-haven asset [8].

Core Viewpoint - The "pain culture," which expresses deep affection for characters, is evolving independently in China, with local products like "pain gold" and "pain notebooks" emerging as popular items among young consumers [4][5][6]. Group 1: Pain Culture and Market Trends - The "pain culture" originated from Japan's otaku culture and has taken root in China, leading to the rise of character-themed products such as "pain gold" and "pain notebooks" [6]. - Young consumers with strong purchasing power are driving the spread of this new trend, as evidenced by the successful sales of character-themed gold products in jewelry stores [5][6]. - Events like "Bilibili World" in Shanghai, which gathered around 800 "pain cars," highlight the growing popularity of this culture in China [6]. Group 2: Product Offerings and Pricing - "Pain gold" products, such as gold notes priced at 520 yuan and small gold ornaments around 1300 yuan, are popular among young anime fans and parents buying gifts for children [5][6]. - The "pain notebook" launched by Japanese stationery brand Kokuyo is priced at 9.9 yuan and features a cover designed for easy writing and customization, appealing to high school students [9]. - Kokuyo is also expanding its product line to include plush toy pencil cases, targeting the growing interest in character-themed merchandise among young consumers [9]. Group 3: Consumer Behavior and Economic Context - Despite a general trend of increased frugality due to economic slowdown, consumers are willing to spend on character-related products, indicating a strong emotional connection to these items [9]. - The competition among regions to attract character fans and host related events is intensifying, reflecting the global nature of this consumer trend [9].

Core Viewpoint - The gold industry has discovered a new market by collaborating with popular anime and gaming IPs, creating a unique product known as "pain gold" that appeals to younger consumers and has seen significant demand and price increases. Group 1: Market Dynamics - Many gold jewelry brands are now linking with anime and gaming IPs to create gold accessories, leading to a surge in popularity and sales [1][4] - The phenomenon of "pain gold" refers to the willingness of fans to spend large amounts of money on gold items featuring their favorite characters, resulting in sold-out products and high demand in the secondary market [4][5] - The price of "pain gold" items often exceeds traditional gold prices, with some products priced at 2-3 times the market rate for gold [20][21][25] Group 2: Consumer Behavior - Young consumers are increasingly drawn to "pain gold" as it combines emotional value with investment potential, allowing them to indulge in their interests while also acquiring a valuable asset [46][47] - The trend has led to a younger demographic becoming a significant consumer group for gold, with a reported 294% year-on-year increase in transactions for IP gold products on platforms like Taobao [57] - The appeal of "pain gold" lies in its perceived value and the ability to purchase gold items at relatively low weights, making them more accessible to younger buyers [52][56] Group 3: Industry Response - Traditional gold brands are adapting to attract younger consumers by innovating their product offerings and marketing strategies, including collaborations with popular IPs [68][73] - The emergence of "pain gold" has revitalized the gold market, providing a new avenue for growth despite rising gold prices that have dampened some consumer demand [44][78] - Brands are increasingly focusing on creating unique and collectible gold items that resonate with the interests of younger consumers, positioning themselves as both luxury and investment options [39][76]

Core Viewpoint - The "pain culture," which expresses deep affection for characters, is evolving independently in China, leading to the emergence of local "pain" products such as "pain gold" and "pain notebooks" driven by a strong consumer base of young people [2][6]. Group 1: Pain Gold Products - The popularity of "pain gold" products, such as gold notes priced at 520 yuan and small gold ornaments around 1300 yuan, is attributed to the collaboration with popular anime like "Tian Guan Ci Fu" [4]. - Despite the higher cost compared to pure gold products, the desire to keep beloved characters close and the potential for value appreciation are driving sales of "pain gold" [6]. Group 2: Pain Notebooks - The "pain notebook" (pain ben) is designed with a cover that is easy to write on and resistant to ink bleed, priced at 9.9 yuan, allowing users to customize it with stickers [8]. - The target demographic for these products includes middle and high school students, reflecting the ongoing character craze among the youth [8]. Group 3: Market Trends and Events - The "pain culture" has roots in Japan's otaku culture, with phenomena like "pain cars" and "pain bags" gaining traction in China, exemplified by the gathering of approximately 800 pain cars at the "Bilibili World" event in July [6]. - In the context of economic slowdown, consumers are becoming more frugal, yet they are willing to spend on character-related products, indicating a unique consumer behavior trend [8].

Core Viewpoint - The rise of "Pain Gold," which integrates anime and other IP cultural elements into gold jewelry, reflects a new growth curve for gold as a traditional asset, appealing particularly to younger consumers who seek emotional value in their purchases [1][8]. Group 1: Consumer Trends - The ownership rate of gold jewelry among the 18 to 24 age group has reached 62%, doubling from 37% in 2019, indicating that younger consumers are becoming a significant market for "Pain Gold" [3][12]. - The core consumer group for "Pain Gold" is concentrated between the ages of 18 and 35, characterized by a strong interest in subculture and higher disposable income [12][21]. - The emotional economy is driving consumer preferences towards products that provide emotional resonance and psychological comfort, leading to a shift from traditional functional value to emotional value [12]. Group 2: Market Dynamics - The price of gold has increased significantly, with international gold prices rising over 40% since 2025, while domestic prices have increased by about 35% [7][19]. - Despite the rising gold prices benefiting upstream mining companies, downstream traditional gold jewelry brands are struggling, with some reporting revenue declines of up to 43.92% [19][20]. - "Pain Gold" has emerged as a bridge between young consumers' emotional needs and their financial capabilities, showcasing a shift in gold jewelry branding towards more innovative and culturally relevant products [7][20]. Group 3: Product Characteristics - "Pain Gold" products often adopt a fixed price model, which can significantly exceed the price per gram of traditional gold jewelry, with some items priced as high as 2,600 yuan per gram [15]. - The demand for "Pain Gold" is driven by its unique cultural and emotional appeal, with many consumers willing to pay a premium for limited edition items [21]. - Brands are exploring new product forms and cultural values in gold jewelry, moving away from traditional designs to attract younger consumers [22]. Group 4: Consumer Behavior and Risks - Consumers often participate in "Pain Gold groups," which are typically organized by fans and may lack proper authorization, leading to potential risks such as quality issues and consumer rights challenges [15][17]. - The process of purchasing from "Pain Gold groups" involves prepayment and limited return options, increasing the risk for consumers [16][17]. - Despite the risks, many consumers express satisfaction with their purchases, indicating a strong market interest in "Pain Gold" [16].