Core Viewpoint - The rise of "pain gold" (also known as "secondary gold jewelry") is attributed to its popularity among young consumers, driven by collaborations with anime and gaming IPs, despite an overall weak gold consumption market [1]. Group 1: Market Trends - "Pain gold" has emerged as a new consumer product that combines gold jewelry with popular two-dimensional IPs, appealing particularly to younger demographics [1]. - The collaboration between Chow Tai Fook and Chiikawa sold out in just two hours, indicating strong demand for these products [1]. - The price of a pendant weighing less than 0.9 grams exceeds 2000 yuan, which is more than double the current gold price of approximately 1000 yuan per gram [1]. Group 2: Consumer Behavior - Gold, previously viewed as a "mom's era asset," has transformed into a trendy social currency among young people [1]. - The fast fashion market is becoming a key stage for young consumers, with low-priced fashion accessories that convey emotional value and creative designs gaining popularity [1]. - Brands like Chao Hong Ji are leveraging popular characters such as Crayon Shin-chan and Doraemon to enhance their visibility on social media, achieving over a billion views [1].

Core Insights - The rising popularity of "pain gold" (also known as "secondary gold jewelry") reflects a shift in consumer interest towards gold products linked with anime and gaming IPs, particularly among younger demographics [6][7][8] - The significant engagement on social media platforms, with "pain gold" trending and achieving over 6 million views, indicates a strong market presence and consumer interest [1][3] Industry Trends - "Pain gold" represents a new category of gold jewelry that combines traditional gold with popular anime and gaming characters, appealing to the younger generation [6][8] - The trend is emerging as a growth point for several gold jewelry brands, with notable sales success, such as Chow Tai Fook's collaboration with Chiikawa selling out in just two hours [6][8] - The average price of these collaborations exceeds the current gold price, indicating a premium placed on the novelty and cultural relevance of these products [6] Consumer Behavior - The "Z generation" (born between 1995 and 2009) is becoming the primary consumer group in the jewelry market, with a gold ownership rate of 62% among those aged 18-24, up from 37% in 2019 [8] - Young consumers are more willing to spend on gold jewelry, driven by a combination of economic recovery and a desire for products that convey emotional value and creativity [7][8] Brand Strategies - Leading gold jewelry companies like Chow Tai Fook and Lao Feng Xiang are closely monitoring the consumption habits and aesthetic preferences of the "Z generation" and are collaborating with well-known IPs to create products that meet current consumer demands [8][10] - The rise of domestic cultural elements and IPs, such as national trends and traditional motifs, is creating new opportunities for brands to engage with younger consumers [8][9][10]