来源：环球网 世界黄金协会分析观点认为，成本上升或使中国黄金珠宝需求面临阻力，然而在当下的市场环境中，这 也可能成为推动行业注重工艺、设计创新而非价格内卷竞争的又一契机。另外，金条与金币需求虽未受 政策直接冲击，但未来投资者可能会更集中地通过上海黄金交易所会员进行购买。值得关注的是，税收 上调将拉大黄金首饰的购入价与回购价之间的差距，这种价差扩大可能进而抑制黄金首饰的回收积极 性。 面对挑战，行业龙头已开始行动。周大福、潮宏基等品牌已通过调价传导成本压力。潮宏基方面表示， 新政长期利好，公司将更专注于产品设计创新与品牌塑造，通过高附加值产品吸引消费者。 广东省黄金协会副会长朱志刚建议，商家可通过调整产品结构、开发"小轻新"产品及推出以旧换新等模 式突围。 环球网记者走访水贝市场时，一片冷清。多数柜台无人问津，直播带货声也鲜少听见。商家普遍反映， 国际金价年内涨幅超50%，已让消费者望而却步，而税收新规的落地更是雪上加霜。根据财政部、国家 税务总局最新公告，黄金加工业务的增值税抵扣额度从此前的13%降至6%，实际税负增加约7%。这对 于以"薄利多销"和价格优势为生命线的水贝市场而言，无疑是沉重一击。新政前，水贝 ...

Core Insights - The World Gold Council's report indicates that while total demand for gold jewelry in China may decline in 2025 compared to 2024, consumer spending on gold jewelry is expected to remain high due to seasonal factors driving demand in the second half of the year [1][7]. Group 1: Demand and Spending Trends - In the first half of 2025, total demand for gold jewelry in China fell to 194 tons, a 28% year-on-year decrease, marking the lowest level for the first half of the year since 2009 [5]. - Despite the decline in demand volume, consumer spending on gold jewelry reached 137 billion RMB (approximately 19 billion USD), remaining stable compared to 2024 and not far from the historical peak of 163 billion RMB in 2013 [5][6]. - The proportion of spending driven by "self-wear" purchases increased to 37% in 2025, up from 27% in 2024, indicating a shift towards personal expression and self-satisfaction in jewelry purchases [1][31]. Group 2: Product Performance - Gold products continue to dominate sales in Chinese jewelry stores, with hard gold products outperforming other categories [4][12]. - The sales of ancient gold and hard gold jewelry remain the core profit sources for retailers, despite a general decline in the weight of gold jewelry sold [4][52]. - Retailers reported that 32% of respondents noted an increase in sales of hard gold products in the first half of 2025, making it the best-performing category among gold products [16]. Group 3: Consumer Behavior - The trend towards lighter-weight gold products is evident, with products weighing less than 10 grams accounting for 45% of total gold jewelry sales, up from 37% in 2023 [26][28]. - Young consumers, while still significant contributors to sales, showed a slight decrease in their spending contribution compared to older consumers, likely due to the rising gold prices affecting their purchasing power [36]. - The importance of "self-wear" purchases is reinforced, as this category remains the largest contributor to jewelry store sales, while wedding-related jewelry sales have declined from 24% in 2024 to 19% in 2025 [31][32]. Group 4: Retailer Outlook - Retailers maintain a positive outlook for gold product sales, with 47% expecting growth in the next 1-2 years, despite cautious inventory management due to rising gold prices and economic uncertainties [40][46]. - Over 60% of retailers plan to increase the proportion of lightweight gold products (under 10 grams) in their offerings, reflecting a strategic shift in response to consumer preferences [48]. - The trend of combining gold with other materials, such as enamel and various gemstones, is gaining traction, appealing to younger consumers seeking unique and fashionable designs [23][52].

Core Insights - The "2025 China Gold Jewelry Retail Market Insights" report highlights the current consumption characteristics, retail trends, and future opportunities in the Chinese gold jewelry market [1][9]. Economic Context - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, indicating strong economic resilience. However, the GDP deflator index has been negative for nine consecutive quarters, reflecting a cautious consumer sentiment towards the economic outlook [1]. Market Performance - Despite a slowdown in overall social retail growth, the sales of gold and silver jewelry have maintained healthy growth. The gold price has surged by 32% since 2025, reaching 29 historical highs, outperforming other mainstream assets like stocks and bonds. However, high gold prices have suppressed some consumer demand, leading to a decline in gold jewelry sales [2][3]. Consumer Behavior - A survey revealed that 81% of Chinese consumers own gold jewelry, with a higher ownership rate among younger demographics. The primary motivation for purchasing gold jewelry is "self-indulgence," rather than traditional occasions like weddings or gifting [4][8]. Sales Trends - The total monetary value of gold jewelry consumption is not significantly lower than the historical peak in 2013, but the volume has noticeably decreased, indicating a trend of "price increase, volume decrease." High gold prices are the main barrier for consumers, who perceive prices as exceeding their budgets and not being the right time for investment [8]. Future Opportunities - The report identifies four key opportunities for the gold jewelry market: enhancing the younger generation's understanding of gold jewelry value, positioning gold jewelry as a "high-quality product," expanding its presence in various consumption scenarios, and optimizing multi-channel marketing and consumer decision-making paths [8]. Product Insights - Gold products continue to dominate store sales, with investment products like gold bars gaining a larger market share, reflecting a market trend of "weak jewelry, strong investment." Non-gold items like jade, pearls, and colored gems are also contributing more to store sales [9]. Category Performance - Hard gold jewelry has shown particularly strong performance, with sales and profit contributions exceeding other categories. Traditional gold, due to its cultural significance and fashion value, remains a crucial profit driver for stores [12]. Consumer Trends - "Self-wearing" has become the main motivation for gold jewelry sales, significantly surpassing gifting and wedding occasions. The distinction between daily wear and wedding jewelry is blurring, with consumers favoring aesthetically pleasing and practical gold items [12]. Retail Outlook - Store managers maintain a cautiously optimistic outlook for future gold sales, especially in the self-wearing segment. However, there is a general cautious approach towards inventory management, prompting recommendations for retailers to optimize product structures and promote high-value products to adapt to market fluctuations and changing consumer demands [12].

Core Insights - The rise of hard gold jewelry is becoming a key cultural symbol that connects with the younger consumer demographic, fulfilling their diverse needs for fashion aesthetics and daily wear [2][15] - The World Gold Council's three-year initiative has evolved from category awareness in 2023 to focusing on product advantages in 2024, and aims for value deepening in 2025 through integrated marketing activities [2][14] Marketing and Promotion - The World Gold Council, in collaboration with twelve leading jewelry retailers, successfully held a hard gold jewelry appreciation salon in Shanghai, marking a new phase in hard gold marketing with the release of the 2025 theme film "Live Brilliantly, Shine Uniquely" [4] - The marketing campaign features "female empowerment" as its core narrative, showcasing five representative women from various fields, achieving over 160 million views online [6][8] Social Media and Engagement - The "GoldenGirlsShine" integrated marketing campaign utilizes a dual narrative strategy of "female empowerment" and "category advocacy," transforming hard gold into a "social currency" and a "confidence badge" for Gen Z [10] - The campaign created a matrix of 49 key opinion leaders (KOLs) across various fields, generating over 445 million total exposures and 31 million reads on the core topic hashtag [10] User Interaction and Content Creation - The introduction of AIGC-based interactive stickers on Douyin significantly increased user engagement, with content views reaching 520 million and sticker usage surpassing 1.2 million [11] - A campaign on Xiaohongshu encouraged users to share their "hard power shining moments," resulting in 31 million page views and a substantial amount of user-generated content [11] Consumer Perception and Market Impact - The marketing activities have effectively reshaped Gen Z's perception of hard gold, with 70% of discussions focusing on attributes like "high aesthetics," "fashion symbol," and "female empowerment," while traditional views have decreased by 90% [12][13] - The emergence of hard gold meets the diverse demands of young consumers for design aesthetics, cultural belonging, and emotional value, providing valuable insights for the Chinese gold industry to enhance its influence in the global supply chain [15]

Group 1 - The core viewpoint of the articles highlights a significant recovery in China's gold consumption and production in the first half of the year, driven by economic recovery and increased consumer demand [1][2][3] Group 2 - In the first half of the year, China's gold consumption reached 554.88 tons, marking a 16.37% increase compared to the same period last year [1] - Gold jewelry consumption accounted for 368.26 tons, growing by 14.82%, while gold bars and coins consumption surged to 146.31 tons, up by 30.12% [1] - Domestic gold production increased to 178.598 tons, a rise of 2.24% year-on-year, with total gold production, including imports, reaching 243.996 tons, reflecting a 5.93% increase [2] - The recovery of gold production is attributed to the resumption of operations in major mines and the consolidation of resources among large gold enterprises, such as Shandong Gold's acquisition of Silver Tai Gold [2] Group 3 - Industry experts anticipate that gold production and consumption will continue to rise in the second half of the year, supported by expectations of rising gold prices and government policies aimed at boosting domestic demand [3] - Despite potential risks associated with high gold prices affecting consumer behavior, the overall outlook for gold consumption remains positive due to ongoing economic recovery [3]

Core Insights - The event held on May 9 in Shanghai marked a significant shift in the gold jewelry industry, with the World Gold Council collaborating with 12 leading retail brands to redefine the market logic of gold jewelry through standardization and a youthful narrative [1][2]. Industry Standards - The category of hard gold has existed for years but was previously characterized by a "conceptual confusion." The introduction of a standardized definition is crucial for clarity in the market [2][6]. - The newly implemented industry standard for hard gold jewelry specifies a minimum purity of 990‰ and a minimum Vickers hardness of 60HV, providing clear guidelines for retailers and manufacturers [6][5]. Market Performance - Hard gold has rapidly become the fastest-growing category in the gold jewelry market, with its market share increasing over the past three years [7]. - The appeal of hard gold lies in its ability to meet the diverse needs of younger consumers, offering stylish designs and durability that traditional gold jewelry lacks [7][8]. Consumer Engagement - The World Gold Council aims to promote the spiritual value of hard gold through digital media, targeting the Z generation and positioning hard gold as a lifestyle choice [8]. Future Potential - There is significant potential for growth in the male market segment for hard gold, which currently has low penetration but is expected to expand with ongoing innovation and marketing efforts [9]. - The World Gold Council is also pursuing international expansion for hard gold products, leveraging China's competitive technology and the global demand for stylish gold jewelry [9].

Core Insights - The World Gold Council is promoting "hard gold" jewelry as a new cultural symbol for the younger generation, aiming to connect with potential consumers and reshape the gold jewelry market in China [5][8][24] - The "hard gold" jewelry campaign has evolved over three years, focusing on product characteristics such as being "hard, light, and shiny," and is now entering a phase of digital social media marketing to engage Generation Z [5][8][24] Group 1: Marketing Strategy - The 2025 marketing theme for "hard gold" jewelry is "Live in Gold, Shine Uniquely," which aims to resonate with contemporary youth and their values [8][15] - A digital social media marketing campaign was launched, including the theme film "Live Brilliantly, Shine Uniquely," to enhance brand awareness and consumer engagement [8][24] - The campaign utilizes platforms like Douyin and Xiaohongshu to create interactive experiences and encourage user-generated content, enhancing emotional connections with the product [24] Group 2: Product Features and Standards - The "hard gold" jewelry is characterized by its innovative design, appealing to the younger generation's desire for personalized expression [18][24] - A new industry standard for "hard gold" jewelry was established, providing guidelines on naming, hardness, and safety, which aims to enhance consumer trust and product quality [24] - The standard specifies a minimum hardness of 60HV and compliance with national gold purity standards, ensuring transparency and consumer protection [24] Group 3: Cultural Impact - The campaign features influential young women who embody the spirit of "hard gold," showcasing their stories to inspire others [12][15] - The initiative aims to elevate "hard gold" from a mere product to a social symbol that reflects the values and aspirations of the younger generation [24] - The rise of "hard gold" is seen as a response to the evolving cultural landscape in China, promoting a new appreciation for gold jewelry among young consumers [24]