2025 年上半年黄金消费量同比下降 3.5%，首饰消费量同比下降 26%，但投资类金条和金币销量增长 25%，表明消费者购买行为出现 结构性转变。 短期金价急跌通常能促进销量回暖，尤其是在高位震荡后，但持续上涨 则会抑制需求。2024 年 3-5 月金价急涨 14%导致首饰销售额呈现双位 数降幅，且降幅逐步扩大。 传统黄金珠宝公司依赖渠道批发模式，主要盈利来自挂签费，更看重销 量而非金价上涨。克重类产品占比较高的公司受金价波动影响更大。 克重类黄金价格每日实时变动，在金价急涨时消费者面临不确定性；一 口价黄金调价频次较低，且设计更精致，因此更受消费者青睐。 一口价产品分为小克重类（如金豆、转运珠，客单价 2000-4,000 元） 和高端类（如古法金花丝工艺，客单价 1 万元以上），满足不同消费需 求。 金价上涨冲击克重类黄金销量，促使传统企业推广投资金类产品，加强 自研款式和一口价产品研发。新兴品牌通过创新工艺和文化结合实现差 异化竞争。 短期内黄金饰品化的趋势将持续，有优质产品力和渠道力且能提供标志 性设计感商品的公司将脱颖而出。若金价出现急跌，将短时间内促进消 费量提升。 Q&A 金价波动对黄金首饰需 ...

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]

Group 1 - The overall consumption market in Beijing showed improvement, with a total market consumption increase of 1.3% year-on-year from January to May, driven by factors such as the "May Day" holiday and early consumption promotions for "618" [1] - Retail sales of gold and jewelry surged by 41% year-on-year, leading all categories, attributed to rising international gold prices and strong demand during the wedding season [1] - Brands like Chow Tai Fook and Lao Feng Xiang reported significant sales growth in traditional gold products, with younger consumers favoring stylish gold jewelry designs [1] Group 2 - The Chinese gold and jewelry market is experiencing two emerging trends: improvements in gold craftsmanship and a rising "self-pleasure" consumption trend, leading to a younger demographic willing to pay a premium for aesthetics [2] - Fashion brands are increasingly focusing on experiential consumption, with luxury brands like Louis Vuitton and Dior opening standalone flagship stores in Beijing, indicating a shift from "cost-performance" to "quality-price" in consumer preferences [2] - The emphasis on emotional connections between consumers and brands is becoming a core strategy for physical retail, highlighting the importance of diversified and scenario-based fashion consumption in Beijing's market [2]

北京时间5月7日晚 伦敦金现下跌1.5% 跌破3380关口 COMEX黄金期货价格下跌近0.9% 沪金、白银也有不同程度下跌 经过昨天的短暂回调后 | 伦敦金现 伦敦银现 | COMEX黄金 | | --- | --- | | 3379.640 32.568 | 3392.5 | | -51.465 -1.50% -0.655 -1.97% -30.3 -0.89% | | | COMEX白银 SHFE黄金 | SHFE自银 | | 32.810 800.84 | 8135 | | -0.571 -1.71% -1.26 -0.16% -106 -1.29% | | △数据截至5月7日晚22:48 北京时间5月8日 伦敦现货黄金快速拉升 屡屡触高 截至5月8日上午 伦敦现货黄金最高为3413.73美元/盎司 △ 伦敦金现15分钟走势图 5月8日下午 "五一"假期期间 黄金市场经历了一波明显的调整 品牌首饰金价格普遍跌破千元大关 伦敦现货黄金跌破3330美元关口 最新报3329.92美元/盎司 日内跌1.02% COMEX黄金期货主力 最新报3336.40美元/盎司 日内跌1.64% | 3340.877 | ...

21世纪经济报道记者叶麦穗 广州报道"五一"假期前后黄金价格出现剧烈震荡，节假日期间黄金现货价 格跌至800元/克之下，黄金市场也跟着热闹起来。国内黄金集散地深圳水贝实时金价同步回落至780元/ 克。价格回调刺激观望者蜂拥而至，市场客流量激增，不少人已经将水贝的黄金当成旅游必备"手信"。 黄金消费市场供销两旺 "五一"期间，水贝市场的黄金铺位被挤得水泄不通，已经被外地游客当成旅游"打卡地"，甚至有游客带 着旅行箱"扫货"。 从湖南来水贝的刘大姐告诉记者，目前女儿和准女婿都在深圳上班，准备今年国庆节办婚礼。"趁着'五 一'假期价格低的时候买一点，如果后期价格继续走低，我就再买一点，阶梯型入货。相比其他首饰 品，黄金不仅更保值，而且流通性也更好。"刘大姐告诉记者。 有商家表示，已经在"五一"假期前补货，但是依然供不应求。"因为价格波动较大，我们不敢一次进太 多货。从市场需求来说，小克数的金条和金饰最受欢迎，此外古法金、3D硬金等工艺产品也很受青 睐。此外，婚庆类金饰的消费也还不错。" 上述商家告诉记者，"五一"假期卖的最好的黄金产品是一克左右的转运珠，他们配一条红绳，可以作为 手链，来店客户，基本是人手一条。 为 ...