Core Insights - Gold prices have reached a new historical high, leading to increased purchases of "pain gold" among young consumers [1][3] - "Pain gold" refers to gold jewelry or collectibles that are co-branded with popular anime and gaming IPs, appealing to the younger demographic [3][5] - The market for IP gold products has seen a significant increase, with a reported 294% year-on-year growth in transactions [3] Group 1 - The trend of "pain gold" is characterized by small gold items, often weighing only 1-2 grams, being sold at prices significantly higher than traditional gold jewelry, sometimes up to three times the international gold price [1][3] - Major gold brands like Chow Tai Fook and Lao Feng Xiang are collaborating with anime and gaming franchises to create these products, which are becoming popular on social media as a new form of "social currency" [3][5] - The resale market for these items has seen dramatic price increases, with some products nearly doubling in value since their original sale [5] Group 2 - Despite the popularity, there are concerns that the value of "pain gold" may decline if the associated IPs lose relevance, as the market is highly dependent on the popularity of these franchises [5][7] - The premium pricing of "pain gold" is attributed to IP licensing fees and emotional value, making it a niche market rather than a dominant category in the gold economy [7] - The craftsmanship limitations in representing the intricate details and colors of the IPs may also restrict the appeal and market size of these products [7][9]

Core Viewpoint - The gold jewelry brands are increasingly collaborating with popular IPs to create unique products, appealing to younger consumers and tapping into the "痛金" (pain gold) trend, which emphasizes emotional value over traditional investment aspects [1][5][8]. Group 1: Market Trends - The trend of "谷子经济" (grain economy) is gaining traction, with products related to popular IPs, such as cards and collectibles, seeing significant sales growth [7]. - Young consumers are prioritizing emotional value and cultural significance in their purchases, shifting from traditional needs for gold as a store of value to a desire for products that express personal identity [8]. Group 2: Product Collaborations - Major gold brands like Lao Miao and Lao Feng Xiang have launched various products in collaboration with popular IPs, including gold notes and figurines, to attract the younger demographic [1][6]. - The collaboration with the animation IP "Tian Guan Ci Fu" by Lao Miao resulted in a gold note priced at 520 yuan for 0.2 grams, translating to approximately 2600 yuan per gram, which is 2-3 times the price of regular gold [1][11]. Group 3: Sales Performance - The sales of IP-related products have been strong, with Zhou Dafu reporting over 1.5 billion yuan in sales from its collaborations, indicating a successful strategy in engaging younger consumers [1][7]. - Despite rising gold prices affecting overall consumption, products with high emotional and design value continue to perform well, suggesting a market shift towards more innovative and culturally relevant offerings [7][8]. Group 4: Consumer Behavior - The younger generation, particularly those born after 2000, are willing to spend on aesthetically pleasing and emotionally resonant products, as evidenced by their purchases of gold notes featuring beloved characters [2][4]. - The phenomenon of "痛金" reflects a broader cultural trend where fans integrate their favorite IPs into their daily lives, enhancing the perceived value of these gold products [5][9].

Core Insights - The gold brands are actively embracing the "ACG" culture by launching products like "Golden Guzi" in collaboration with popular IPs, targeting young consumers who are interested in purchasing anime and game-related merchandise [2][6][11] Group 1: Market Trends - The trend of "pain gold" products, which integrate anime and game elements into gold jewelry, is gaining popularity among young consumers, reflecting a shift from traditional gold consumption to emotional and cultural value [6][11] - The collaboration between gold brands and popular IPs has led to significant sales, with products like the Zhou Dafu x "Black Myth: Wukong" series achieving notable success in attracting male customers [9][11] Group 2: Product Pricing and Consumer Behavior - The price of "pain gold" products is significantly higher than traditional gold, with items like the 0.2g gold note from Lao Miao priced at 520 yuan, translating to approximately 2600 yuan per gram, which is 2-3 times the price of regular gold [2][16] - Young consumers are willing to pay a premium for these products due to their emotional value, even as the overall gold jewelry consumption in China is expected to decline [9][11] Group 3: Brand Collaborations - Major gold brands such as Lao Miao, Lao Feng Xiang, and Zhou Dafu are collaborating with various popular IPs, including "Heaven Official's Blessing" and "Gundam," to create unique gold products that resonate with the younger demographic [2][7][9] - The "Golden Guzi" products are showcased at events like Bilibili World and ChinaJoy, directly engaging with the "Z Generation" [2][6] Group 4: Challenges and Controversies - Despite the success, there are challenges such as high pricing and potential backlash from fans, as seen in the controversy surrounding Lao Miao's collaboration with STAYREAL, where accusations of design plagiarism arose [16][17]

Core Insights - "Pain Gold" is gaining popularity among young consumers, with prices for certain gold products being driven up to nearly double the daily gold price since 2025, leading to a supply shortage [1][2] Group 1: Market Trends - The topic of "Pain Gold" has surpassed 2.25 million views on social media platforms, with IP gold product transactions increasing by 294% year-on-year [3] - A specific gold product weighing 1g, originally priced at 899 yuan, is now being resold for nearly 1600 yuan on second-hand platforms, indicating a significant price increase [5] - The trend of "Pain Gold" is becoming a growth point for several jewelry brands amidst an overall weak gold consumption market [3][12] Group 2: Consumer Behavior - Young consumers are purchasing "Pain Gold" not only for its investment value but also for emotional attachment to the associated IPs, with many expressing a desire for unique and personalized items [6][10] - The rise of "Pain Gold" reflects a shift in young consumers' mindset towards "consumption-based savings," where products serve both as investment and emotional value [18][22] - The emotional connection and social currency associated with IPs encourage young consumers to pay a premium for these gold products [22] Group 3: Product Pricing and Valuation - Certain gold products, such as a collaboration with "Mobile Suit Gundam," have been priced as high as 80,000 yuan and sold out quickly, indicating strong demand [8] - A gold jewelry set weighing approximately 11 grams is being resold for 16,600 yuan, translating to a price of 1,509 yuan per gram [6] - The valuation of "Pain Gold" products can significantly exceed their original prices, with some collectors reporting gains of over 120,000 yuan [8]

Core Insights - The trend of "Pain Gold" is gaining popularity among young consumers, with prices for certain products being driven up to nearly double the daily gold price since 2025, leading to a supply shortage [1][2] - The term "Pain Gold" originates from Japanese otaku culture, where items are adorned with anime elements to express personal preferences, and it is now viewed by some young people as a "most valuable item" [1][2] Industry Trends - The browsing volume for "Pain Gold" topics on social media platforms has exceeded 2.25 million, and sales of IP gold products have increased by 294% year-on-year [2] - In a weak overall gold consumption environment, these anime-themed gold products are becoming a growth point for several jewelry brands [2][10] - A specific gold banknote product originally priced at 899 yuan per gram is now being resold for nearly 1600 yuan on second-hand platforms, indicating a significant price increase [3][5] Consumer Behavior - Young consumers are purchasing "Pain Gold" not only for its investment value but also due to their affection for the associated IPs and characters, with some products being perceived as more exquisite and valuable [5][12] - The trend of "golden items" is particularly appealing to the post-2000 generation, who appreciate the combination of emotional value and investment potential [8][16] - The rise of "Pain Gold" reflects a shift in young consumers' mindset towards "consumption-based savings," where items serve both as investments and emotional connections [16][19] Market Dynamics - The collaboration between jewelry brands and anime IPs has led to the introduction of various gold products, which are well-received by young consumers due to their affordability and customization options [10][12] - High-priced items, such as a pure gold series collection priced at 80,000 yuan, have sold out quickly, indicating strong demand for limited edition products [7] - The emotional connection and social currency associated with "Pain Gold" encourage young consumers to pay a premium, although caution is advised as some products may return to original prices after initial hype [19]

Core Insights - The rise of "pain gold" among young consumers is attributed to its association with anime IPs, leading to a significant increase in demand and prices, with some products reaching up to 2800 yuan per gram, nearly three times the daily gold price [1][5][17] - The market for IP gold products has seen a staggering 294% year-on-year growth in transactions, indicating a shift in consumer preferences towards collectible and emotionally resonant gold items [1][3][17] Group 1: Market Trends - "Pain gold" has become a popular investment choice for the younger generation, with some items being resold at nearly double their original prices, reflecting a strong secondary market [3][5] - The trend of combining gold with anime IPs has revitalized the jewelry market, attracting a new demographic of consumers who value both aesthetic and investment potential [1][8][16] Group 2: Consumer Behavior - Young consumers are increasingly drawn to gold items that offer emotional value and personalization, such as DIY jewelry, which enhances their appeal beyond traditional gold purchases [10][12][14] - The emotional connection to anime characters and themes drives young consumers to pay premium prices for "pain gold," as it serves as both a collectible and a status symbol [17] Group 3: Industry Implications - The success of "pain gold" highlights the need for jewelry brands to innovate and cater to the emotional and aesthetic desires of younger consumers, which could lead to sustained growth in this segment [1][16][17] - As gold transitions from a traditional investment to a fashionable item, brands must adapt their marketing strategies to engage with the younger audience effectively [15][17]

Core Insights - The rise of "pain gold" among young consumers, with prices reaching up to 2800 yuan per gram, indicates a growing trend where gold products infused with anime elements are perceived as valuable collectibles [2][15][17] - The market for IP gold products has seen a significant increase, with a 294% year-on-year growth in transactions for IP gold items on e-commerce platforms [2][10] - Young consumers are increasingly viewing gold as a fashionable item rather than just an investment, leading to a shift in purchasing behavior [14][17] Market Trends - "Pain gold" products are often sold out upon release, reflecting high demand and a trend towards premium pricing in the gold jewelry market [8][17] - The popularity of gold items linked to anime IPs has created a new niche market, with brands launching various collaborations to attract younger buyers [10][12] - The emotional connection and social currency associated with these products encourage young consumers to pay a premium, as they find value in both the aesthetic and sentimental aspects [17] Consumer Behavior - Young consumers are engaging in DIY customization of gold jewelry, combining new purchases with existing items to create unique pieces, which enhances their emotional value [12][14] - The trend of "consumption-based savings" is emerging, where young buyers see gold items as both a financial asset and a means of personal expression [14][17] - Social media plays a significant role in shaping consumer preferences, with high engagement on platforms related to gold jewelry and anime-themed products [14][17]

Core Insights - The rise of "pain gold" products, which incorporate anime elements, has become popular among young consumers, with prices reaching up to 2800 yuan per gram, nearly three times the daily gold price since 2025 [1][5][17] - The demand for IP gold products has surged, with a 294% year-on-year increase in transactions for IP gold items on e-commerce platforms, indicating a significant market trend despite overall weak gold consumption [1][5] - Young consumers view "pain gold" as a valuable investment, with some products experiencing substantial price appreciation in the secondary market, reflecting a shift in consumer behavior towards emotional and aesthetic value [5][12][15] Market Trends - The popularity of "pain gold" is evident in social media engagement, with related topics amassing over 2.25 million views, showcasing a growing interest among younger demographics [1][15] - The secondary market for "pain gold" products is thriving, with items like a 1g gold note originally priced at 899 yuan now selling for nearly 1600 yuan, indicating a doubling in value [3][5] - Collaborations between jewelry brands and anime IPs have led to rapid sellouts of limited edition items, such as a pure gold series priced at 80,000 yuan, highlighting the strong demand for unique and collectible gold products [5][6] Consumer Behavior - Young consumers are increasingly drawn to gold jewelry that offers both aesthetic appeal and investment potential, with many opting for smaller, more affordable items that allow for personalization and creativity [6][10][12] - The trend of "DIY" gold jewelry, where consumers combine new purchases with existing pieces, reflects a desire for individuality and emotional connection to the products [10][12][14] - The shift from traditional gold as a family heirloom to a fashionable accessory is evident, with social media platforms seeing significant engagement around gold jewelry styling and sharing [15][17]

Core Insights - The rise of "golden toys" reflects a trend where young consumers are increasingly attracted to gold jewelry that incorporates popular IPs from anime and cartoons, such as Sanrio and Crayon Shin-chan, blending investment with personal enjoyment [9][10][12] - The shift in consumer behavior indicates that gold jewelry is evolving from being seen as a traditional investment or heirloom to a fashionable item that resonates with younger generations [11][14] Consumer Trends - Young consumers are enthusiastic about purchasing "golden toys" as they find joy in owning these items while also viewing them as a form of value preservation [9][10] - The trend of DIY jewelry is gaining traction, with consumers combining new gold pieces with existing ones to create personalized accessories, enhancing the perceived value and cost-effectiveness of their purchases [10][12] Market Dynamics - The gold jewelry market is experiencing a significant transformation, with over one-third of gold jewelry sales in China attributed to consumers aged 18 to 34, indicating a strong potential for growth in the "golden toys" segment [11][14] - Social media plays a crucial role in promoting the social attributes of gold jewelry, with high engagement on platforms showcasing gold accessory styling and unboxing experiences, further driving the trend of gold as a fashionable item [11][13] Future Outlook - The unique combination of financial and emotional value in gold jewelry is appealing to the younger demographic, suggesting that brands need to focus on understanding and catering to the evolving preferences of this consumer group for sustained growth [14]

Core Viewpoint - The rise of "golden millet" products, which are gold jewelry linked to popular anime and cultural IPs, is attracting young consumers, but their investment value is questionable due to high premiums and reliance on their "millet" attributes rather than the gold itself [1][7]. Group 1: Market Trends - Multiple collaborations between gold brands and popular IPs have emerged, such as Lao Miao with "Tian Guan Ci Fu" and Chow Tai Fook with Chiikawa, indicating a trend towards targeting the younger, anime-loving demographic [2][4]. - The pre-sale period for these popular collaborative products can extend up to 45 days, reflecting strong consumer interest [2]. Group 2: Consumer Behavior - Young consumers are showing a willingness to pay high premiums for these collaborative products, viewing them as both collectibles and investments, despite concerns about the actual value retention [6][7]. - The perception of these "golden millet" products as investment items is prevalent, but only those with strong fan loyalty, limited availability, and official authorization have potential for appreciation [7]. Group 3: Pricing and Value - Collaborative products are significantly more expensive than regular items, leading to discussions among consumers about the value proposition and the business strategies behind these price increases [6][7]. - The resale value of non-officially authorized "golden millet" products is primarily based on the weight of the gold, with recovery prices around 770 RMB per gram, excluding any premium for the collaboration [7]. Group 4: Industry Insights - The Z generation is becoming the main force in gold consumption, valuing emotional connections and cultural recognition, which these IP collaborations fulfill [7]. - Traditional gold brands are leveraging popular IPs to rejuvenate their image and appeal to younger consumers, but they must carefully assess the value and premium of these collaborations to ensure sustainable growth [7].