2026.02.21 本文字数：1821，阅读时长大约3分钟 作者 |第一财经 齐琦 马年春节，国际金价在5000美元/盎司关口上演"过山车"。大年初一（2月17日）盘中跳水超2%，次日直 线拉升收复失地，随后几个交易日在5000美元关口反复拉锯。 当千家万户沉浸在团圆喜悦中，深圳黄金电商从业者小宇却化身"空中飞人"，一周三飞穿梭于故乡与职 场。冷清的珠宝产业园区里，他的直播间与客服后台灯火通明，在全球金价的剧烈波动中，书写着中国 黄金消费市场的新春故事。 园区冷、生意火 18日，农历正月初二，深夜的深圳龙岗珠宝产业园，主干道上鲜有行人，多数商铺大门紧闭，只有零星 几家物流网点亮着灯。而在园区内一间办公室里，键盘敲击声、电话铃声此起彼伏，与窗外的寂静形成 鲜明对比。 这个春节，小宇的行程表被排得满满当当。他告诉记者，2月16日他从深圳飞回甘肃老家，与父母团圆 吃年夜饭；22日，正月初六，就要飞回深圳处理积压订单；等到24日，正月初八，再回老家补休。一周 三飞，他成了名副其实的"空中飞人"。 "初二晚上，家里的饺子刚端上桌，我就接到了团队的紧急电话。"小宇回忆，当时国际金价突然拉升， 消费者咨询量激增，系统一度 ...

春节来临，黄金消费呈现投资、礼品与情绪消费并存的态势，低克重黄金制品和IP联名产品热销。 人头攒动的豫园商圈内，大量游客在观灯游览，而客单价最高且人气超旺的当数老庙黄金银楼，临近春节，不少消费者作为新年礼物或悦己而购买黄金，当 然也有"保值论"者购入黄金。 当黄金价格上下波动不断之际，究竟是存款还是买黄金保值？哪些人热衷炒黄金？第一财经记者近期进行了多方调研采访。 #77 9-12 一边打折、一边涨价 手机黄金贴还做起了可定制化批发生意。拼多多页面信息显示，一个拼单原价为25元的手机黄金贴，包含0.002克足金，若仅以黄金含量计算，金价已飙至 1.25万元/克，而商品目前已售2.2万件。商家透露，除了二次元等IP，"手机黄金贴"还可支持自家宠物等图片定制，下单很快就会出效果图，定稿后五天内 就能完成发货，如若一次性下单10件，单价可降至20元，下单20件，单价可降至13元，100个单价降至7.8元，"量大价格更优惠"。 为了在春节期间吸引更多消费者，部分金店也开始了促销。近期，第一财经记者实地走访了多家品牌黄金店发现，或许是因为春节即将到来，大部分金店内 购买金饰品的客人不少，根据老庙黄金、周大福、周生生和六 ...

Core Viewpoint - The rising gold prices have pressured traditional gold jewelry sales, yet young consumers are increasingly attracted to IP collaboration gold accessories, which combine emotional value and cultural identity [7][9][12]. Group 1: Market Trends - The collaboration between gold brands and popular IPs like Disney and various animated characters has significantly increased market interest and sales among younger consumers [7][22]. - Lightweight gold products, such as 0.1-gram gold pendants and 1.16-gram gold charms, are being marketed at various price points, making them accessible to a broader audience [8][9]. - The World Gold Council reports that the ownership rate of gold jewelry among consumers aged 18-24 has risen to 62% in 2025, up from 37% in 2019, indicating a shift in consumer demographics [10][25]. Group 2: Consumer Behavior - Young consumers are purchasing IP collaboration gold jewelry primarily for emotional satisfaction and social expression, rather than for investment purposes [9][24]. - The trend of "lightweight" and "shareable" gold products aligns with the younger generation's preference for self-expression and social sharing [12][27]. - The emotional value associated with these products is becoming a significant factor in purchasing decisions, as they are seen as symbols of personal identity and cultural connection [12][27]. Group 3: Pricing and Profitability - Traditional gold jewelry prices have increased significantly, with major brands like Chow Tai Fook and Lao Miao Gold seeing prices rise to around 1400 RMB per gram by 2026 [11][26]. - IP collaboration products often use a fixed pricing model, which provides more stable profit margins for brands and allows consumers to purchase gold items at lower price points, even amidst rising gold prices [11][26]. - The high-margin pricing of IP collaboration jewelry has led to strong sales performance, with some products achieving sales of nearly 100 million RMB within weeks of launch [9][24]. Group 4: Industry Challenges and Opportunities - Traditional gold jewelry companies must adapt to a market that increasingly values design, cultural significance, and emotional connection over mere material weight [14][29]. - The industry is being pushed to innovate in design and product offerings to attract younger consumers, who are looking for more than just traditional gold jewelry [14][29]. - The shift towards lightweight and culturally relevant gold products is expected to continue, creating new opportunities for brands to engage with younger audiences [14][29].

金价一路猛涨，黄金首饰销售承压已久。但这不妨碍年轻消费者在黄金柜台前青睐那些有趣、可爱的饰 品：迪士尼、小马宝莉、疯狂动物城、线条小狗、黑神话悟空……顶流IP与黄金品牌的联名款一个接一 个，不断推高市场热度，点燃年轻人的购买热情。 小克重也不断被赋予新注解：一两克的足金挂坠不少，与此同时，还有0.2克的金牌，不足0.1克的黄金 挂件、纯金贴片，从两三千元、五六百元再到几十元，消费者可以"丰俭由人"买个开心、图个高兴。 正如有人所说，"二次元"被"镀"了金。黄金为何跨界遇上了"二次元"？又将如何影响黄金消费市场？ "轻量化""可晒性"—— 买黄金"图个开心" 潮玩IP、卡通形象，正登上各大品牌黄金首饰柜台。 在北京一家周大福门店，迪士尼、疯狂动物城、黑神话.悟空等IP联名金饰，被陈列在门店内显眼位 置；一旁的潮宏基（002345）店内，黄油小熊、线条小狗、酷洛米、蜡笔小新等IP联名金饰也连成一 片，成为陈列展柜里一道活泼亮丽的风景线，吸引不少年轻消费者驻足。 不仅联名IP众多，产品形态也愈加丰富。有常见的足金挂坠，加工打造成各式IP形象；也有黄金挂件、 贴片等形态更为新颖的黄金产品，这些薄薄的金片被加工成萌趣I ...

Core Viewpoint - The article discusses the rising popularity of "pain gold" (痛金) in the gold market, particularly among younger consumers, as a form of emotional consumption that combines investment and personal expression [1][2][6]. Group 1: Market Trends - The upcoming "Qixi" festival marks a traditional peak season for gold consumption, with the market maintaining a certain level of activity despite consumers becoming more cautious [1][9]. - "Pain gold" has gained significant traction, with related jewelry becoming bestsellers, reflecting a shift in consumer preferences towards products that offer both emotional value and investment potential [1][5][6]. - The browsing volume for "pain gold" topics on social media has surpassed one million, indicating strong interest and engagement from consumers [5]. Group 2: Consumer Behavior - Young consumers, particularly those aged 18 to 24, show a high ownership rate of gold jewelry at 62%, a significant increase from 37% in 2019, highlighting a growing trend in gold consumption among this demographic [6]. - Consumers are increasingly cautious, waiting for gold prices to drop before making purchases, and showing a preference for lower-cost products like gold beans and small gold bars due to their lower processing fees [9][11]. - The pricing strategy for "pain gold" varies significantly, with many items priced per piece rather than by weight, often leading to higher prices due to design premiums and copyright costs [5][6]. Group 3: Industry Response - Major gold brands are launching promotional activities and new product lines to attract younger consumers, with collaborations with popular IPs in anime and gaming becoming a key strategy for growth [5][6]. - Despite high international gold prices, which have remained stable for four months, demand for lightweight, high-design jewelry continues to thrive, contributing positively to the profitability of retailers [11]. - Analysts suggest that while "pain gold" can yield significant short-term profits, companies should focus on building stable emotional connections with consumers to ensure long-term success [6].

Core Insights - The rising gold prices over the past three years have led to increased interest in gold jewelry, creating a "gold fever" among consumers [1] - The trend has extended into the "二次元" (two-dimensional) culture, with major gold brands targeting young consumers who are fans of anime and gaming [1] - Brands like Chow Tai Fook, Lao Feng Xiang, and others have launched IP collaboration gold jewelry, integrating popular characters and themes from various franchises [1] Retail Market Dynamics - The retail price of gold jewelry has surpassed 1000 yuan per gram, making it unaffordable for many consumers [1] - IP collaboration gold jewelry is sold at a premium, with prices ranging from 1300 yuan to 2800 yuan per gram, significantly higher than the standard gold price of around 1020 yuan per gram [2][4] - For example, the Chow Tai Fook Chiikawa collaboration piece is priced at 2800 yuan per gram, which is 2.76 times the market price [2][4] Consumer Behavior - Social media platforms like Xiaohongshu (Little Red Book) play a crucial role in promoting IP collaboration gold jewelry, with many users expressing interest and sharing their purchases [2][8] - Despite the hype, actual foot traffic in physical stores remains low, indicating that the consumer base for these products is still limited [6] - Some consumers are opting for custom-made gold jewelry from goldsmiths, which can be more affordable and unique compared to branded IP collaboration pieces [6] Market Trends and Challenges - The Chinese Gold Association predicts a decline in gold consumption, particularly in gold jewelry, due to high prices, with a projected drop of 26% year-on-year [10] - The high prices of IP collaboration gold jewelry are attributed to licensing fees and advanced manufacturing techniques, which may not translate to higher resale value [5][9] - The resale market for IP collaboration gold jewelry is uncertain, with many pieces losing value once they become widely available [10]

Group 1 - The gold jewelry industry is experiencing a transformation with a focus on brand upgrades and consumer preferences shifting towards innovative and differentiated products [1][4] - Young consumers are increasingly driving demand for gold jewelry, moving from a singular focus on value preservation to a multi-faceted approach that includes cultural recognition and emotional value [1][2] - The rise of IP collaborations in gold jewelry, particularly appealing to younger demographics, is becoming a significant growth engine for the industry [2][3] Group 2 - Companies are enhancing their product offerings by integrating cultural and emotional values, aiming to create unique products that resonate with younger consumers [3][4] - The industry is transitioning from a focus on store expansion to prioritizing product quality and brand differentiation, reflecting a shift in consumer expectations [4] - The emergence of brands like Laopu Gold is leading the industry towards a more brand-centric and high-end development model, which is expected to increase customer loyalty and profitability [4]