Young people influence product choice and shopping venue
The Jewelry Retailer category began to recover, declining only 1 percent in value compared with a 31 percent drop a year ago, as China’s demand for gold strengthened, according to the World Gold Council.
One jewelry brand dropped from the BrandZÔ China Top 100, but the two remaining brands, Lao Feng Xiang and Eastern Gold Jade, increased 14 percent and 28 percent, respectively.
Two significant trends—an increase in young jewelry consumers and online transactions—influenced category sales growth, according to the World Gold Council. And people found more occasions for giving gifts.
Gold jewelry sales spiked early in 2017, as a traditional gift for the Chinese New Year. Also, on the lunar calendar, the Year of the Rooster had an added month inserted around June. Spring, a season of growth and new beginnings, is a lucky time for weddings in traditional Chinese culture. An extra month doubles the luck. And the Birthdays became more popular for giving jewelry as a gift, too.
Gold jewelry continued to dominate, but diamond and platinum increased in popularity in tier 1 cities, according to research conducted by Kantar TNS for the World Gold Council. Young consumers influenced product range, with a desire for more personalization and other precious metals and stones.
The preferred shopping venue shifted as well, with young people finding inspiration both online and in physical stores. As in other country markets, young people are expanding the definition of luxury. Some find travel or other experience, or an expensive smartphone more desirable than an article of gold jewelry.