Customers select gold jewelry at a gold shop in Jinan, capital of east China's Shandong Province, Jan. 27, 2024. (Photo/Xinhua)

Chongqing - In recent years, young people's enthusiasm for gold consumption has significantly increased. Unlike the traditional way of buying and selling large amounts of gold, gold products with lower prices, lightweight designs, and innovative styles, such as small gold beads, lightweight pendants, and gold phone stickers, are becoming a new choice for many young consumers.

"I bought a 2-gram gold pendant for a friend. It’s both decent and a great way to express my wishes," said a consumer surnamed Sun. She regularly monitors gold prices and, when the price is reasonable, adds small-weight gold jewelry to her collection. She explained that these items have a low purchasing threshold, offer both wearable and investment value, and "the designs of gold jewelry today are so beautiful that it's hard not to be tempted after browsing."

Many young consumers were seen inquiring about and selecting gold jewelry at the gold stores in Beijing. In branded gold stores, lightweight gold jewelry is often sold at a fixed price, which carries a slightly higher premium compared to heavier pieces, but the price is more affordable. Some products feature 3D hard gold and enamel techniques, offering fashionable shapes and a wider range of colors, making them popular among young buyers.

"Buying gold gives me a sense of fulfillment. For example, buying some 'small but beautiful' gold jewelry brings joy during shopping, provides something to wear daily, and has a certain value retention function," said Ms. Geng, who works in Shanghai.

Wang Pengbo, a senior analyst at market consultancy Botong Analysys, said that gold is a traditional safe-haven asset and can be an option for asset allocation. This is an important reason why gold is gaining attention from young consumers.

Wang believed that for young consumers, the willingness to purchase relatively low-priced gold products reflects a more rational consumption tendency. It also indicates that the demand for daily wearable gold jewelry is increasing, with a growing desire for personalized and diversified designs.

Industry insiders pointed out that multiple factors are driving the market's preference for lightweight gold products. For businesses, the consistently high gold prices are prompting them to adjust their product structure, adding more lightweight and affordable products to flexibly respond to the market changes brought on by rising gold prices.

Currently, a wide variety of lightweight gold products are available in the market. They are relatively low-priced but feature exquisite designs, offering consumers a broad range of choices. Some gold pieces are small and suitable for daily wear, while others can be used in multiple combinations for necklaces, bracelets, and more, making them fashionable items. Some brands collaborate with popular IPs and trendy brands to launch themed products, along with services like bracelet weaving and trade-in programs, continuously attracting the attention of young consumers.

However, industry experts also remind consumers that when purchasing lightweight gold products, they must pay attention to quality, price, and return on investment. Like any investment, gold comes with risks, and it is advisable to approach consumption and investment rationally.

Young consumers have brought new vitality to the gold industry. The World Gold Council's report on the 2024 China gold jewelry retail market pointed out that the influence of young consumers cannot be ignored, with those aged 18 to 34 contributing more than a third of the retail sales of gold jewelry. Young consumers mainly purchase low-priced, lightweight, and stylish hard gold products.

"The gold industry is continuously focusing on and capturing the buying interests of young consumers. Manufacturers are constantly iterating products to meet the new purchasing demands," said Zhu Zhigang, Vice Chairman of the Gold Association of Guangdong and Chief Gold Analyst.

Zhu emphasized that businesses should identify their market positioning, innovate in product structure, and improve pricing mechanisms and sales models to meet the needs of young and potential consumers.

"We launch new products every week. Gold jewelry with good designs sells well. After each sale, we promptly give feedback to the company. The company uses this to understand consumer preferences and release more products that align with market demand," said Ms. Song, a clerk working in a gold store.

According to a report on jewelry market development in China released by the Gems&Jewelry Trade Association of China, low-price, emotionally valuable creative designs, and continuously updated styles are popular among young people. Small-batch, personalized customization will create a niche market of "small but beautiful" products for groups who pursue individuality, independence, or care about social circles.

Zhu agreed with this analysis: "The gold market will also evolve. In the future, gold jewelry and handicrafts with advanced craftsmanship will occupy a significant market share, which aligns with the current consumption trends of young consumers."

(Workers' Daily and Dai Xuelin, as an intern, also contributed to this report.)