1、 gold.org 2025 Chinese gold jewellery consumer insights Opportunities in the slowdown gold.org 2025 Chinese gold jewellery consumer insights 02 Contents Weakness,the strength and opportunities 3 Cyclical and structural factors behind Chinas gold jewellery demand trends 4 Cyclical forces in play 4 St

2、ructural factors matter too 5 Rising spending on gold jewellery:a consumer perspective 5 Key consumer insights 6 Gold jewellery ownership is high among Chinese consumers 6 Why and when do consumers buy gold jewellery?7 The purchase journey 9 Looking ahead,opportunities remain 10 Conclusion 13 Append

3、ix 14 gold.org 2025 Chinese gold jewellery consumer insights 03 Weakness,the strength and opportunities Chinas gold jewellery demand,in tonnage terms,has been weakening in recent years(Chart 1).While the surging gold price and slowing economic growth have been key drivers,structural factors have als

4、o had a profound impact on the sector.When looking at this in value terms,we found that consumers are raising their budgets on gold jewellery,even more so in recent years amid the surging gold price.It is clear that consumers are still willing to buy gold jewellery products,even if they cost more.Th

5、e two demand perspectives raise two key questions:will golds tonnage demand continue to decline?will consumers continue to spend on gold jewellery?To answer the first question,we cast our eye over gold jewellerys macro drivers and those industry trends that impact demand.But to address the second qu

6、estion we delved deeper,gaining in-depth insights,particularly from consumers.To do this we partnered with a global research agency in 2024 to conduct a large-scale consumer research project in major gold markets,including China.The resulting valuable insights from Chinese gold jewellery consumers h