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1、Outlook 2023 Chinese jewellery market insights Gold continues to lead the market 2023 Chinese jewellery market insights:gold continues to lead the market 01 About the World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset,shaping the future of a r

2、esponsible and accessible gold supply chain.Our team of experts builds understanding of the use case and possibilities of gold through trusted research,analysis,commentary and insights.We drive industry progress,shaping policy and setting the standards for a perpetual and sustainable gold market.For

3、 more information Research and Strategy Jeremy De Pessemier,CFA jeremy.depessemiergold.org +44 20 7826 4789 Johan Palmberg johan.palmberggold.org+44 20 7826 4786 Kavita Chacko kavita.chackogold.org+91 22 6157 9135 Juan Carlos Artigas Global Head of Research juancarlos.artigasgold.org+1 212 317 3826

4、Krishan Gopaul krishan.gopaulgold.org+44 20 7826 4704 Louise Street louise.streetgold.org+44 20 7826 4765 Ray Jia ray.jiagold.org+86 21 2226 1107 Market Strategy:Joseph Cavatoni Market Strategist,North America joseph.cavatonigold.org+1 212 317 3844 John Reade Market Strategist,Europe and Asia john.r

5、eadegold.org+44 20 7826 4760 Contents 2023 Chinese jewellery market insights 2 Golds dominance rises further 3 Heritage and Hard-Pure gold:shining brightly 4 Lighter and cheaper products are more popular 5 The shift in pricing models:towards a more transparent future 6 Has Chinas gold jewellery mark

6、et reached saturation?7 Conclusion 9 2023 Chinese jewellery market insights|Gold continues to lead the market 02 2023 Chinese jewellery market insights Chinese jewellery retailers have expressed mixed feelings so far in 2023.Follow the end of pandemic restrictions,2023 has seen improved gold jewelle

7、ry demand compared to 2022.Our Gold Demand Trends report shows a 17%y/y rebound in Chinas gold jewellery consumption in H1(328t).The post-pandemic economic revival was the major contributor.But the recovery story is not all roses.Many retailers told us that sales fell off a cliff after the Internati

8、onal Womens Day in March.Our data also indicates a stark q/q drop in Q2(-37%).The weaker-than-expected economic recovery,a record-high RMB gold price and seasonality drove this decline.Structural changes are also of concern to retailers.For instance,changes in product pricing models and consumer pur

9、chasing motivations became a double-edged sword for many.And as product popularity shifts,retailer inventories must adapt.The economic recovery remains uncertain.This,together with the structural trends mentioned above may present challenges to gold jewellery demand.It will be crucial for retailers

10、to be aware of the latest and key market trends if they are to identify and pre-empt opportunities.Against this backdrop we undertook the fourth annual Chinese jewellery retailer survey in cooperation with China Gold News.To capture a comprehensive picture,we collected 538 validated responses from j

11、ewellery retail shop managers and regional market directors at both national chains and local brands in 76 cities located within 21 different provinces(Chart 1).Fieldwork took place between July and August 2023 via both online questionnaires and face-to-face interviews.Our random sample includes sto

12、res in malls(57%)as well as those on streets(43%),reflecting the current divide in the market and mitigating possible biases arising from store types.Gold shining brightly As Chinese jewellery retailers shook off the pandemic,many strode into 2023 with strong expectations.But the recovery has been b

13、umpy.In the face of economic uncertainties and the record-level renminbi(RMB)gold price,understanding current trends and future possibilities is fundamental to jewellers businesses.We have partnered with China Gold News to produce the 2023 edition of our annual Chinese jewellery market insights.The

14、main findings include:Relatively strong sales performances have led to a rising dominance of gold products in retailer inventories Heritage,Hard-Pure and mass-appeal gold jewellery products contributed the most to retailer margins;these products make up the majority of inventories Lighter products g

15、ained traction;their pricing structures are becoming more transparent While most retailers believe gold jewellery markets in their regions may have reached saturation,some mainly from high-tier cities see potential.2023 Chinese jewellery market insights|Gold continues to lead the market 03 Chart 1:T

16、he 2023 survey covered 538 market participants from 76 cities Source:China Gold News,World Gold Council Golds dominance rises further Gold continues to dominate Chinese jewellery retailer inventories(Chart 2).Retailers told us that gold products account for 67%of their inventories as of H1 2023,a no

17、table pick up from 2021(52%)when we last tracked retailer inventory composition.1 This is followed by diamond products,which make up 17%of retailer inventories,a lower level than 2021.1 We track retailers inventory compositions every other year.Chart 2:Golds dominance in retailers inventories rose f

18、urther Inventory share by category(in value)*Gold products include 24K and plain 18K and 22K jewellery and investment items.In 2021,we only tracked gold,diamond and other product inventories.Of the gold products in 2023,85%are gold jewellery.Source:China Gold News,World Gold Council This is closely

19、related to the outperformance of gold compared to other product categories.Most respondents told us that they have witnessed growth in gold product sales compared to 2022 and pre-pandemic 2019(Chart 3).This is followed by gem,pearl and other jewellery products,reflecting their increasing allure to c

20、onsumers.2 Only a few retailers experienced growth in diamond and platinum product sales,which partially explains the declining share of these items in their inventories.The popularity of gold products is mainly driven by golds unique dual nature as an everyday accessory and a financial asset that s

21、tores value.As the RMB has depreciated and other local assets 2 For more,see:價格狂飆，甚至翻倍！有人不到 1 年賺 40 萬元_寶石_鉆石_珠寶()38%34%14%14%Tier 1Tier 2Tier 3Tier 4 or lower52%24%23%67%17%11%5%Gold productsDiamond jewelleryOthers(color stone/jade/pearl)Platinum jewelleryChart 3:Gold products significantly outperfo

22、rmed other categories Q:Compared to 2019 and 2022,have you seen a sharp/modest increase in sales revenue during H1 2023?Source:China Gold News,World Gold Council 0%10%20%30%40%50%60%vs H1 2019 vs H1 2022 vs H1 2019 vs H1 2022 vs H1 2019 vs H1 2022 vs H1 2019 vs H1 2022 vs H1 2019 vs H1 2022Gold jewe

23、lleryGold bars and coinsOthers(jade/colorstone/pearl.)Diamond jewelleryPlatinum jewellery%of total sample agreeing to each statementsharp increasemodest increase 2023 Chinese jewellery market insights|Gold continues to lead the market 04 have performed poorly,Chinese consumers and investors have pai

24、d more attention to gold as a means of value preservation,especially as their tendency to save has remained elevated around its record high.3 Following a strong 2022(+10%),golds performance in local currency has capped another 12%gain so far in 2023,dwarfing other assets.4 These factors,combined wit

25、h the younger generations increasing awareness of wealth management,have underpinned the rising popularity of gold products among consumers and in retailer inventories.5 And when asked about their expectations of future inventory adjustments,most retailers see further growth for gold(Chart 4).But th

26、e inventory shares of diamond and platinum products may trend lower.It is also worth noting that the soaring popularity and recent tightening in supplies of coloured gem and pearl products has caused 21%of our respondents to plan to stock up more on these products.Chart 4:Retailers see further domin

27、ance of gold in their inventories Red:%of total sample that plan to increase their inventory Green:%of total sample that plan to decrease their inventory Source:China Gold News,World Gold Council 3 For more,see:Urban Household Savings()4 Based on the Shanghai Gold Exchange AU9999s performance during

28、 the first eight months of 2023.5 For more,see:年輕人的財富管理：買理財攢金豆都很“香”|理財新浪科技_新浪網()Heritage and Hard-Pure gold:shining brightly Turning to gold-specific product ranges,Heritage gold jewellery is the largest category in retailer inventories,accounting for nearly 28%of the total(Chart 5).And mass-appeal

29、products maintain a significant share at 24%.As its popularity rocketed,Hard-Pure(24K)gold jewellery has also held a crucial place in inventories,at 23%6.The rise of“Guochao”as noted in our previously reports has been a major driver of Heritage golds popularity.According to JD Research,the number of

30、“Guochao”consumers increased by 74%between 2019 and 2022 while related consumption surged by 335%.7 Innovations from the industry,such as lightweight Heritage gold jewellery with different gem inlays,sustained vitality in this product range.Chart 5:Retailer gold inventories mainly consist of Heritag

31、e,mass-appeal and Hard-Pure products Gold product inventory share(by value)Source:China Gold News,World Gold Council Hard-Pure gold jewellery is a relative newcomer,relative to other products.The enhanced hardness of these 24K items enables greater flexibility in product design and attracts fashion-

32、savvy young consumers.Furthermore,the combination of 24K fineness and intricate design has won over many 18K and 22K gold jewellery consumers.As the RMB gold price reached record levels,the affordability of these lightweight products further increased their allure to consumers.6 Hard-Pure gold jewel

33、lery refers to 24K products with greater hardness and lighter weights than traditional ones.For definitions of different gold jewellery categories,see;2021 Chinese gold jewellery market insights:mainstream,younger and more transparent|World Gold Council 7 For more,see:京東2023 中國品牌發展趨勢報告 58%32%21%19%7

34、%9%16%26%36%40%27.9%24.1%22.6%12.2%6.8%6.5%HeritageMass-appealHard-Pure18K&22KBars&coinsUltra-pure(Au99999)2023 Chinese jewellery market insights|Gold continues to lead the market 05 Mass-appeal gold jewellery products have been and are likely to remain a key component of most retailer inventories.A

35、fter all,traditional consumers make up a large proportion of Chinas gold jewellery market and whether their motivation is buying for good luck or investment purposes,they prefer simple products with reasonable labour charges.And we believe the industrys efforts to innovate and upgrade traditional ma

36、ss-appeal product design has also helped improve attractiveness.The inventory composition reflects the sales performance of these different gold jewellery products shown in Chart 6.In general,sales of Heritage,Hard-Pure and mass-appeal gold jewellery products outperformed other categories.Chart 7 pr

37、ovides another explanation for retailers decisions about gold product inventory shares.Due to their stylish designs and affordability,Hard-Pure gold products contribute the most to retailer profit margins.Heritage gold jewellery items are a close second.But their price competition is becoming fierce

38、r as this niche market gradually reaches saturation,potentially putting downward pressure on product margins.It is obvious in Chart 7 that new products bring the most profit.The outperformance of both Heritage and Hard-Pure gold jewellery have both outperformed other products in sales and profitabil

39、ity proves that product innovation is key to unlocking the potential for growth.Chart 7:Innovative products bring the most profit Q:Rank gold products margin contribution from 0(lowest)to 10*Based on average scores of our sample.Source:China Gold News,World Gold Council Lighter and cheaper products

40、are more popular The surging local gold price,combined with an uncertain economic recovery,led many consumers to cut their gold jewellery budgets.Our survey results show that products lighter than 10 grams have made the largest contribution to H1 revenue for retailers(Chart 8).Since lighter products

41、 naturally have a lower per-unit ticket price,we can draw the conclusion that they have a notably higher turnover ratio than heavier ones.Chart 6:Sales of Heritage and Hard-Pure gold products were outstanding Q:Compared to 2019 and 2022,have you seen a sharp/modest increase in sales revenue during H

42、1 2023?Source:China Gold News,World Gold Council 0%10%20%30%40%50%60%70%80%vs H12019vs H12022vs H12019vs H12022vs H12019vs H12022vs H12019vs H12022vs H12019vs H12022vs H12019vs H12022HeritageHard-PureMass-appealInvestment productsUltra-pure18K&22K%of total sample agreeing to each statementsharp incr

43、easemodest increase 2023 Chinese jewellery market insights|Gold continues to lead the market 06 Chart 8:Lighter products contributed the most to retailer revenue Gold revenue contribution by product weight Source:China Gold News,World Gold Council Similarly,over 35%of retailer revenue comes from pro

44、ducts selling for under RMB2,000;this is the most popular price range(Chart 9).Products ranging from RMB2,000 to RMB5,000 make up another major category,accounting for 28%of sales.Compared to 2022,we can see that consumer preference is shifting to cheaper products.The share of products with unit-tot

45、al prices below RMB2,000 jumped from 18%in 2022 to this years 35%,while the contribution from more expensive ones(between RMB2,000 to RMB10,000)fell.Other than affordability,we believe industry innovation has played a vital role in the rising popularity of lightweight products.By combining various g

46、ems with these items and constantly upgrading designs,the industry has successfully grabbed the attention of the younger consumer.Chart 9:Low-cost products are increasing in popularity Sales contribution of different unit-price products Source:China Gold News,World Gold Council Analysis of sales by

47、city-tier provides interesting results(Chart 10).We see similar trends overall:low unit-price products contribute the most to retailer sales.But gold jewellery items costing more than RMB10,000 are more popular in first-and fourth-or-lower-tier cities than they are in others.The strong economic grow

48、th in first-tier cities provides support for expensive product sales.And consumers in fourth-or lower-tier-cities usually favour items that are high carat with low labour charges,as this satisfies their investment motivation.Chart 10:While most cities share similar trends,differences exist Revenue c

49、ontribution by gold product price in different cities Source:China Gold News,World Gold Council The shift in pricing models:towards a more transparent future The retailer inventory share of per-gram priced products is rising.Survey results show that 66%of gold inventories are made up of per-gram pri

50、ced products while the rest are priced per-piece.Compared to 2021,it is obvious that the per-gram pricing model is being increasingly adopted by retailers(Chart 11).The price of a 24K gold jewellery product includes:the labour charge the cost of the gold,based on weight and the stores gold price,whi

51、ch is often higher than the Shanghai Benchmark Gold Price as it includes other expenses such as store rent and brand premium.37.30%29.30%33.40%20g35%28%20%16%RMB2,000RMB2,000-5,000RMB5,000-10,000RMB10,000+Inner:2022Outer:20230%5%10%15%20%25%30%35%40%RMB2,000RMB2,000-5,000RMB5,000-10,000RMB10,000+Con

52、tribution to salesTier 1Tier 2Tier 3Tier 4 or lower 2023 Chinese jewellery market insights|Gold continues to lead the market 07 Chart 11:Retailers are increasingly adopting the per-gram pricing model Gold product inventory by pricing models Source:China Gold News,World Gold Council But nowadays more

53、 and more young consumers demand higher pricing transparency.As we mentioned in a previous report,younger consumers tend to research products before making a purchase decision.And vagueness in pricing is exactly what they are trying to avoid.And the per-gram pricing model has the advantage of making

54、 costs clear to these customers.The industry has made strides towards a healthy and sustainable future by increasing its pricing transparency.Our survey results show that 52%of Hard-Pure gold products are per-gram priced(Chart 12).Chart 12:More than half of Hard-Pure gold products are sold with clea

55、r pricing structures Pricing methods used for Hard-Pure gold products Source:China Gold News,World Gold Council 8 2022 中國興趣消費白皮書：近七成新青年愿意為產品溢價買單();艾媒咨詢2022 年中國興趣消費趨勢洞察白皮書(附下載)-艾媒網();埃森哲 2022 中國消費者洞察|Accenture Looking ahead,57%of our survey respondents say that they will increase the use of per-gram

56、pricing method to offer consumers more clarity.This is a notable improvement on the 43%recorded in 2021.We believe a transparent price presentation,reasonable labour charges and designs that meet consumer taste will benefit both consumers and retailers.Chart 13:More and more retailers are increasing

57、 transparency in pricing Q:How would you adjust your product pricing methods going forward?Source:China Gold News,World Gold Council In our view,offering consumers greater pricing transparency by specifying weight and labour charges is the best way to gain their trust.Various surveys have pointed ou

58、t that young consumers,driven by self-indulgent consumption,are economical always practical in purchasing necessities but at the same time they are openhanded willing to pay for premium products that suit their tastes.8 Has Chinas gold jewellery market reached saturation?Major Chinese gold jewellers

59、 have been expanding rapidly over recent years.Based on available data from the annual reports of listed jewellery companies,their point of sales(POS)expansion has averaged 17%per year over the past five years(Chart 14).And the pace remained elevated even during the pandemic,averaging 18%per year be

60、tween 2020 and 2022.43%34%57%66%0%20%40%60%80%100%20212023Share of inventoryPer-piecePer-gram48%52%Per-piece priced hard-pure goldPer-gram priced hard-pure gold0%10%20%30%40%50%60%More per-grampriced productsMore per-piecepriced productsNot clear%of total sample20232021 2023 Chinese jewellery market

61、 insights|Gold continues to lead the market 08 Chart 14:Chinese jewellers are expanding their point of sales*Based on listed companies with public annual reports for the past five years.Source:Company filing,World Gold Council As Chinas gold jewellery consumption has contracted over recent years,mai

62、nly due to the local economic downturn and the pandemic,the question naturally follows:is there still room for expansion?The answer is,“limitedbut yes”(Chart 15).Survey results show 73%of our respondents believe that their cities already have enough gold jewellery retail stores,or even have too many

63、.But the remaining 27%think there is still room for more.Chart 15:While the majority believe there is no room for expansion,some disagree Has gold jewellery market in your region reached saturation?Source:China Gold News,World Gold Council Interestingly,most of the retailers who believe there is sti

64、ll room for more gold jewellery stores are in high-tier cities where competition is fierce.This is likely driven by retailers optimistic expectations of economic growth in high-tier cities as well as the fierce competition itself,which constantly weeds out poorly performing shops and leaves opportun

65、ities for upcomers.Most retailers who plan to expand want to open stores in large commercial complexes(Chart 16).This has been the top choice for retailer expansion in recent years.They know that young consumers are more likely to spend their money and time in commercial complexes with their various

66、 entertainment and dining options.They also told us that stores between 100m2 and 1,000m2 are the choice should they decide to expand(Chart 17).But relative to others,retailers from high-tier cities are more likely to open smaller shops(100m2).We believe this is mainly due to cost,as rent and employ

67、ee salaries are higher in large cities than in other regions.Chart 16:Large commercial complexes are the favourite expansion option for retailers Where would you go for expansion?Source:China Gold News,World Gold Council Chart 17:Stores between 100m2 and 1,000m2 are the popular expansion choice Whic

68、h store size would you choose for expansion?Source:China Gold News,World Gold Council 0%5%10%15%20%25%05,00010,00015,00020,000201220142016201820202022Y/y growthNo of POSChow Tai FookLao Feng XiangYu Yuan GroupLuk Fooky/y growth41.6%31.6%12.6%9.6%1.9%2.7%26.8%Tier 1Tier 2Tier 3Tier 4 or lowerOver-sat

69、urationSaturationRoom for more69%57%43%19%11%0%10%20%30%40%50%60%70%80%of total sample0%10%20%30%40%50%60%70%1000 m2%of total Tier 1Tier 2Tier 3Tier 4 or lower 2023 Chinese jewellery market insights|Gold continues to lead the market 09 Conclusion With pandemic-related restrictions confined to the pa

70、st,2023 has so far been a year of optimistic expectation.Our data showed a double-digit y/y recovery in gold jewellery consumption during the first half and,more recently,festivals and major jewellery industry events have brought vitality back to the sector.But the relatively tepid Q2 sales are a co

71、ncern and the future remains uncertain to many.Our survey aims to offer insights on recent trends to local retailers looking to define their strategic business plans and help shape a better future for the industry.In 2023,we found that gold products dominance in retailers inventories rose further co

72、mpared to previous years,with heritage gold and Hard-Pure products accounting for the lions share and contributing the most to profits.Meanwhile,consumer preferences have shifted.The surging local gold price,together with manufacturers innovations,have encouraged consumers to favour cheaper and ligh

73、ter products.Encouragingly,against this backdrop,retailers are offering increasing transparency in pricing to consumers,especially for Hard Pure gold products.And it is interesting to observe that,while the majority of retailers agree that gold jewellery markets in their regions have reached saturat

74、ion or over-saturation,some believe there is still opportunity for growth.And most of these optimists are from high-tier cities where competition is fierce.We believe that a healthy and sustainable jewellery market should offer consumers abundant product choices and high pricing transparency.While g

75、olds domination in Chinas jewellery market rises further,other categories are indispensable to a robust ecosystem.2023 Chinese jewellery market insights|Gold continues to lead the market 10 Important information and disclosures 2023 World Gold Council.All rights reserved.World Gold Council and the C

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83、ation or particular needs of any particular person.Diversification does not guarantee any investment returns and does not eliminate the risk of loss.Past performance is not necessarily indicative of future results.The resulting performance of various investment outcomes that can be generated through

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86、hich are based on current expectations and are subject to change.Forward-looking statements involve a number of risks and uncertainties.There can be no assurance that any forward-looking statements will be achieved.WGC assumes no responsibility for updating any forward-looking statements.Information

87、 regarding QaurumSM and the Gold Valuation Framework Note that the resulting performance of various investment outcomes that can generated through use of Qaurum,the Gold Valuation Framework and other information are hypothetical in nature,may not reflect actual investment results and are not guarant

88、ees of future results.Neither WGC nor Oxford Economics provides no warranty or guarantee regarding the functionality of the tool,including without limitation any projections,estimates or calculations.World Gold Council 15 Fetter Lane,London EC4A 1BW United Kingdom T+44 20 7826 4700 W www.gold.org Published:October 2023