World Gold Council Report Focuses on Chinese Jewellery Market

Incidentally, the country’s jewellery market demand accounts for nearly 30% of the global total.

SEATTLE (Scrap Monster): The Chinese jewellery market is already on the path of significant improvement, after passing through multi-year difficult phase. Rapid economic demand and rising wealth has given big boost to jewellery demand during the previous year. Incidentally, the country’s jewellery market demand accounts for nearly 30% of the global total. According to World Gold Council (WGC), more could be done to tap the changing consumer tastes. The Council foresees further growth potential to Chinese jewellery market.

According to Gerry Chen, Director of Trade Engagement in China, WGC, studies have cited strong variation in consumer preferences from one region to another. Tier-1 cities show equal preference to diamond and platinum jewellery along with gold jewellery. Meantime, gold jewellery is most popular in lower-tier cities.

There exists a variation in preference among generations. Millennials tend to spend most of their money on technology or fashion than gold jewellery. However, gold is still the preferred choice of aged customers.

The above observations indicate that attempts must be done to boost gold’s popularity among urban regions and millennials, for the Chinese jewellery market to register significant growth over the coming years.

WGC recommends building new brands that emotionally connect with consumers. Bringing in more transparency to business will help retailers to build trust. The market needs to create more ‘buying occasions’. Better use of online platforms and social media could also help the industry to drive sales.

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