WGC: Key Trends and Opportunities in Chinese Gold Jewellery Market

The downward trend was driven by multiple factors including slowing economic growth, higher gold prices and weakening attachment to gold among young consumers, said the WGC report.

SEATTLE (Scrap Monster): The World Gold Council (WGC) released the results of a study carried out in partnership with a global research agency by taking valuable insights from Chinese gold jewellery consumers.

The study pointed out that the Chinese gold jewellery demand witnessed a roller-coaster ride in past decades. The demand surged by 362% between 2001 and 2013. In terms of consumed quantity, it experienced a substantial decline after 2013. It fell 49% by 2024, amidst periodic rebounds. According to the WGC research, a number of factors contributed to the declining trend, including slower economic development, rising gold prices, and waning young consumers' affinity to gold.

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The gold trade body claims that both cyclical and structural influences, which have been significant in influencing China's demand for gold jewelry over the previous 20 years, are to blame for the decline in gold consumption.

The study found that 81% of the sample owns fine gold jewellery. This is significantly higher from 2019, when the ownership of the fine gold jewellery was only 62%. Also, 62% of consumers between 18 and 24 own gold jewellery, significantly higher when compared to 2019, when only 37% among this age group owned gold jewellery.

According to the report, Chinese consumers still consider gold jewelry to be a classic and timeless investment.