As the Spring Festival brings families together across China, a new trend is shining brightly among the celebrations: a surge in gold purchases by young Chinese consumers. Traditionally a popular time for buying gold, this year’s festival has seen an unprecedented influx of Generation Z shoppers embracing the precious metal.
“Tens of thousands of customers visit our store every day during the Spring Festival holiday,” said Dong Ming, director of the gift department at Caibai Jewelry, a renowned destination for gold jewelry in Beijing. Standing beside bustling counters filled with glittering treasures, Dong observed that while families often shop together during the festival, the presence of young customers has noticeably increased this year.
Data indicates that this burgeoning interest among younger generations is more than a festive whim. An insight report by consultancy firm Mob Data revealed that Gen Z’s inclination to purchase gold in China skyrocketed from 16 percent in 2016 to 59 percent in 2021. In 2023, leading e-commerce platforms Tmall and Taobao reported that individuals born after the 1990s have become the primary online consumers of gold jewelry.
This shift reflects a blend of cultural tradition and modern fashion trends. Gold has long been a symbol of prosperity and good fortune in Chinese culture, especially during significant events like the Spring Festival. For younger shoppers, gold jewelry marries these traditional values with contemporary designs that appeal to their aesthetic preferences.
Analysts suggest that the growing purchasing power of Gen Z, coupled with their desire to invest in enduring assets, contributes to this golden trend. Moreover, the convenience of online shopping platforms has made gold jewelry more accessible to tech-savvy young adults who are keen to celebrate their heritage in style.
As the festivities continue, the glitter of gold worn by young Chinese shoppers not only adorns the celebrations but also signifies a generational embrace of both tradition and modernity.
Reference(s):
Gold new must-have among young Chinese shoppers this Spring Festival
cgtn.com
