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Methodology overview:
The World Gold Council commissioned market research in the world’s major jewellery markets: China, India and the US. To provide an in-depth understanding of the
gold market, KANTAR TNS conducted a two-phase study involving qualitative and quantitative research. In China, the first phase consisted of a qualitative online diary
(Shanghai, Shenyang and Weifang) and focus groups (Shanghai, Weifang) with women aged 22 - 55 (a mix of considerers/non-considerers of gold jewellery). The
second phase was a quantitative survey amongst 2,000 females aged 18-65, living in city tiers 1 - 4 who are non-rejecters of jewellery and purchased and/or received
jewellery or a designer/luxury item in the past 12 months. The study used proprietary Matrix methodology to identify the different types of consumer, their needs and
how the gold industry can respond to create mutual value. The qualitative fieldwork was conducted in October 2015 and the qualitative fieldwork in March 2016.
Gold epitomises Chinese tradition. there is a democratisation of gold, I wear yellow gold when
Currently dominating the jewellery as it appears everywhere from
shoes to facemasks.
I want to look elegant and
market, gold is seen as a conduit
for positive wishes to others, poised, for example at a
Traditional associations are still
especially within the family, as well strong, but gold’s relevance is being work gala. Wearing this
as representing both financial and challenged by modern consumers’ means I care about tradition,
spiritual protection. desire for exclusivity and individuality,
I can be trusted.
shown through the increased demand
But China is undergoing vast changes. for platinum and diamond jewellery. Shanghai, millennial
As a fast growing economy, it displays This trend is replicated in other product
dynamic and optimistic attitudes to categories, with traditional strongholds
wealth and wealth creation. being threatened by newer entrants. My dream is to retire at
For example, traditional teahouses
Within this environment of change, being challenged by recently launched the age of 45, and then to
the cultural meaning of gold is also brands like Starbucks, baijiu losing enjoy life without having
evolving. Historically, gold seals ground to Western spirits, and
were used by the Emperor to signify
to give a second thought
premium fashion increasingly being
authority, with nobles using gold defined by international brands newer to my spending.
objects to show their wealth. Today to the market. Shanghai, millennial
Gold 70 50 35
Platinum 51 32 25
Diamond 45 27 27
71
63 61
Diamond and platinum are becoming strong competitors in Tier 1 cities, While gold jewellery ownership and
but gold leads the market in Tier 2, 3 & 4 cities purchasing are largely consistent
across cities, platinum and diamond
purchases are making in-roads in
Gold Platinum Diamond Tier 1 cities, with much higher
levels of ownership and purchases
Tier 1 than in lower-tier cities. Increasing
% own 71 63 61 aspiration for luxury goods across the
emerging middle classes in China
% bought in has revealed a potential future threat.
last 12 months 56 46 43 Gold’s ubiquity and its traditional
associations weaken the aspiration
to buy gold jewellery compared with
Tier 2
more luxurious and exclusive items,
% own 67 51 48
like diamond and platinum, especially
in Tier 1 cities.
% bought in
last 12 months 48 34 27 This greater aspiration for platinum
and diamond jewellery could put gold
Tier 3/4 under increasing pressure if Tiers
% own 70 46 37 2/3/4 evolve within this influence. This
potential threat highlights the need for
gold jewellery to increase its appeal
% bought in
49 27 21 and stay relevant, especially with
last 12 months
younger generations.
Aspiration to buy other jewellery products is high among Tier 1 consumers
% of women who would chose each product if given RMB 5,000
Tier 1
18 14 15
Tier 2
19 8 12
Tier 3/4
24 8 12
China’s jewellery market | New perspectives on consumer behaviour 07
Millennials have a different perspective on
jewellery and luxury fashion than their elders
A feature of China’s cultural evolution is their ‘always on’, connected lifestyle. Millennials live in a world
the shift from a collective society into With smartphones and social media,
with 97% mobile cellular
one which permits and encourages experiences are always shared.
the discovery and expression of penetration, 10x more
Increasing the appeal of gold jewellery
the individual. This is particularly than in 2000
pronounced amongst millennials. and making it relevant to this audience
PEW, Forbes.com
is vital for the industry to grow.
Millennials crave exclusive There is an opportunity to update the
indulgences. They desire social meaning of gold to help it compete
acceptance and want to stay with other luxury goods and become
relevant, while still displaying their more relevant to millennials.
individuality. Core to this segment is
24 13 23 20
*smartphone/wearables
9 12 18 29
Women are increasingly independent Gold was the chief purchase in the last year, but other products are gaining
and crave more success and % bought for self/purchased as a gift/asked for as a gift in the last 12 months
recognition. Taking pride in their
financial independence, they enjoy Bought Purchased Asked for
rewarding themselves for their hard for self as a gift as gift
work. Success and self-identity are Gold jewellery 45 24 18
celebrated and “gift myself” is a trend
that is here to stay. Diamond jewellery 25 10 14
Platinum jewellery 28 14 14
Although still dominant, gold jewellery
has strong competition in this space Luxury fashion 57 34 29
from luxury fashion, tech gadgets
Technology 68 28 23
and experiences. Gold could improve
by communicating personal values
and expressing identity, increasing its
appeal as a distinctive purchase. Considering that my
Gold jewellery can work harder to zodiac year of birth is coming,
represent the celebration of success I planned to buy gold for
for female consumers and to be
present in the occasions when they good luck and protect against
consider buying. the evil. I couldn’t find a
pendant that I liked and
The last time I bought bought myself a lulutong.
gold jewellery was on Shanghai, millennial
29 29
24 25
Birthdays are now the biggest occasion for gold purchases Last Spring Festival, I went
% women buying each product per occasion
home and gave my mum a
Gold Diamond Platinum Luxury gold bracelet as a gift. There
fashion
is a Guanyin image on it,
Birthdays 29 24 29 25
which express my good wish
Chinese New Year 12 11 7 14
of keeping my mum safe and
Anniversary 9 12 16 6
healthy. My mum loves it and
Wedding 5 4 4 2
wears it every day, she feels
Valentine’s Day 8 17 7 8 proud to tell others this is
No specific occasion 7 11 14 14 from me, her daughter.
Shanghai, millennial
Gold is a ritualistic purchase across This could be especially true
traditional occasions. Chinese New for millennials if gold is used to
Year is commonly recognised as a demonstrate evolving culture and I bought a gold necklace
key gold buying occasion. But other independence. For example, gifts to for my mother’s birthday. The
occasions, such as birthdays, have parents display both financial success
and reciprocated protection. older generation appreciates
become more important and gold is
increasingly purchased for no special
yellow, pure gold, from a
New purchase occasions and the
occasion or for a treat. planning that precedes them are traditional, trusted brand.
spaces for gold to inhabit. There are My mother likes more
These new patterns in consumer opportunities to create fresh meanings delicate, younger designs so
behaviours show the desire to take of gold and modernise the purchase
gold out of its traditional domain. journey for consumers. I bought the necklace from
Chowsangsang.
Shanghai, millennial
Gold purchases are carefully considered
% making a Gold Wearable Silver
spontaneous jewellery technology jewellery
purchase
22 32 52
China’s jewellery market | New perspectives on consumer behaviour 13
The importance of digital
in the purchase journey
E-commerce is growing in importance. Online purchases in Although around a third of gold purchasers begin their
the jewellery and luxury goods category account for around journey online, only 4% actually go on to complete their
one-fifth of all occasions, rising significantly among young purchase online.
millennials.
While a preference to touch the product is the number one
For millennials, the online experience provides opportunities reason cited for preferring to buy in-store, concern around
to share with others and the potential to purchase the security of online purchases in fact is the greater barrier
personalised, distinct products. to buying online. In the US, where the level of concern
over security is much lower, consumers are six times more
likely to buy online despite the same level of preference to
handle the product.
Digitally-engaged millennials
are much more likely to buy
online than older generations Diamond
% purchase of jewellery
or luxury goods by channel
In-s
tore
50
81
Gold
Online 35
19 Platinum
39
online before buying in-store
% browsed each product
online before buying in-store
Strengthening in-store environments and developing the Blue Nile in the US is a good example of a retailer creating
online experience at the same time are key opportunities such a seamless transition. Over the past 15 months,
for gold. This must include addressing the security concerns Blue Nile in the US has opened a number of ‘webrooms’
that shoppers have. that blend the in-store and online experiences. These offer
customers the experience of touching, handing and trying
Having both an engaging presence in the early part of the on jewellery pieces before ordering them online – either via
purchase journey and a seamless transition between online in-store iPads or at home. Retailers need to develop online
and in-store will be critical for future growth. strategies to more effectively engage with the younger
generation and Blue Nile’s roll-out of ‘webrooms’ might be
a strategy for the industry to look towards.
China USA
Prefer to touch/
handle product 54 51
It’s not
secure 48 2
Easier to
buy in-store 30 41
The Webroom at Washington Square in Portland, Oregon.
© Blue Nile
Blogs, social media, and celebrity endorsement are The shopping assistant was very helpful.
particularly significant sources of inspiration for millennials,
I had the idea of purchasing 4 beads. She
but so too are word of mouth and in-store browsing.
recommended to buy 6 beads, 3 small and
3 big. This arrangement carried greater
luck. It was the same grams, just a different
arrangement. I felt very grateful for her advice.
Shanghai, millennial
Both in-store and online are important for millennials when searching for inspiration
54 36 59
inspiration about jewellery
and luxury fashion
millennials (18-33 yrs)
Survey average 55 Survey average 42 Survey average 56
39
Survey average 37
39
Survey average 33
36
Survey average 31
54
Survey average 45
Gold’s share of mind is low among those who are the Trendsetters’ distinct behaviours:
most engaged with luxury goods and jewellery. These are
women who seek out new jewellery designs and are active • Searching for inspiration across fashion and jewellery
both online and offline. brand websites
• Being influenced by celebrities and well-known people
Highly engaged consumers become trendsetters,
generating social media content as well as viewing it, • Browsing in-store and online but also via magazines
meaning they can be powerful advocates. and TV
• Buying branded products, especially global brands
• Being highly connected across devices
• Purchasing in-store
At all stages of the purchase journey and across all
channels, engaging trendsetters with gold jewellery can
significantly increase share of mind for all consumers in
the luxury goods space.
Value tradition and connect is a meaningful occasion need To reinforce and strengthen gold’s position in meeting
size and a core part of the market in China. this need, the jewellery industry can:
This segment is an opportunity where gold is already • Leverage competitive advantage around tradition and
delivering but could work harder to meet consumer needs. long-lasting value
The desire in this space is for sentiment and nostalgia. • Better cater to the emotional dimension of this need,
The ideal product: tailoring in-store communications and designs to
symbolise love
• Is a good heirloom to pass onto children/family • Showcase delicate as well as traditional designs that
• Expresses and symbolises love are seen as real works of art
• Reminds one of a special occasion Diamond and platinum are the main challengers in this
• Is a good financial investment space, especially diamond, which is seen as a way of
expressing love and is set in delicate designs.
• Has delicate designs
Gold can bring you good luck My last purchase of gold jewellery
happened at Xinyuan, the local store.
60
I bought a pure-gold pendant with a
shape of a Buddha for my daughter
Owning gold makes me feel secure for the long term
since the Chinese pronunciation of
58 Buddha is close to ‘fu’, which means
good luck in Chinese. I hope it could
Gold will never lose its value over the long term bring her happiness and good luck…
57 And I think it also maintains value.
Weifang, older
22 40
Gold Diamond
For traditional gold purchase occasions, known brands broader array of designs, 18k gold can be leveraged by the
provide trust, confidence and recognition. But to meet jewellery industry to better serve consumers with the need
other consumer needs, such as reward and assert success to enhance my style. And there are new trends emerging
and enhance my style, brands need to go further. which can also tap into this need. For example some
retailers have recently launched 22k “Elite Gold”. Innovation
Assertiveness and confidence is core to reward and
like this can help the industry grow.
assert success. Brands targeting this segment should
communicate exclusivity, uniqueness, and prosperity.
Designs should make the consumer feel powerful and
attractive. Global luxury brands do this, and are important Both Cartier and Tiffany are ranked in the top
for this segment, however, diamonds are much more likely 10 most valuable luxury brands
to be associated with this need than gold. BrandZ / Millward Brown
39 37
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