China’s Gold Jewellery Demand Can Rise Further: WGC
China’s Gold Jewellery Demand Can Rise Further: WGC.The World Gold Council’s (WGC) report focused on China’s demand for gold jewellery suggests it is time to be more aggressive in ideating ways to push demand, as per media reports. The “China’s jewellery market – quietly improving” report calls for the Chinese jewellers to pay more attention towards growing the branded jewellery segment, creating more reasons and occasions for consumers to buy. All this falls against the backdrop of an improving economy in China, as reports state.
According to WGC, the Chinese jewellery market is turning over a new leaf. Demand which slackened in China between 2013 and 2016, is seeing an upswing thanks to the innovative rethinking of jewellers to offer an upgraded product portfolio in tune with trends and better designs, as well as give a good buying experience both offline and online to consumers.
The segment of gold jewellery has been in the line of competition with other luxury products across age groups and Tier-wise as per WGC’s report. The competition felt is from diamond and platinum jewellery in segments like Tier 1 (T1) cities and T3 and T4 cities. Gold jewellery demand by Millennials competes with technology, while the group of 26+ years also indicated preferences for fashion and technology.
WGC opines there is potential for the Chinese jewellers to further their efforts in attracting consumer attention towards gold jewellery. For this, they need to create the environment. It is possible with a focus on brand building, fix an emotional consumer connect, ideate more reasons and occasions to buy, sync online and social media tools, trust and transparency and attention to environmental and social issues, as per reports.
Gold is a precious metal. It has emotional, cultural and financial value and different people across the globe buy gold for different reasons, often influenced by a range of national socio-cultural factors, local market conditions and wider macro-economic drivers.