FOCUS 14 | JNA September/October 2022 Zheng Shengsheng, vice chairman of Ganlu, explained that with increased geopolitical, economic and Covid-19 uncertainties, consumers have become more sensible in their purchases. Gen Zs, for instance, are gravitating towards more sophisticated choices. Demand for trendy, self-purchased products and for personalised styles is also rising. “This is a big change in jewellery demand since Covid-19,” noted Zheng. Continuous innovation is key amid the rapid development of consumer markets. Ganlu places high importance on research and development (R&D). Zheng said a closed-loop chain involving product design and development, supply chain management, marketing promotion, channel construction, training and education and incentive mechanism is crucial to what she termed as “hot” sales. Products should resonate with consumers while companies should use a pricing strategy that gives consumers value for their money. At present, Ganlu has nine production lines, focusing on a varied range of products such as enamel, batch pipe and fine electroforming, among others. Ganlu provides exclusive product services to brand customers through differentiated design services, capacity to support quantitative production and topquality processing technology. Chinese culture Beijing Guohua Shopping Center, built more than 30 years ago, is a comprehensive retail complex mainly dealing in gold, platinum, diamond and jade jewellery. Its location on Xuanwumen West Street gives it a unique business advantage. Wang Yi, general manager of BeijingGuohua Shopping Mall, said she had indeed expected pandemic-induced changes in consumer demand. She explained, “In Beijing, demand for gold categories is rising compared with other categories. From the Chinese consumer’s perspective, gold is an adornment and an investment product.” Over the past two years, Chinese traditional style has become popular, with sales of antique gold jewellery driving the business. Licensed collections and Chinesestyle products are also more highly desired, including 5G gold, 9999 gold mounting and diamond, gold with enamel, hollow gold, and geometric three-dimensional styles. Gold jewellery is gradually shedding its “traditional” reputation as younger buyers start posting trendy gold jewellery on their social media platforms. Wang said, “During the first half of 2022, sales of general gold products with lower labour costs increased, which is rare. This shows that jewellery, as a nonessential product, has an impact on consumer income.” Demand for gem-set products, on the other hand, is divided, Wang observed. Lightweight, low-priced products have become highly popular in the accessories market while luxury consumers still pursue high-carat gemstones for value preservation. Consumption of gemstones among middle-income buyers meanwhile has been affected by Covid in the past two years, added Wang. Wong of Lukfook has the same view on gold jewellery. In addition to general jewellery products like the Heirloom Fortune collection and 5G series, the jeweller also provides fashionable and playful ornaments. “During the New Year, we launched a variety of gold products like Golden Windmill, which has movable elements to symbolise good luck,” Wong disclosed. Lightweight, low-priced gem-set products have become highly popular in the accessories market while luxury consumers still pursue high-carat gemstones for value preservation. Gold necklace by Shenzhen Ganlu Jewelry 黄金项链，甘露集团出品
RkJQdWJsaXNoZXIy NjAxOTU=