MARKET INTELLIGENCE 市场情报 40 | JNA March/April 2024 weddings, gold is symbolic of family members’ blessings for the new couple. Growing market Innovation and design likewise play a critical role in expanding the reach and appeal of gold jewellery. “Chow Tai Fook Jewellery Group never stops designing products. We start from aspects such as aesthetics and culture and then add design elements that reflect market needs like national trends and cultural innovation. A good design concept must however be complemented by skilled craftsmen and an excellent technical research and development team in order to create it,” said Kent Wong, managing director of Chow Tai Fook Jewellery Group. The Vickers hardness of regular pure gold is about 40HV, while that of hard pure gold can reach 60HV or higher. Hard pure gold jewellery thus becomes less prone to scratches, wear and deformation, achieving a lustre similar to 18-karat gold and enabling the production of diverse designs at lighter weights. “Traditional handcraftsmanship, lost-wax casting, CNC machining and electroforming can now be used on 24-karat gold to produce more delicate pieces,” remarked Wu of TTF Haute Joaillerie. Hard pure gold jewellery increasingly resonates among younger consumers, reflecting their confidence and independence, said WGC China Managing Director Roland Wang. “They dare to challenge, dare to break through, dare to pursue love, dare to live, dare to be themselves, and maintain their own 'hard' attitude. They welcome change, refuse to be stereotyped and boldly embrace unlimited possibilities,” he explained. Chow Tai Fook has likewise sharpened its focus on the younger generation of consumers. “We have not only kept abreast of the times in product design but also made active use of social media such as Xiaohongshu and TikTok to promote our products in order to align with the shopping habits of young people,” said Wong. “We also cooperated with influential Key Opinion Leaders (KOLs) or Key Opinion Consumers (KOCs) to strengthen online customer interactions, thereby expanding our online presence and strengthening our ties with young people.” Shining path ahead Prospects for China’s gold market are bright this year, with 58 per cent of the store managers and marketing directors surveyed in the WGC report intending to increase their inventory of gold products. Competition and lower margins, however, are likely to ensue as retailers generally have their own product lines of heritage gold and hard pure gold jewellery. An influx of new product innovations could help sustain the momentum of gold jewellery sales, said Wang of WGC. Already, jewellers are combining various goldsmithing techniques in single jewellery pieces or incorporating other materials and gems in their 24-karat gold jewellery. “The Chinese market is likely to use 24-karat gold for contemporary styles currently produced in 14-karat or 18-karat gold and develop a new global category under the banner of Guochao,” said TTF Haute Joaillerie’s Wu. Chow Tai Fook’s gold jewellery sales in the third quarter of its financial year 2024 from October to December 2023 was driven largely by strong demand for key product ranges such as the HUÁ Collection and the ING Collection, which saw retail sales value increase by more than 50 per cent and 40 per cent, respectively. Its same-store sales of gold jewellery and products on the mainland rose by 32.5 per cent, while the average selling price remained resilient, increasing to HK$5,600 (around US$715). Chow Tai Fook’s 2023 Jewellery Consumer Trends Report noted that 91 per cent of consumers aged 18 to 40 preferred to purchase jewellery with elements reflecting Chinese cultural heritage. The group collaborates with museums and universities to understand and revive ancient gold craftsmanship techniques, promoting the sustainable development of the industry while preserving this precious legacy for future generations. “Chow Tai Fook will continue to use gold to tell the Chinese story and create products that meet the emotional needs of the public,” said Wong. 在中国一直备受青睐的足金首饰正在经历一场重 大变革，对年轻一代消费者的吸引力也在不断 扩大。 技术革新正在催生时尚化设计，或是体现“国潮”，或是 融合东西方美学，突破了人们认为24K黄金首饰保守陈旧的 藩篱。现代风格赢尽了年轻消费者的欢心，他们寻求的是能 与自己的个性和价值观产生共鸣的、有格调的产品。 根据周大福珠宝集团发布的研究报告《2023珠宝消费趋 势调查报告——跨越中国珠宝消费的未来：Z世代和千禧一 代的珠宝消费喜好及需求》，67%的18至40岁消费者计划购 买足金首饰，77%受访者会选择足金首饰来庆祝重要的生活 事件，而61%的受访者则表示他们会在日常生活中佩戴足 金首饰。这一转变表明，随着Z世代和千禧一代成为中国的 主要消费者，黄金首饰在我国具有巨大而持续的市场潜力。 同时，黄金作为避险资产和投资工具的内在价值，加上 金价上涨，使其继续刺激市场。在新冠疫情结束后，人们的 消费习惯变得更加保守，在这种情况下，能满足不同预算需 求的各种黄金产品和成色进一步激发了需求。 TTF高级珠宝的创始人兼艺术总监吴峰华指出，以设计 主导的购买趋势日益明显，年轻消费者现在更倾向于购买 既时尚又保值的足金首饰。 Modern pure gold jewellery by TTF Haute Joaillerie TTF高级珠宝24K时尚黄金首饰
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