Gold has long been popular in China (as it seems everywhere). But in the past year, a fresh trend has appeared on the market. Gold buyers in China are getting younger. This is the consequence of a slowdown in the real property market, a decline in stock rates (attractiveness), a weakening of RMB's rate against USD and a low interest rate on bank deposits (one-year deposit rate in major Chinese banks ranges from about 1.5% to 1.8% and has fallen in fresh months). This leaves little and little area for effective savings. And saving in the face of mediocre economical conditions and uncertain future is simply a feature inherent in Chinese, is in their DNA. Recently, it is clear that the Chinese are giving up the usual forms of investment for gold today. This trend highlights expanding uncertainty as regards the outlook for the growth of the second largest economy in the world. This inactive doesn't recover the vigor from the COVID-19 pandemic period. This is not as fast as consumers expected.
Moreover, the labour marketplace is weak. It's getting harder and harder for a well-paid job.
China is the world's largest gold buyer and analysts say that last year they were an crucial driver of the emergence in global prices of this gold. They anticipate Chinese gold request to stay advanced as they anticipate the Chinese economical growth to be weak in the coming years. The Chinese yuan are inactive weakening against the dollar, and the real property marketplace is not going to go straight.
According to the latest Chinese equivalent of our CSO, gold and silver jewelry were among the best-selling consumer goods in China in 2023. In the period January-November 2023 there was a 12% increase in the year-to-year ratio. The only thing that sold was clothes.
A survey by Chinese consumers, published in late October 2023 by the jewelry company Chow Tai Fook (chin. 周大福, Zhōu Dà Fú) showed that 70% of consumers aged 18 to 40 intend to buy jewelry from pure gold. To date, the main buyers of this kind of goods were older people, especially the 60 plus age group.
On Chinese social media, you can find quite a few offers to sale “beans” of pure gold, weighing just 1 gram in the price of 450 to 550 RMB (246 – 301 PLN). They are gladly purchased by low-income people. Especially by young people, among whom for respective years has been increasing a circumstantial fashion for collecting “beans”. For a black hour.
Source:
- Business.sohu.com
- baijiahao.baidu.com
Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China
Email: [email protected]
Editorial: Leszek B.
Email: [email protected]
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