The Beijing International Jewellery Fair kicked off on 14th November, attracting thousands of exhibitors from over 20 different countries and regions. On the coldest day so far this year in Beijing, exhibitors shared the hottest trends in the gold jewellery industry.
Takeaways from 2019 Beijing International Jewellery Fair
19 November, 2019
Attracting young consumers can be difficult for Chinese gold jewellers. One of the key findings in our 2019 global consumer research is that gold jewellery resonates less well with younger consumers. This is particularly true in China: only 18% of Chinese Gen Zs in our survey bought gold jewellery in the last year compared with 26% globally.1
"Fashions fade, style is eternal" - Yves Saint Laurent
Fully realising this, many Chinese jewellers have already responded. Almost all gold jewellery exhibitors showcased their latest heritage gold designs featuring Chinese cultural elements. Currently, “China fashion” has become the hottest topic among young fashion consumers, and heritage gold is one of the best choices to carry Chinese cultural values. As jewellers at the fair shared, unique designs and texture, as well as the cultural meaning each piece embodies, has made heritage gold the most popular innovative jewellery category among youngsters this year. And this is not the only successful attempt made by Chinese jewellers to attract young consumers.
Another observable trend is the rise of innovative jewellery products with fashionable designs. According to jewellers at the fair, all innovative products with better designs are growing in popularity among youngsters. As our most recent Gold Demand Trends indicate, while the traditional 24K products suffered double-digit decline in Q3, innovative and more aesthetic categories such as 3D hard gold, “5G” gold and heritage gold performed well. And compared with these new products, traditional 24K pieces are plainer and less complicated in designs, losing young consumers’ interests.
Through intricate designs, jewellers are actively trying to distinguish these new products from the traditional mass-appeal ones, helping young consumers stand out from the crowd –another barrier preventing Chinese youngsters’ jewellery purchasing decisions according to our 2019 global consumer research. Even though these products only account for a small market share currently, many jewellers at the fair believe these innovative products will take a larger market share in the long run.
Footnotes
1 Gen Zs refer to 18 – 22-year olds.
