WGC Proclaims Remarkable Recovery in Chinese Gold Jewellery Market
The Chinese gold jewellery demand has declined sharply by almost one third between 2013 and 2016. Despite this big fall, the overall gold jewellery demand by the country has more than tripled over the past 15 years.
SEATTLE (Scrap Monster): The latest market report published by the World Gold Council (WGC) suggests notable revival in Chinese gold jewellery market, mainly due to expanding economy and rising wealth. The industry growth is fueled by efforts to modernize product mix, improve product design and increase convenient online access to jewellery purchases. The industry revival in China is likely to lend big support to global gold demand growth and gold’s performance in long term.
The Chinese gold jewellery demand has declined sharply by almost one third between 2013 and 2016. Despite this big fall, the overall gold jewellery demand by the country has more than tripled over the past 15 years. China is currently the world’s largest gold jewellery market, accounting for nearly one-third of the global demand. The continued innovation and efforts to revive the industry delivered encouraging results in 2017, with jeewellery demand recording growth for the first time since 2013. The recovery in 2017 is likely to mark the return to sustained growth, WGC Report noted.
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The two main strategies adopted by Chinese jewellery industry have helped it to successfully respond to the market changes over the recent years. Firstly, the industry was able to offer an improved product range. In addition to 24ct gold jewellery, that has been dominating the market for several years, it started offering fashionable and affordable 18ct and 22ct gold jewellery that mainly targeted the youth. The industry was also highly successful in blending the customers’ online and offline purchase preferences.
The industry is currently focused on three goals-build brands that emotionally connect with customers, ensure that these brands are trusted and create more buying occasions.
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