Young Chinese are not interested in buying gold

CHINA Young Chinese may be willing to spend more on luxury goods but dislike gold as the older generation.

A survey of the World Gold Council has just said that only 12% of Chinese generation Z, from 18 to 22, intend to buy gold jewelry next year, much less than the millennium generation. century (23 to 38 years old) and people from 39 years and older. In particular, their interest in gold jewelry is also very weak compared to other countries.

The changing tastes of young Chinese could be a warning to the gold industry, which sees China as the largest buying market. There have been signs that global demand for gold has recently been driven by fund investors trading more than buying jewelry.

“This is definitely a challenge for the Chinese gold industry,” said Alistair Hewitt, director of market data analysis for the Council. According to the expert, it is possible that young Chinese people feel distant from gold because it has long been associated with the older generation. It is also possible that their views will change as they mature.

There is a difference in gold tastes between different generations in India and the US but the gap is not as much as China. However, India and China have in common that the older generations are, the more they intend to buy gold. Meanwhile, in the US, the millennium generation is the group with the most intention to buy gold next year, but only at 19%.

One bright spot is that gold still maintains a reputation for value. Although young people want quick returns and are willing to take risks through investments like cryptocurrencies, they often believe gold is a way of preserving wealth in the long run, the Council said. The metal remains the third most popular investment globally, after savings accounts and life insurance.

Even so, there is a big difference in the demand for gold by consumers around the world. Accordingly, China and India are more interested in gold than countries like Germany or Canada. The survey asked 18,000 consumers in 6 countries.
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