Real exploration of gold stores: crowded stores and faster recovery of consumption

　　On February 19, a reporter from China Securities Journal visited the gold jewelry store and found that the gold store is very lively, and the citizens are enthusiastic about buying gold. Recently, the proportion of consumers who come to buy wedding gold and investment gold bars is relatively large, and some stores have higher sales. It more than doubled before the pandemic.

　　The "Global Gold Demand Trend Report" recently released by the World Gold Council shows that global gold demand (excluding OTC transactions) in 2022 will increase by 18% year-on-year to 4,741 tons, reaching a new high in nearly 11 years.

Industry insiders believe that the central banks of various countries are aggressively buying gold and the continued strong personal consumption demand is the main driving factor.

Gold sales are booming

　　Recently, gold sales have continued to boom.

According to the latest data from the China Gold Association, during the period from the Spring Festival to the Lantern Festival this year, my country's gold consumption increased by 18.2% year-on-year, showing a rapid recovery trend.

　　On the afternoon of February 19, the reporter visited the gold store area on the second floor of Jinan Ginza Mall. Many stores were crowded with customers who came to buy and consult gold jewelry.

Wang Li (pseudonym), a salesperson at a gold store, said that customers are enthusiastic about buying gold. The number of people entering the store every day is several times higher than that of the same period last year, and the sales in the store have more than tripled compared to before the epidemic.

　　"Especially during the Spring Festival and Valentine's Day, people come to buy gold jewelry and wedding gold, and the number of investment gold bars has also increased significantly." Wang Li said that the current demand for gold consumption has greatly increased, and there are also many customers Buy gold bars for investment preservation.

　　The reporter learned at the scene that several gold stores have launched preferential activities of different intensity, such as deduction of 50 yuan, deduction of 60 yuan, etc., and the gold store where Wang Li works even launched an activity of deduction of 70 yuan.

Calculated according to the current market price of 533 yuan/gram, the lowest price can reach 463 yuan/gram after the discount.

"The overall price of gold has not fluctuated much recently, but the overall sales of gold jewelry have increased significantly." Another gold store worker Li Juan (pseudonym) told reporters that many customers feel that buying gold jewelry can be used for decoration and beautification, and it can also play a role The role of investment preservation.

　　"A lot of gold jewelry is fashionable in design and the price is also discounted. You can buy it for wearing, and it can also be regarded as a kind of financial investment." Dong Jing (pseudonym), a post-90s girl who bought a gold bracelet on the spot, said.

Business confidence soars

　　According to the "Global Gold Demand Trend Report" released by the World Gold Council, in 2022, global gold investment demand (excluding over-the-counter transactions) will increase by 10% compared with the previous year. The main driving factors include two aspects: one is the outflow of gold ETFs Second, investment demand for gold bars and coins remained strong.

　　Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, said that from the data point of view, the strong growth in gold demand is mainly due to the increase in demand from central banks and other institutions.

　　Domestic gold jewelry demand and physical gold investment demand are expected to accelerate the rebound.

Wang Lixin, CEO of the World Gold Council China, believes: "China's economy is expected to accelerate recovery, and household disposable income levels will increase accordingly; commercial banks will continue to focus on physical gold sales, which will provide support for boosting demand; in addition, as an effective and stable As a means of storage, gold will continue to attract a large number of investors."

　　CEB International believes that the attractiveness of gold will increase.

Gold demand is expected to maintain a steady upward trend in 2023 as the Federal Reserve draws to a close with rate hikes.

　　With the recovery of the consumer market, the confidence of franchisees related to gold and jewelry to replenish goods has greatly increased.

　　According to the institutional survey minutes disclosed by Zhou Dasheng on February 19, with the optimization of epidemic prevention and control policies, the confidence of franchisees in replenishing goods has rapidly recovered.

The main reasons are as follows: the prosperity of gold consumption has improved; the release of wedding scenes, including weddings that have been simplified or postponed due to the impact of the epidemic, will gradually release this part of demand; Business confidence continues to improve.

　　Zhou Dasheng said that the company has currently cooperated with Van Gogh and National Treasure, etc. In 2023, the company will cooperate with Monet to launch new products, and will cooperate with more IPs in the future to further enhance brand differentiation and product gross profit margin.

　　At the same time, with the recovery of the gold consumption market, the willingness of related companies to open stores has picked up.

Chow Tai Sang added 9 self-operated stores in October last year, 8 in November last year, 5 in December last year, and 8 more in January this year.

　　Industry insiders believe that with the recovery of the consumption scene, jewelry consumption is expected to be further boosted, and relevant listed companies are expected to benefit.