Gold Lacks Appeal for Young Chinese Luxury Shoppers

SHANGHAI, China - China's Generation Z may be willing to spend more on luxury goods, but they're not as keen on gold as their older compatriots That's according to survey by the World Gold Council, which showed just 12 percent of those aged 18 to 22 intend to buy gold jewellery in the coming year, much less than the millennial generation and people over 39 The changing tastes among China's young adults may signal a warning for the gold industry, which counts China as its biggest buyer.

China's young consumers may be distancing themselves from gold because it has long been associated with older generations, though their views may change as they grow older, he said The difference in gold tastes between different generations in number two buyer India isn't as pronounced as in China While young adults want quick returns and are eager to take risks through investments like cryptocurrencies, they generally trust gold as way of preserving wealth over the longer term, the council said.

There are big differences in consumer appetite for gold around the world, with interest in China and India much stronger than countries like Germany or Canada, the survey showed. . Source