The turnover of retail of gold, silver, and jewelry in China has experienced fluctuations over the past decade. Starting from a value of 89.05 hundred million yuans Renminbi in 2013, the turnover saw significant growth in 2014 with an 18.55% year-on-year increase. However, it faced a decline of 4.19% in 2015. By 2018, the market had dropped by 16.94%, followed by a sharp increase of 47% in 2019. The market contracted again in 2020 by 15.04%, and further plunged by 29.03% in 2021, rebounding in 2022 with a 47.53% rise. By 2023, the turnover stood at 104.94 hundred million yuans Renminbi with a year-on-year growth of 4.17% and a 5-year CAGR of 6.38%.
The forecast for the next five years suggests moderate growth, with the turnover expected to reach 107.83 hundred million yuans Renminbi by 2028. The forecasted 5-year CAGR is projected to be 0.38%, indicating relatively steady growth.
Future trends to watch for include:
- Innovation in jewelry design and materials which could drive consumer interest and spending.
- Expansion of online retail channels improving market accessibility and distribution.
- Consumer behavior shifts towards premium and personalized jewelry pieces.
- Economic factors such as disposable income levels and gold price volatility impacting market dynamics.
