Over the past decade, the turnover of gold, silver, and jewellery in China has witnessed a consistent growth trend, starting from 561.8 hundred million yuan in 2013 to reach 1270.0 hundred million yuan by 2023. This represents an impressive overall growth trajectory, albeit with minor fluctuations such as the setback in 2020 due to the global pandemic. The year-on-year growth saw significant peaks in years like 2017 with a 23.79% increase and troughs like 2020 with a -4.75% decrease. The last two years showed stable growth with year-on-year variations of 5.79% for 2022 and 5.43% for 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 4.35%, reflecting a more modest yet steady increase in the market.
Looking ahead, forecasts suggest the market will continue on an upward trajectory, with a five-year CAGR of 3.56% leading to a forecasted turnover of 1590.0 hundred million yuan by 2028. Future trends to watch for include increased consumer spending on luxury goods, the influence of digital transformation in retail, and potential regulatory changes in the precious metals market. Adjustments in China's economic policies and global economic conditions could also have substantial impacts on this sector over the next five years.
