Big Take Asia Why Are Chinese Consumers So Keen on Gold?
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Jan 28, 2025 Bloomberg’s Chongjing Li offers insights into the booming gold market in China, particularly in Shubei, a major retail hub. As the property crisis and economic slowdowns push consumers towards gold, demand spikes, soaring prices to record highs. Li discusses how live streamers influence younger buyers, making gold both a trendy investment and a cultural staple for significant life events. Additionally, the impact of central bank purchases and geopolitical tensions on market dynamics adds another layer to gold's enduring allure in China.
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Gold in Chinese Culture
- In China, gold signifies beauty, luck, fortune, and marks milestones like births and weddings.
- K. Oanh Ha describes elaborate gold jewelry worn by brides in Hong Kong, symbolizing wealth and fertility.
Family Gold Ritual
- Chongjing Li's parents bought gold bars every few years as a family ritual.
- On Lunar New Year, they displayed the gold to her, emphasizing its role as a family treasure.
Young People and Gold
- Young people in China are increasingly buying gold, shifting from viewing it as tacky to a secure investment.
- They favor smaller items like gold beans, collecting them monthly like a visual piggy bank.