Chow Tai Fook Jewellery Group Limited (“Chow Tai Fook Jewellery Group”, the “Group” or the “Company”; SEHK stock code: 1929), China’s leading jewellery brand built on nearly a century of trust and innovation, today published its first-ever “2023 Jewellery Consumer Trends Report” to chart the evolving preferences of young consumers in Mainland China and Hong Kong, and their motivations for purchasing natural diamonds and pure gold jewellery.  IPSOS, an independent multinational market research firm, has been commissioned to undertake the survey for the Group’s foremost Jewellery Consumer Trends Report. 

“Our first-ever Jewellery Consumer Trends Report captures the evolving preferences of Mainland Chinese and Hong Kong consumers. As we embark on our journey to explore how young Chinese consumers perceive jewellery, this inaugural report helps the industry shape new strategies and develop products that resonate with the next generation of consumers. The report also delivers comprehensive insights into the latest jewellery trends and preferences to empower consumers with the knowledge and foster informed decision-making,” said Mr. Alan Chan, Chief Brand Officer, Chow Tai Fook Jewellery Group.

Despite the current macroeconomic climate, the report indicates a positive outlook for China’s jewellery industry, as young consumers continue to recognise natural diamonds and pure gold jewellery for their enduring value and appeal.

This sentiment is supported by key findings, including:

• - 61% of consumers surveyed wear pure gold jewellery as daily accessories
• - 91% of respondents across Mainland China and Hong Kong are likely to purchase jewellery with elements of Chinese cultural heritage
• - 74% of consumers in Mainland China and Hong Kong regard natural diamonds as more valuable compared to lab-grown diamonds (LGDs)

Natural Diamonds Shine as the Gem of Choice

The report shines a spotlight on natural diamonds and the emotional value they hold in the hearts of consumers. Natural diamonds are the number one choice among surveyed consumers, with findings suggesting that 51% intend to purchase natural diamonds over other surveyed gemstone categories.

Among Mainland Chinese and Hong Kong consumers who prefer wearing diamond jewellery, 61% consider natural diamonds suitable for everyday occasions, indicating substantial market potential for this jewellery segment.  

The report reveals the multi-faceted value proposition of natural diamonds, which extends beyond their inherent rarity and value preservation qualities. From weddings to graduations, consumers in Mainland China and Hong Kong associate natural diamonds with marking important life moments, celebrations and achievements. The emotional attachment of diamonds was particularly felt by female respondents. Nearly 90% of female respondents expressed feeling "beautiful”, “elegant", "stylish", "unique" when wearing natural diamond jewellery.

“Natural diamonds provide distinct value to consumers. As a jewellery category, they have a strong long-term growth trajectory, supported by the continued appetite for diamonds among consumers in Mainland China and Hong Kong. As a leading jewellery brand in China, Chow Tai Fook Jewellery Group is committed to pushing boundaries and reshaping the relationship the next generation has with natural diamonds. We have consistently strived to deliver exceptional natural diamond jewellery that resonates with our customers on a profound level,” said Mr. Simon Hui, Director, Diamond Management Centre, Chow Tai Fook Jewellery Group.

With some of the consumers were found to be lacking the knowledge to distinguish the distinctive values between natural diamonds and lab-grown diamonds, there is a potential opportunity for market leaders to educate consumers on the uniqueness of natural diamonds and the transparency of the industry.

The Allure of Pure Gold Jewellery

Pure gold jewellery holds a cherished place in the hearts of consumers, underscored by its reputation for value preservation, its association with Chinese tradition and celebration, as well as increasingly regarded as daily wear. With 50% of consumers in Mainland China and Hong Kong associating pure gold jewellery with Chinese traditions, culture and heritage, pure gold jewellery remains a popular choice to commemorate significant life events such as Chinese festivals and weddings.

Pure gold jewellery also serves as a safe haven for Chinese consumers due to its value preservation qualities – an approximate 60% of Mainland China and Hong Kong consumers respectively reported they purchase pure gold jewellery as a way to preserve value, particularly amid the recent economic conditions.

Among all groups surveyed, Gen Z consumers (aged 18-24) were most attracted to pure gold jewellery. The appeal of gold also extends beyond cultural and investment considerations, as it resonates with 64% of Gen Z consumers who are purchasing pure gold jewellery as a form of self-reward or daily use, suggesting the market for gold is poised for continued growth.

Jade Radiates Beauty, Heritage and Wellbeing

Furthermore, 90% of jade wearers across Mainland China and Hong Kong strongly agree that wearing jade positively influences their wellbeing. More than three quarters of those surveyed said they wear jade for its natural beauty and association with heritage.

Jewellery Brand Influences Purchasing Decisions

Jewellery brand is also an important driver of purchasing decisions, underlined by their association with trust, quality, personal taste and style. With 56% of respondents in Mainland China and Hong Kong associating branded jewellery with trust and quality and 53% associating it with an expression of personal taste and style, it becomes apparent that the trustworthiness and level of quality offered by branded jewellery play a pivotal role in influencing purchasing decisions.

Consumers in Mainland China were also found to be more brand-driven than their Hong Kong counterparts – 86% of respondents from Mainland China were reported to be more brand-conscious. This preference for branded jewellery was also higher in lower-tier cities in Mainland China, with 89% and 92% of consumers from Mainland Tier 3 Cities and Tier 4 Cities stating that branded jewellery influences their purchase decisions. 

The findings from the “2023 Jewellery Consumer Trends Report” underscore exciting long-term opportunities for the jewellery market in Mainland China and Hong Kong, driven by the strong appetite for natural diamonds and gold jewellery among consumers.

By continuously adapting to the evolving preferences of young consumers in the region, Chow Tai Fook Jewellery continues to strengthen its position as a leading jewellery retailer in China.

For more details, please download the full press release on the top right corner of this page.