Gold rush afoot among Gen Z

About 64 percent of Gen Z consumers, aged between 18 to 24, in the mainland and Hong Kong are purchasing pure gold jewelry as a form of self-reward or for daily wear, according to a new report by Chow Tai Fook Jewellery.

The report surveyed 4,850 customers aged 18 to 40 in various cities across China and 150 Hong Kong respondents between August 23 and September 5.

It found that 61 percent of consumers surveyed wear pure gold jewelry as a form of daily accessory.

Meanwhile, 91 percent of respondents are likely to purchase jewelry with elements of Chinese cultural heritage.

Additionally, among the consumers polled, 74 percent regard natural diamonds as more valuable compared to lab-grown diamonds.

And about 60 percent of the consumers reported that they purchase pure gold jewelry as a way to preserve value, particularly amid the recent economic conditions.