China is one of the most important jewelry producing country and consuming country in the current world. Under the background of continuous rapid growth of Chinese economy and continuous improvement of per capita income level, people gradually increase the consumption of high-grade consumer goods on the basis of meeting the basic needs of life, and have both the value preserving property and the jewelry highlighting personality, which has become the consumption hot spot of Chinese residents. With the rise of young consumers and the emerging middle class, the demand for quality improvement in personal consumption is gradually escalating, and the jewelry consumption habits of the young generation are becoming more daily, which can improve the repurchase rate of jewelry products in a variety of scenarios, and provide greater development space for the development of the jewelry industry.
The development path of China’s jewelry industry is mainly divided into four stages.
Budding period: From 1982 to 1993
This stage belongs to the early development of the industry. The jewelry products in the market are mainly gold ornaments, and the sales demand is in short supply, and the sales channels are relatively scattered. The international brand Cartier also entered China during this period.
Development period: From 1993 to 2003
At this stage, the industry entered the development stage, and some famous brands such as Tiffany, Chow Sang Sang and Chow Tai Fook entered the domestic market. As the competition intensified, most enterprises were eliminated, but many began to pay attention to design, research and development and brand building.
Mature period: from 2003 to 2013
This stage is a stage of rapid development of the industry. Since the opening of the FXX in 2002 and the implementation of relevant policies such as the approval of the China Securities Regulatory Commission to list gold futures on the Shanghai Futures Exchange in 2007, China’s gold market has moved towards full opening, and the jewelry market has also begun to develop comprehensively with the emergence of market segmentation. Some brand enterprises such as Chaohongji, Ming Brand jewelry, Chow Tai Seng and Mankalon began to emerge gradually, and the sales channels are gradually concentrated, forming a multi-level jewelry market.
Adjustment period: 2013 to 2016
At this stage, the industry entered the adjustment period. In 2013, the inflection point of gold price and the consumer differentiation area were obvious. There are problems in the industry, such as product homogeneity, repeated allocation of market resources and prevailing price wars, and the growth rate of the industry is slowing down.
Recovery period: from 2016 to now
With the gradual stabilization of gold prices, the industry at this stage has entered the recovery period. Since 2016, the era of brand segmentation has come and differentiated competition has become prominent.
At present, the consumption demand of jewelry is developing in the direction of individuation and diversification. Jewelry enterprises try hard to form competitive advantages in a certain segment by deeply digging the consumption preferences of specific groups. The jewelry industry in China has already presented a situation of alienated competition. There is strong competition between the same type of enterprises, and the complementarity between different types of enterprises is greater than competition.
Recently, the jewelry are sold by weight, which is the latest model of wholesale jewelry. At the same time, this model has been used to sell jewelry by online stores. In a word, nowadays jewelry is more and more popular with people, and its sales also show an increasing trend.
