‘Retail Gold Insights 2019’ has just been published by the World Gold Council. It is a thematic analysis of their new consumer research survey. With a base of 18,000 participants across India, China, Russia, Germany, the US and Canada, we believe it is the largest ever consumer survey on the global gold market.
5 main themes of the report
People are confident in – and loyal to – gold. Gold already has strong foundations and it’s important to know where that confidence is strongest and weakest.
But there are areas of mistrust. While people have confidence in gold, there is some mistrust around product purity and trustworthiness of some retailers.
Gold can resonate more deeply among younger consumers. Millennials’ attitudes towards gold are not so different from those of older generations. But there are perceptual misgivings among the younger Gen Z audience, particularly in China’s jewellery market.
Technological innovation can create a route to new audiences. There are some pioneering, technologically-savvy players in the gold market. But our data suggests there are too few.
There are knowledge gaps in the minds of potential gold buyers that need to be filled. This includes greater awareness around gold, through TV, print and social media; more quality education around the benefits of owning gold; and, while it is not a mainstream issue now, the next generation of potential gold buyers need better education around the industry’s ethical credentials.