Data shows that global gold jewelry demand has declined 14% year-over-year, approaching the low levels of 2020. Against the backdrop of declining global gold jewelry demand, a type of gold-related product - "Tong Jin" (otaku gold) - is selling well against the trend.
The popularity of the gold-related market is positively correlated with gold prices, but exhibits greater volatility. Investors need to pay attention to policy developments and market sentiment changes to avoid chasing highs.
Recently, international gold prices have repeatedly hit new highs, and a type of gold-related product called "Tong Jin" has rapidly gained popularity among young people, with prices even reaching 2,800 yuan per gram, far exceeding ordinary jewelry gold prices. The term "Tong" is a concept from two-dimensional culture, referring to a direct way of displaying one's favorite things. "Tong Jin" can be understood as "gold that carries love for two-dimensional culture," representing a unique collision between the gold market and two-dimensional culture.
Facing this emerging consumption hotspot, traditional brands such as Chow Tai Fook, TSL Jewellery, Lao Miao, and Lao Feng Xiang have all entered the market. Among them, Chow Tai Fook's collaboration series with the domestic game "Black Myth: Wukong" has achieved retail sales exceeding 150 million yuan, while Lao Feng Xiang's co-branded products with the classic anime IP "Saint Seiya" reached nearly 100 million yuan in sales within two weeks of launch, achieving remarkable results.
Since the beginning of this year, persistently high gold prices have impacted consumer demand for gold jewelry. The World Gold Council's Q2 2025 "Global Gold Demand Trends Report" shows that global gold jewelry demand has declined 14% year-over-year, approaching the low levels of 2020. Against the backdrop of declining global gold jewelry demand, why has "Tong Jin" been able to sell well against the trend?
Emotional value aligns with young consumers' "self-pleasing" needs. The "2024 China Youth Consumption Trends Report" shows that emotions have become a consumption need for young people, with nearly 30% of surveyed young people willing to pay for emotional value. "Tong Jin" represents young people's passion, personality, romance, and innocence, and can also satisfy social needs for connecting with like-minded individuals and gaining recognition, adding more "small joys" to life.
Ms. Ma from Xicheng District, Beijing, showed her "Tong Jin" bracelet to the reporter, featuring the character Usagi from the anime Chiikawa. She said: "I didn't really like gold before, but after it was tied to this character, the feeling was completely different. Although it's a bit expensive, wearing it gives me a sense of companionship."
"Tong Jin" is viewed as the most value-preserving "merchandise." "Merchandise" refers to peripheral products derived from comics, animations, games, novels, etc. According to relevant report data, China's "merchandise economy" market size reached 168.9 billion yuan in 2024, an increase of over 40% from 2023, with the market size expected to exceed 300 billion yuan by 2029. Compared to badges, cards, acrylic stands, plush dolls and other "merchandise," gold clearly has more advantages in value preservation and appreciation. Even if the popularity of co-branded IPs fades, the inherent gold value remains.
A relevant official from the China Gold Association stated that while high gold prices have suppressed some gold jewelry consumption demand, jewelry products with low gram weight, strong design sense, and high added value are still favored. When gold that was once stored away becomes social currency, small and beautiful gold jewelry aligns with young people's consumption concepts and purchasing power, prompting all major brands to ride the "Tong Jin" trend.
Will this become a new growth point for gold jewelry brands? Pan Helin, a member of the Ministry of Industry and Information Technology's Information and Communication Economy Expert Committee, believes that the investment and collection value of "Tong Jin" depends on whether the underlying IP can maintain sustained popularity. As IP popularity fades, "Tong Jin" usually gradually depreciates, and its appreciation has randomness.
The premium issues exposed by the hot "Tong Jin" market have also attracted attention. Some co-branded products are priced 2 to 3 times higher than ordinary gold, and speculation is frequent in the secondary market, leading to questions about gold jewelry brands "harvesting retail investors." Pan Helin believes that gold jewelry brands can create growth points through customization and personalization, using scarcity to improve profit margins.
"The popularity of the gold-related market is positively correlated with gold prices, but exhibits greater volatility. Investors need to pay attention to policy developments and market sentiment changes to avoid chasing highs. It is recommended to combine personal asset allocation needs and appropriately hold gold as a defensive asset, but be alert to pullback risks after expectations are realized," said Wu Dan, a researcher at the Bank of China Research Institute.
Additionally, consumers need to be wary of intellectual property risks when purchasing "Tong Jin." "Private customization" and group buying of "Tong Jin" may involve trademark rights, patent rights and other issues, with insufficient guarantees for transactions and after-sales service. Moreover, recent surges in sales of "sand gold" jewelry have exposed issues such as false advertising and seriously excessive nickel release, reminding consumers to remain rational. Market regulatory authorities should closely monitor developments in the gold jewelry industry, crack down on illegal behaviors, and purify the consumption environment.
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