In the past five years, the impact of the pandemic has accelerated the evolution of the global political and economic landscape, and China's economic restructuring and transformation have entered a deep water zone. The jewelry industry in China, which is situated within it, has demonstrated strong resilience in responding to challenges and sufficient momentum to withstand pressure and grow upwards.
One is that the retail market is experiencing increased volatility, but the growth rate is still higher than the average level of consumer goods in society.
Secondly, the market size continues to expand, and the strong growth of categories such as jade, jadeite, and pearls has effectively promoted the overall steady growth of the market.
Thirdly, the rapid growth of online retail has offset the weakness of offline sales.
Fourthly, the import and export activities are active, and the trade growth in traditional markets such as Europe and America is strong.
Fifth, the strategy of channel sinking continues to advance, with third tier and below cities actively contributing incremental growth.
After experiencing the impact of the COVID-19 pandemic in 2020, the Chinese jewelry retail market achieved a strong rebound in 2021. The retail sales of gold, silver, and jewelry by units above designated size exceeded the integer threshold of 300 billion yuan, and reached a new historical high of 331 billion yuan in 2023, a year-on-year increase of 13.3%. The average annual compound growth rate over the past five years (2019-2023) was 6.2%, far higher than the average level of 3.7% for the total retail sales of consumer goods in society.
From the perspective of the overall market size, according to statistics from the China Association of Jewelers, the size of China's jewelry and gemstone jewelry market has grown from 610 billion yuan in 2019 to 820 billion yuan in 2023, with an average annual growth rate of 7.68% over the past five years.