Retail sales of jewellery in China remained in positive territory, with October 2018 figures registering a 4.7 percent year-on-year increase, according to the latest data from the National Bureau of Statistics of China.
From January to October, sales rose 8.3 percent to RMB226 billion (US$32 billion) compared to the same period last year, government data also revealed.
Total retail sales in China grew 8.6 percent, signalling a healthy retail business across all major categories.
In its Gold Investor Report for October 2018, the World Gold Council said China’s jewellery market is poised for further growth, provided the industry continues to innovate and adapt to changing consumer tastes.
The same report quoted industry leader Chow Tai Fook Jewellery Group as saying that jewellery demand remains strong as the economy becomes more consumption driven, not just in Tier I and II cities but in Tier III as well.
The retailer also expects to benefit from the rising number of China’s middle-class consumers and higher income levels as buyers look for both affordable luxury and high-end products. Young consumers, especially millennials, are also becoming more attracted to the market, thanks to modern jewellery designs.