To explore the backdrop behind the slump in the platinum jewelry market, the report analysis said that the decline in the platinum market was affected by the overall downturn in the jewelry market. On the one hand, China’s economic growth continued to slow in 2016, the GDP growth rate was only 6.7%, the actual growth of per capita disposable income in the country was lower than the GDP growth rate, only 6.3%, coupled with constant housing prices. The rise has made consumers no longer free to buy high priced goods, while the devaluation of the renminbi has increased concerns about inflation, which in turn prompted consumers to pursue more inflationary investments.
Consumers’ consumption habits are also changing, and experiential consumption habits have gradually formed. Platinum and other precious jewels are faced with the huge challenge of health, intelligent wearable equipment and tourism and entertainment at the same time, and the platinum jewelry consumption space is further squeezed in the face of the competition of the traditional luxury goods such as accessories and shoes.
Consumer demand for jewellery is also changing. Consumers’ purchase of jewellery no longer pursues the value of high purity but more emphasis on the design of style and the emotional connection behind it, and the lack of popular jewelry is no longer able to meet the needs of consumers.