To Grow Wealth, China’s Gen Z is Buying Gold — One Bean at a Time
为了增加财富，中国的 Z 世代正在购买黄金———一点点地买
Buying gold was largely associated with older generations in China, but data now indicates that over half of gold consumers belong to the post-’90s age group. For many, it’s the most viable long-term investment.
在中国，购买黄金主要与老一代人有关，但现在的数据显示，超过一半的黄金消费者属于 "90 后 "年龄组。对许多人来说，这是最可行的长期投资。
For the past few months, 20-year-old Zhong Yongxin has had a new ritual on returning home from work each day. She heads straight for a small glass bottle with a few bean-shaped bits of gold and gives it a quick shake. The soft rattle serves as a daily reminder that she’s finally saving money.
在过去的几个月里，20 岁的钟永新每天下班回家都有一个新的仪式。她径直走向一个小玻璃瓶，里面装着几粒豆粒大小的金子，然后快速摇晃一下。这轻轻的响声每天都在提醒她终于存到钱了。Smaller than a fingertip and often shaped like lucky symbols like melons or koi fish, gold beans are quickly gaining popularity among China’s Gen Z. Weighing roughly one gram and priced between 400 and 600 yuan ($54-$82), they offer an affordable entry point for buyers. Many purchase one or two pieces monthly, likening the cost to their regular milk tea expenses.
金豆比指尖还小，形状通常是瓜子或锦鲤鱼等吉祥物，在中国的Z世代中迅速流行起来。金豆重约一克，价格在400至600元（54至82美元）之间，为购买者提供了一个实惠的切入点。许多人每月购买一到两粒，将其成本比作平时的奶茶开支。To Zhong, gold beans signify more than mere savings — they’re a viable long-term investment. Traditionally, China’s middle-aged and elderly were the primary consumers of gold, but now, Gen Z is now gravitating towards these diminutive gold products.
对钟女士来说，金豆不仅仅是一种储蓄，更是一种可行的长期投资。传统上，中国的中老年人是黄金的主要消费群体，但现在，Z 世代开始青睐这些小巧的黄金产品。On social media platforms, young Chinese are even chronicling their journey of slowly filling these glass bottles with gold beans. While some bottles have just a few beans at the bottom, like Zhong’s, others are almost full, with enthusiasts frequently sharing their experiences, including recommendations for reliable online shops and vouchers.
在社交媒体平台上，年轻的中国人甚至记录下了他们在玻璃瓶中慢慢装满金豆的过程。有些瓶子底部只有几颗金豆，比如钟某的瓶子，而有些瓶子则几乎装满，爱好者们经常分享他们的经历，包括推荐可靠的网店和优惠券。In a 2023 report on the jewelry and accessories industry, China’s leading e-commerce platforms Tmall and Taobao revealed that the primary consumers of gold jewelry are those born after the 1990s. And in 2022, an insight report by consultancy firm Mob Data found that Gen Z’s inclination to purchase gold surged from 16% in 2016 to 59% in 2021 — marking the highest spending potential among all age groups.
中国领先的电子商务平台天猫和淘宝在 2023 年的一份珠宝配饰行业报告中显示，黄金首饰的主要消费者是上世纪 90 年代后出生的人。而在 2022 年，咨询公司 Mob Data 的一份洞察报告发现，Z 世代的黄金购买倾向从 2016 年的 16% 猛增至 2021 年的 59%，在所有年龄组中消费潜力最高。
Over the last several months, 23-year-old Zhou Siying told Sixth Tone that she’d been swept up in a “gold-buying frenzy.” In line with her personal goals, she purchases at least one gold item every month: either gold beans or lightweight jewelry. Sometimes, her gold expenses climb to nearly 3,000 yuan, consuming half her monthly salary.
在过去几个月里，23 岁的周思颖告诉第六声调，她被卷入了一场 "购金狂潮"。为了实现个人目标，她每个月至少购买一件黄金制品：金豆或轻便的首饰。有时，她的黄金支出会攀升至近 3000 元，消耗掉她月薪的一半。
She said: “There’s an adage: ‘Gold is worn as jewelry when you’re rich and used as money when you’re poor.’ The gold I buy has two values. I can wear it daily or hold onto it, opting to trade or sell later.”
她说："有句谚语说：'有钱时把黄金当首饰戴，没钱时把黄金当钱用'。我买的黄金有两种价值。我可以每天佩戴，也可以持有，选择日后交易或出售。
Gold has long been recognized as a valuable financial hedge. A study by the World Gold Council reveals that, over the past three decades, gold has yielded an annualized return of 5.8%. This eclipses mainstream assets like cash and bonds during the same time period. And during five of the past seven economic downturns, gold has thrived, aiding investors in mitigating overall portfolio losses.
长期以来，黄金一直被认为是一种宝贵的金融保值工具。世界黄金协会（World Gold Council）的一项研究显示，在过去 30 年里，黄金的年化收益率达到 5.8%。这使同期的现金和债券等主流资产黯然失色。在过去七次经济衰退中的五次，黄金都表现强劲，帮助投资者减轻了整体投资组合的损失。
Speaking to Sixth Tone, Wang Youxin, a senior researcher at the Bank of China Research Institute, said, “This year, as the global economy faces increasing challenges and financial market volatility intensifies, the hedging demand for gold is on the rise.”
中国银行研究院高级研究员王有鑫在接受第六音采访时表示："今年以来，随着全球经济面临的挑战越来越大，金融市场波动加剧，黄金的避险需求也在不断上升。"
Wang added that compared with heavier gold bars, smaller gram-sized gold products align more with the earning capacity of younger demographics. Gold beans have a low investment threshold and are visually pleasing, but also face the risk of future markdowns down the road.
王补充说，与较重的金条相比，克重较小的黄金产品更符合年轻人群的收入能力。金豆的投资门槛低，外形美观，但也面临着未来降价的风险。
Having worked only for a few years now, Zhou says she has limited money for investments and prefers stability over returns. For her, owning physical gold over other gold investment methods provides a unique “psychological satisfaction.”
工作才几年的周女士说，她用于投资的资金有限，比起收益，她更喜欢稳定。对她来说，拥有实物黄金比其他黄金投资方式更能带来一种独特的 "心理满足感"。
To stick to her plan, Zhou deliberately cuts back on spending on meals and clothing, channeling those funds into gold purchases. “While both cost money, I can recoup the cost of gold. The rest is just spent,” she says.
为了坚持自己的计划，周女士特意减少了吃饭和穿衣的开支，将这些资金用于购买黄金。"虽然这两样都要花钱，但我可以收回黄金的成本。剩下的就花掉了，"她说。
In the first half of 2023, China’s gold consumption increased by 16.37% over the same period last year, at 554.88 tons, according to the China Gold Association. Mirroring this trend, in mid-September, spot gold prices reached an unprecedented high, creating the widest gap with international gold prices in a decade. Following the Golden Week holiday, prices dipped to around 450 yuan per gram but have since been climbing, closing at 475.8 yuan per gram on Oct. 27.
根据中国黄金协会的数据，2023 年上半年，中国黄金消费量为 554.88 吨，比去年同期增长 16.37%。与这一趋势相呼应的是，9 月中旬，现货黄金价格达到了前所未有的高点，与国际金价的差距为十年来最大。黄金周假期过后，金价一度跌至每克450元左右，但此后不断攀升，10月27日收盘价为每克475.8元。Xia Yingying, a metals analyst at Nanhua Futures, attributed the September spike in gold prices to the exchange rate. “The dollar appreciated sharply, putting pressure on the yuan. While domestic gold supply was tight, demand remained strong. And the surge in US bond issuance and yields in October, both seen as low-risk assets, raised the opportunity cost of holding gold, leading to a dip in prices.
南华期货金属分析师夏莹莹将9月份金价飙升归因于汇率。"美元大幅升值，给人民币带来压力。虽然国内黄金供应紧张，但需求依然强劲。而 10 月份美国债券发行量和收益率的激增，都被视为低风险资产，提高了持有黄金的机会成本，导致金价下跌。Experts generally concur that the renewed surge in gold prices was influenced by diminished expectations of the U.S. Federal Reserve’s interest rate hikes. Additionally, geopolitical tensions, like the Israeli-Palestinian conflict, heightened risk aversion, prompting investors to turn to gold.
专家们普遍认为，金价再次飙升是受美国联邦储备委员会加息预期减弱的影响。此外，以巴冲突等地缘政治紧张局势加剧了避险情绪，促使投资者转向黄金。Despite the price volatility, Xia believes it won’t deter physical gold investors. “Gold jewelry enthusiasts typically have a long investment horizon and aren’t swayed by temporary price changes. It’s not as though they’d rush to sell their pieces as soon as gold’s value spikes,” she explained.
尽管价格波动较大，但夏认为这并不会吓退实物黄金投资者。"黄金珠宝爱好者通常都有较长的投资期限，不会被暂时的价格变化所左右。他们不会因为黄金价格飙升就急于卖掉自己的首饰，"她解释说。Zhong shares a similar sentiment. Rather than capitalizing on the high prices by selling the gold beans she’s accumulated, she’s had them crafted into a gold lock design she’s long admired — a move she says has saved her thousands of yuan compared to an outright purchase.
Zhong也有类似的看法。她没有趁着金价高涨卖掉自己积攒的金豆，而是把它们做成了自己心仪已久的金锁设计--她说，与直接购买相比，此举为她节省了数千元人民币。“For gold, the sooner I buy it, the sooner I can enjoy it,” she said.
"她说："对于黄金来说，越早购买，就能越早享用。
