To Grow Wealth, China’s Gen Z is Buying Gold — One Bean at a Time
為了增加財富，中國的 Z 世代正在購買黃金———一點點地買
To Grow Wealth, China’s Gen Z is Buying Gold — One Bean at a Time
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.
在中國，購買黃金主要與老一代人有關，但現在的資料顯示，超過一半的黃金消費者屬於 "90 後 "年齡組。對許多人來說，這是最可行的長期投資。
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.
在過去的幾個月裡，20 歲的鐘永新每天下班回家都有一個新的儀式。她徑直走向一個小玻璃瓶，裡面裝著幾粒豆粒大小的金子，然後快速搖晃一下。這輕輕的響聲每天都在提醒她終於存到錢了。
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
.
金豆比指尖還小，形狀通常是瓜子或錦鯉魚等吉祥物，在中國的Z世代中迅速流行起來。金豆重約一克，價格在400至600元（54至82美元）之間，為購買者提供了一個實惠的切入點。許多人每月購買一到兩粒，將其成本比作平時的奶茶開支。
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 gravitatingtowards these diminutive
gold products.
對鍾女士來說，金豆不僅僅是一種儲蓄，更是一種可行的長期投資。傳統上，中國的中老年人是黃金的主要消費群體，但現在，Z 世代開始青睞這些小巧的黃金產品。
On social media platforms, young Chinese are even chroniclingtheir 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
.
在社交媒體平臺上，年輕的中國人甚至記錄下了他們在玻璃瓶中慢慢裝滿金豆的過程。有些瓶子底部只有幾顆金豆，比如鍾某的瓶子，而有些瓶子則幾乎裝滿，愛好者們經常分享他們的經歷，包括推薦可靠的網店和優惠券。
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.
中國領先的電子商務平臺天貓和淘寶在 2023 年的一份珠寶配飾行業報告中顯示，黃金首飾的主要消費者是上世紀 90 年代後出生的人。而在 2022 年，諮詢公司 Mob Data 的一份洞察報告發現，Z 世代的黃金購買傾向從 2016 年的 16% 猛增至 2021 年的 59%，在所有年齡組中消費潛力最高。
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.
在過去幾個月裡，23 歲的周思穎告訴第六聲調，她被捲入了一場 "購金狂潮"。為了實現個人目標，她每個月至少購買一件黃金製品：金豆或輕便的首飾。有時，她的黃金支出會攀升至近 3000 元，消耗掉她月薪的一半。
在過去幾個月裡，23 歲的周思穎告訴第六聲調，她被捲入了一場 "購金狂潮"。為了實現個人目標，她每個月至少購買一件黃金製品：金豆或輕便的首飾。有時，她的黃金支出會攀升至近 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.”
她說："有句諺語說：'有錢時把黃金當首飾戴，沒錢時把黃金當錢用'。我買的黃金有兩種價值。我可以每天佩戴，也可以持有，選擇日後交易或出售。
她說："有句諺語說：'有錢時把黃金當首飾戴，沒錢時把黃金當錢用'。我買的黃金有兩種價值。我可以每天佩戴，也可以持有，選擇日後交易或出售。
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.
長期以來，黃金一直被認為是一種寶貴的金融保值工具。世界黃金協會（World Gold Council）的一項研究顯示，在過去 30 年裡，黃金的年化收益率達到 5.8%。這使同期的現金和債券等主流資產黯然失色。在過去七次經濟衰退中的五次，黃金都表現強勁，幫助投資者減輕了整體投資組合的損失。
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
.”
中國銀行研究院高階研究員王有鑫在接受第六音採訪時表示："今年以來，隨著全球經濟面臨的挑戰越來越大，金融市場波動加劇，黃金的避險需求也在不斷上升。"
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.
王補充說，與較重的金條相比，克重較小的黃金產品更符合年輕人群的收入能力。金豆的投資門檻低，外形美觀，但也面臨著未來降價的風險。
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.”
工作才幾年的周女士說，她用於投資的資金有限，比起收益，她更喜歡穩定。對她來說，擁有實物黃金比其他黃金投資方式更能帶來一種獨特的 "心理滿足感"。
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.
為了堅持自己的計劃，周女士特意減少了吃飯和穿衣的開支，將這些資金用於購買黃金。"雖然這兩樣都要花錢，但我可以收回黃金的成本。剩下的就花掉了，"她說。
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.
根據中國黃金協會的資料，2023 年上半年，中國黃金消費量為 554.88 噸，比去年同期增長 16.37%。與這一趨勢相呼應的是，9 月中旬，現貨黃金價格達到了前所未有的高點，與國際金價的差距為十年來最大。黃金週假期過後，金價一度跌至每克450元左右，但此後不斷攀升，10月27日收盤價為每克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.
南華期貨金屬分析師夏瑩瑩將9月份金價飆升歸因於匯率。"美元大幅升值，給人民幣帶來壓力。雖然國內黃金供應緊張，但需求依然強勁。而 10 月份美國債券發行量和收益率的激增，都被視為低風險資產，提高了持有黃金的機會成本，導致金價下跌。
Experts generally concurthat 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.
專家們普遍認為，金價再次飆升是受美國聯邦儲備委員會加息預期減弱的影響。此外，以巴衝突等地緣政治緊張局勢加劇了避險情緒，促使投資者轉向黃金。
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.
儘管價格波動較大，但夏認為這並不會嚇退實物黃金投資者。"黃金珠寶愛好者通常都有較長的投資期限，不會被暫時的價格變化所左右。他們不會因為黃金價格飆升就急於賣掉自己的首飾，"她解釋說。
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也有類似的看法。她沒有趁著金價高漲賣掉自己積攢的金豆，而是把它們做成了自己心儀已久的金鎖設計–她說，與直接購買相比，此舉為她節省了數千元人民幣。
“For gold, the sooner I buy it, the sooner I can enjoy it,” she said.
"她說："對於黃金來說，越早購買，就能越早享用。