Jewelry retail industry reviews

The Chinese gold and jewellery market has started to stabilize in 2017. Although the total retail sales of consumer goods in mainland China in 2017 slowed to 10.2%, the year-on-year decline was 0.2 percentage points. However, the specific segmentation into gold and silver jewellery category, sales above designated size increased by 5.6% year-on-year, 5.6 percentage points higher than 2016. According to the statistics of the China Gold Association, in 2017, the actual consumption of gold in the country reached 1,089.1 tons, up 9.4% year-on-year, of which gold jewelry and gold bars rose by 10.4% and 7.3% to 696.5 tons and 276.4 tons respectively. After the continuous downturn, gold jewellery sales finally rallied, which was driven by the recovery of high-end consumption and the continuous growth of consumption power in second- and third-tier cities. On the other hand, the stabilization of the real estate market and the suppression of housing prices by certain policies were also to a certain extent. It has liberated the residents' spending power and increased their willingness to consume. According to the statistics of the National Bureau of Statistics, the consumer confidence index reached 122.6 points in December 2017, and the consumer expectations index also rose to 125.9, both reaching historical highs, reflecting residents' optimistic expectations for future income and consumption.

The retail market in Hong Kong has fully recovered. According to the statistics of the Hong Kong Census and Statistics Department, the value of total retail sales in 2017 increased by 2.2% year-on-year, ending a three-year decline since 2014. The value of sales of jewellery, watches and clocks and valuable gifts increased by 5.2% year-on-year, outperforming the overall retail sales growth. At the same time, the number of Hong Kong visitors to Hong Kong also ushered in positive growth in 2017. In 2017, the number of visitors to Hong Kong increased by 3.2% year-on-year. The number of visitors from the Mainland increased by 3.9% year-on-year. In the fourth quarter, the number of visitors from the Mainland increased by 8.0% year-on-year, driving consumption growth in Hong Kong. The performance of gold jewellery retail stores represented by Chow Tai Fook and Luk Fook rebounded. In the third and fourth quarters of 2017, same-store sales growth of Chow Tai Fook Macau Store was 13% and 5% respectively, and Luk Fook Jewellery also recorded 18% and 1%. Growth, the recovery momentum is significant.

Consumer choices for gold jewelry are gradually changing. The wedding market is an important market for the demand for gold jewelry, and it still plays an important role in the promotion of gold jewelry. But apart from this, from the sales data of several leading gold stores, the sales of inlaid jewelry with higher sales price were relatively weak last year, and the new cost-effective gold jewelry was warmly received by consumers. welcome. Chow Tai Fook and Lu Fu have each launched a cartoon-style entertainment gold jewelry and achieved good sales performance, which also shows that consumers are more relaxed and casual when choosing gold jewelry. At present, with the approaching of the Spring Festival, the gold ornaments of the Year of the Dog have the meaning of the New Year's "Dawang", the zodiac gold ornaments are sought after, and the sales of gold jewelry ushered in a new wave of sales. In addition, the gold jewelry in China's mainland e-commerce channel is also experiencing rapid growth, offline stores are no longer the only choice to buy gold jewelry, the convenience of sales channels also further promote consumption growth.

Sales growth and rental cuts are expected to lead to rapid growth in Chow Tai Fook's earnings. Chow Tai Fook added 77 retail outlets in the fourth quarter of 2017, including a net increase of 74 retail outlets in Mainland China and a net increase of 3 retail outlets in Hong Kong. The company accelerated the expansion of stores while the sales volume recovered, and adopted differentiated scene settings for different customer groups. In the Hong Kong market, the company has shifted some retail outlets from tourist hotspots to residential areas to target local consumers. At the same time, the reduction in rents in Hong Kong's stores has also significantly reduced the company's operating costs, which is expected to lead to an increase in profitability. The company's main risk lies in the slowdown in sales growth and the reduction in consumer willingness in the previous period.

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