Read More《二次元“入侵”金饰，“痛金”带火黄金“谷子”》
Positive Reviews: The “Painful Gold” in the Second – Dimension Promotes the Breakthrough of Gold Consumption Scenarios and Activates the Youthful Vitality of Traditional Gold Jewelry
In recent years, the gold consumption market has been facing the common dilemma of “high gold prices suppressing demand”. According to data from the China Gold Association, the consumption volume of gold jewelry in the first half of 2025 decreased by 26% year – on – year. Traditional gold jewelry has experienced sluggish growth due to issues such as homogeneous design and an aging customer base. Against this backdrop, the “Painful Gold” products jointly launched by gold jewelry brands and second – dimension IPs have become a crucial attempt to break the deadlock in the industry. Its positive significance is mainly reflected in the following three aspects:
I. Precisely Target the Young Consumer Group and Reconstruct the Emotional Value of Gold Consumption
The core consumption scenarios of traditional gold jewelry are weddings, investments, or value preservation, and the target customers are mainly women over 30 years old. The emergence of “Painful Gold” has deeply integrated gold with second – dimension culture, successfully attracting Generation Z aged 18 – 30 and second – dimension enthusiasts. This group has a strong emotional identification with IPs and is willing to pay a premium for “self – expression” and “social belonging”. For example, the popularity of Chow Tai Fook’s Chiikawa co – branded products and Laofengxiang’s Saint Seiya series is essentially due to the capture of young people’s need to “express their love with gold”. Gold is no longer just “jewelry for the elders” but has become “the carrier of my second – dimension faith”. This reconstruction of emotional value has upgraded gold from a “functional consumer product” to a “cultural symbol consumer product”, opening up a brand – new consumption scenario for traditional gold jewelry.
II. Technological Innovation and IP Empowerment Enhance Product Added Value and Assist Brands in Differentiated Competition
The technological upgrade of “Painful Gold” is an important support for its premium. The 3D, 5D, and 5G hard – gold technologies mentioned in the news have improved the hardness of gold and the complexity of design through technological advancements, solving the pain points of traditional pure gold, such as “easy deformation and single style”. The addition of enamel technology has made the surface of gold present colorful patterns, which highly matches the visual style of second – dimension IPs. These technological innovations have not only enhanced the aesthetics of the products but also provided brands with a means for differentiated competition. For example, the zodiac lucky charms in Laofengxiang’s Saint Seiya co – branded series have transformed ordinary gold jewelry into “wearable anime merchandise” through the combination of IP characters and gold craftsmanship, forming a unique identity in the highly homogeneous gold jewelry market.
III. Social Platforms Promote the Formation of a “Grass – planting – Consumption – Communication” Closed – loop and Activate Market Heat
The “grass – planting” effect of social platforms such as Xiaohongshu is the key driving force behind the popularity of “Painful Gold”. As mentioned in the news, there are a large number of user shares of high – profile IP co – branded products (such as Chow Tai Fook’s Chiikawa and Laofengxiang’s Saint Seiya) on Xiaohongshu. The platform’s algorithm further amplifies the content exposure through “interest – based recommendation”, creating a social hint of “everyone around me is buying”. This “emotional marketing” not only lowers the decision – making threshold for young consumers but also saves a large amount of marketing costs for brands through users’ spontaneous photo – sharing and discussions. For example, the grass – planting content of Chow Tai Fook’s Chiikawa co – branded products on Xiaohongshu not only conveys the product design details (such as the cute appearance of IP characters) but also strengthens the identity of “owning is trendy”, successfully transforming the niche culture of the second – dimension circle into a consumer hot – spot that attracts public attention.
Negative Reviews: Controversy over High Premiums and Doubts about Value, Hidden Market Concerns behind the “Painful Gold” Craze
Although “Painful Gold” has injected new vitality into gold consumption, the problems exposed during its development are also worthy of vigilance. From the perspectives of consumer feedback, the performance in the second – hand market, and the long – term development of the industry, the popularity of “Painful Gold” may face multiple challenges.
I. Doubts about the Rationality of High Premiums, Intensified Consumer Doubts about “IQ Tax”
As mentioned in the news, a 0.2 – gram gold medal pendant from Chow Tai Fook’s Chiikawa co – branded series is priced at 560 yuan, with a unit price per gram as high as 2,800 yuan, 2.76 times the listed price of pure gold on that day (1,015 yuan per gram). A 2.5 – gram lucky charm from Laofengxiang’s Saint Seiya co – branded series is priced at 3,500 yuan, with a unit price per gram of 1,400 yuan, far exceeding the price of pure gold. The brand explains that the premium is due to IP licensing fees and technological costs, but consumers are not fully convinced. On the one hand, it is questionable whether the IP licensing fees, which belong to the brand’s operating costs, should be fully passed on to consumers. On the other hand, although 3D/5D/5G technologies have improved the hardness, the essential value of gold (priced by weight) remains unchanged. When recycling in the second – hand market, it is only calculated by weight, which means that consumers need to bear higher “holding costs” when buying “Painful Gold”. In the comment section of Xiaohongshu, complaints such as “low cost – performance” and “excessive premium” frequently appear. Some users even compare the custom – made products from gold – making shops (with a processing fee of only 10 – 30 yuan per gram), further magnifying the controversy over the high premium of “Painful Gold”.
II. The Popularity Depends on the Short – term Traffic of IPs, and Long – term Viability is in Doubt
Currently, the hot sales of “Painful Gold” highly depend on the short – term popularity of IPs. For example, the lucky charms from Laofengxiang’s Saint Seiya co – branded series were in short supply at the beginning due to the抢购 of IP fans, but the popularity faded after the fans had made their purchases, and the stores did not restock later. Although Chow Tai Fook’s Chiikawa co – branded products became popular on Xiaohongshu, the popularity was limited to a few characters such as “Jii, Xiaoba, and Usachi”, and other IP co – branded products did not achieve the same level of popularity. This “blockbuster dependence” exposes two major problems: First, IP selection needs to be precisely matched with the target customer group. If the IP itself has a short life cycle (such as some game or internet celebrity IPs), the co – branded products may quickly lose their popularity. Second, if brands only regard IPs as “traffic tools” instead of deeply exploring their cultural connotations, the products may become “one – time consumption” and it will be difficult to form long – term user stickiness.
III. Homogenization and the Rise of Customization Demand, Brands Face the Challenge of “Lack of Innovation”
Although “Painful Gold” is promoted as “personalized expression”, the actual products still have serious homogenization problems. As mentioned in the news, Ms. Wang, a consumer, believes that “the IP co – branded products of brand gold jewelry are still highly homogeneous”, so she turned to gold – making shops to customize unique styles. This phenomenon reveals that the demand of young consumers for “true personalization” has not been met. Although brand co – branded products incorporate IP elements, the design is still limited by the image specifications of the IP party (such as the fixed造型 of characters), making it difficult to meet users’ desire for “unique” expression. The rise of gold – making shops (low processing fees, customizable) poses direct competition to brands. If brands cannot break through in terms of design freedom and cost – performance, they may lose some core customers.
IV. The Depreciation Risk in the Second – hand Market Weakens the Investment Attribute, Conflicting with the Traditional Perception of Gold as “Value – Preserving”
One of the core consumption motivations for gold is value preservation, but the performance of “Painful Gold” in the second – hand market is contrary to this. As mentioned in the news, a 0.88 – gram lucky charm from Chow Tai Fook’s Chiikawa co – branded series on Xianyu is priced at only 799 yuan, with a unit price per gram of 907.95 yuan, lower than the listed price of pure gold on that day (1,015 yuan per gram). Most IP co – branded products are sold at a 20% – 40% discount in second – hand transactions, and the premium disappears or even depreciates. This is because the second – hand market has a very low recognition of the “IP added value”, and consumers pay more attention to the weight value of gold itself. In the “value – preservation + social + expression” tri – attribute promoted by “Painful Gold”, the collapse of the “value – preservation” link may shake its core selling point. Especially for price – sensitive young consumers, the decision – making threshold for purchasing “possibly depreciating gold” at a high premium will be further increased.
Advice for Entrepreneurs: From “Traffic – based Co – branding” to “Value – based In – depth Development”, Seize the Long – term Opportunities in Second – Dimension Gold Jewelry
The rise of “Painful Gold” is an important signal for the youth – oriented transformation of gold consumption. To convert short – term popularity into a long – term market, entrepreneurs need to make key breakthroughs in the following directions:
I. Precisely Select IPs and Pay Attention to the Deep Binding of IPs and Brand Tones
IP selection should not only focus on short – term popularity. It is necessary to evaluate the audience matching degree of IPs (such as the age and consumption ability of the core fans of second – dimension IPs), cultural vitality (classic anime IPs have more long – term value than internet celebrity IPs), and the fit with brand positioning (for example, Chow Tai Fook’s choice of the “healing” style of Chiikawa matches the brand’s “young and warm” image). At the same time, entrepreneurs can try to cooperate with niche but highly loyal vertical IPs (such as independent comics and domestic animations) to avoid competing for high – cost IP licensing fees with top – tier IPs and attract more targeted niche users.
II. Balance Premiums and Value, Establish a Dual Pricing Logic of “Technology + Culture”
High premiums need clear value support. Entrepreneurs can make the cost breakdown transparent (such as publicizing the proportion of IP licensing fees and the details of technological costs) and strengthen consumers’ awareness through “storytelling about technology” (such as promoting how 5G technology enables more complex IP detail carving). At the same time, a combination of “basic models + customized models” can be launched. The basic models feature classic IP images to meet the needs of the general public, while the customized models allow users to participate in the design (such as adding names and adjusting character movements), increasing the rationality of the premium through personalization and reducing the controversy over homogenization.
III. Pay Attention to Consumers’ Real Needs, Explore a Differentiated Path of “Brand + Gold – making”
In response to the competition from gold – making shops, brands can learn from their advantages of “low processing fees and high freedom” and launch “official customization services”. For example, consumers can be allowed to freely combine IP elements (such as characters and lines) with gold styles (such as bracelets and pendants). The processing fee is only slightly higher than that of gold – making shops, but brand quality assurance is provided, which not only meets the personalized needs but also strengthens brand trust. In addition, “light – weight” products (such as small pendants of 0.5 – 1 gram) can be developed to lower the purchase threshold for young consumers, and the repurchase rate can be increased through multi – piece combinations (such as IP character series).
IV. Build a Second – hand Circulation Mechanism, Strengthen the Composite Attribute of “Value – Preservation + Social”
To address the problem of depreciation in the second – hand market, brands can establish an official second – hand trading platform or recycling system. For example, a “trade – in” service can be launched, allowing consumers to exchange old IP co – branded gold jewelry for new products at an evaluated price based on weight + IP popularity. Or cooperate with second – hand platforms to provide an “official certification” label for genuine IP co – branded products to increase the recognition in the second – hand market. By strengthening the circulation, it can not only address consumers’ concerns about “depreciation” but also extend the product life cycle (such as old users reselling and new users buying), forming a virtuous cycle of “purchase – collection – resale – repurchase”.
V. Deeply Explore Cultural Connotations, Upgrade from “IP Co – branding” to “Cultural Co – creation”
Avoid regarding IPs as “traffic tools”. Instead, enhance the long – term value of products through cultural co – creation. For example, jointly develop limited – edition products with IP parties (such as character growth commemorative editions and animation plot – linked editions), or hold offline theme events (such as anime exhibitions and IP fan meetings) to bind gold jewelry with IP cultural events and enhance users’ emotional precipitation. In addition, a cross – dimensional combination of “gold jewelry + digital collectibles” can be launched (such as giving away IP digital badges when purchasing physical gold jewelry) to attract Generation Z consumers using the concept of the metaverse and expand the boundaries of consumption scenarios.
In conclusion, the rise of “Painful Gold” is a positive attempt by the traditional gold jewelry industry to embrace youthfulness and diversification. However, its development needs to address issues such as the rationality of high premiums, the sustainability of popularity, and the matching of user needs. If entrepreneurs can shift from “traffic – based co – branding” to “value – based in – depth development”, with culture as the core and user needs as the orientation, they are expected to gain an edge in the new blue ocean of gold consumption.
- Startup Commentary”The Second Dimension “Invades” Gold Jewelry: “Painful Gold” Boosts the Popularity of Gold “Goods””
- Chain Exploration”When Technology Meets Foreign Exchange Barriers: Why Is It Difficult for Stablecoins to Break Through the “Traditional Dilemma” in Growth?”
- Startup Commentary”Stations & Couriers: The “Life-or-Death” Dilemma under Full Social Insurance Coverage?”
- Founder’s Q&A “[New Consumption Landscape] Pricing Power for the Youth: How to Sell “Self-inflicted Experiences” at a 300% Premium?”
- Startup Commentary”Has the Growth of Young People Become a False Proposition as They Shift from “Striving Upward” to “Holding On”?”
