Market potential

There is a significant opportunity to grow the market. We have identified a group of people who have never bought gold in the past but would consider buying it in the future – we call these people gold considerers.

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There is a huge opportunity for the market to grow

0%

of those surveyed had never bought gold, but were open to doing so in the future

In the retail investment category, the opportunity in mature gold markets like India and China is smaller than Russia, for example, where retail investment market development has been stymied by a high rate of VAT

In the jewellery and luxury goods category, the opportunity in mature gold markets like India and China is smaller than in the US, which does not have as strong a cultural affinity with gold.

Barriers to buying gold


What consumers say

Global retail investors

Global fashion and lifestyle consumers

Global retail investors

Percentage of people considering investing in gold

0%

have invested in the past and would consider investing in the future

0%

have never invested before but would consider investing in the future

0%

would not consider investing in gold

  • Have invested in the past and will consider investing in the future
  • Never invested in the past but will consider investing in the future
  • Will not consider investing in gold

US

41%
38%
20%

Russia

22%
57%
20%

Germany

41%
36%
24%

India

67%
29%
4%

Canada

24%
42%
34%

China

72%
24%
4%

*May not add up to 100% due to rounding

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Base: Total retail investors (US, China, India, Russia, Germany, Canada)

Global fashion and lifestyle consumers

Percentage of people considering buying gold

0%

have bought gold jewellery in the past and would consider buying it again in the future

0%

have never bought in the past but would consider buying it in the future

0%

would not consider buying it

  • Have bought in the past and would consider buying again in the future
  • Have never bought in the past but would consider buying in the future
  • Will not consider buying

India

49%
37%
14%

US

40%
48%
12%

China

56%
30%
14%

*May not add up to 100% due to rounding

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Base: Fashion and lifestyle consumers (US, India, China)

Unlocking the opportunity

Knowing there is a sizable opportunity is just half the battle. How can the industry convert this potential demand? Our survey highlighted two key barriers that must be addressed to unlock market growth.

In the retail investment category, 48% of gold considerers cited lack of trust as a barrier to making an investment:

0%

are worried about buying fake gold

0%

are concerned about the purity of the gold

0%

do not trust the businesses selling gold

Gold market potential
icon investor

Investment - Gold considerers who have never bought

icon investor

Jewellery - Gold considerers who have never bought

Investment - Gold considerers who have never bought

0%
20%
40%
60%
Trust Barriers
0%
I worry about buying fake or counterfeit gold
0%
The purity of the gold is not guaranteed
0%
I don't trust the businesses selling the products
0%

Base: Total retail investors (US, China, India)

Jewellery - Gold considerers who have never bought

0%
10%
20%
30%
Trust Barriers
0%
The purity of the gold is not guaranteed
0%
I don't trust the retailers
0%

Base: Fashion and lifestyle consumers (US, China, India, Russia, Germany, Canada)

Raising awareness

0%

of potential new gold investors don't know enough about gold, don't know how to buy it, or think it is not affordable for them


This ranges from unfamiliarity with the functional aspect of buying and selling the investment through to a lack of knowledge of what drives the gold price.

I don’t know enough about investing in gold to make that decision. I would have to research it.

Canada, Female, 51
0%

of gold jewellery considerers said they could buy cheaper jewellery, it was too difficult to purchase, or that they did not know anyone who wore gold jewellery

Awareness & Education
icon investor

Investment - Gold considerers who have never bought

icon investor

Jewellery - Gold considerers who have never bought

Investment - Gold considerers who have never bought

0%
20%
40%
60%
80%
Awareness & Education Barriers
0%
It's not affordable for me
0%
I don't know enough about how to buy it
0%
I don't understand what drives the gold price
0%
I don't know anyone who has invested in gold
0%

Base: Total retail investors (US, China, India, Russia, Germany, Canada)

Jewellery - Gold considerers who have never bought

0%
20%
40%
60%
Awareness / Education Barriers
0%
I can buy less expensive jewellery which looks just as good
0%
It is too difficult to purchase
0%
I don't know anyone who wears gold jewellery
0%

Base: Fashion and lifestyle consumers (US, China, India)

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