State of the market

Globally, there are clear perceptions of gold as a safe, durable, traditional store of value. As an investment, it plays to these strengths – retail investors buy it to protect wealth and create long term returns. Jewellery buyers treasure it for sentimental reasons and as a reward for success.

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Gold is mainstream

It has a strong global presence. This is true for both retail investment and jewellery: globally, almost half of retail investors and fashion and lifestyle consumers have bought gold at one time or another.

The appetite for gold


What consumers say

icon retail investor

Global retail investors

icon fashion and lifestyle consumers

Global fashion and lifestyle consumers

Global retail investors

Percentage of investors that have ever bought each product

0%
20%
40%
60%
80%
Savings Account
0%
Life Insurance
0%
Gold (all products)
0%
Investment Fund
0%
Bar & Coin
0%
Real Estate
0%
Stocks & Shares
0%
Collectibles
0%
Gold coins
0%
Government Bonds/Securities
0%
Foreign Currencies
0%
Cryptocurrencies
0%
Gold bars
0%
Commodity Funds
0%
Corporate Bonds
0%
Vaulted Gold
0%
Gold-backed ETFs
0%
Gold jewellery (India & China only)
0%
Gold mining equities
0%
Crowdfunding
0%
Paper Gold (China only)
0%
Sovereign Gold Bond (India only)
0%
Savings Account Life Insurance Gold (all products) Investment Fund Real Estate Stocks & Shares Collectibles Government Bonds/Securities Foreign Currencies Cryptocurrencies Commodity Funds Corporate Bonds Gold mining equities Crowdfunding Paper Gold (China only) Sovereign Gold Bond (India only) 0 % 0 % 20 % 20 % 40 % 40 % 60 % 60 % 80 % 80 % Savings Account Life Insurance Gold (all products) Investment Fund Gold bar and coin Real Estate Stocks & Shares Collectibles Gold coins Government Bonds/Securities Foreign Currencies Cryptocurrencies Gold bars Commodity Funds Corporate Bonds Vaulted Gold Gold-backed ETFs Gold jewellery (India & China only) Gold mining equities Crowdfunding Paper Gold (China only) Sovereign Gold Bond (India only)

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

Global fashion and lifestyle consumers

Percentage of fashion and lifestyle consumers that have ever bought each product

0%
20%
40%
60%
Luxury cosmetics and skincare
0%
Silver jewellery
0%
Designer / luxury clothes / silk sarees
0%
Fine gold jewellery
0%
Designer/luxury fashion accessories/shoes/handbags
0%
Smartphone or tablet
0%
Wearable / fashionable technology
0%
Premium watch(es)
0%
Diamond jewellery
0%
Other jewellery
0%
Platinum jewellery
0%
Luxury holiday
0%
None of the above
0%
0 % 0 % 20 % 20 % 40 % 40 % 60 % 60 % Luxury cosmetics and skincare Silver jewellery Designer/ luxury clothes/ silk sarees Fine gold jewellery Designer/luxury fashion accessories /shoes/handbags Smartphone or tablet Wearable/ fashionable technology Premium watch(es) Diamond jewellery Other jewellery Platinum jewellery Luxury holiday None of the above

Base: Total fashion and lifestyle consumers (US, China, India)

Gold is trusted

Gold creates a feeling of safety and security. The majority of retail investors and fashion and lifestyle consumers trust gold more than the currencies of countries

0%

Of investors in India trust gold more than currencies

0%

Of investors in China trust gold more than currencies

0%

Of investors in the US trust gold more than currencies

0%

Of investors in Germany trust gold more than currencies

People's perceptions of gold

Global retail investors

Global fashion and lifestyle consumers

Global retail investors

Percentage of those surveyed that agreed with each statement

0%
20%
40%
60%
80%
Gold is a good safeguard against inflation/currency fluctuations
0%
Gold will never lose its value over the long term
0%
Owning gold makes me feel secure for the long term
0%
Gold is just like any other commodity like oil or steel
0%
I trust gold more than the currencies of countries
0%

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

Global fashion and lifestyle consumers

Percentage of those surveyed that agreed with each statement

0%
20%
40%
60%
80%
100%
Gold is a good heirloom to pass on to family/children
0%
Gold is durable
0%
Gold will never lose its value over the long term
0%
I trust gold more than the currencies of countries
0%
Gold is a reward for success
0%

Base: Total fashion and lifestyle consumers (US, China, India)

Gold's emotional connection

It is prized for more than just its inherent value. Retail investors and jewellery buyers alike feel that gold brings back lots of happy memories and can bring good luck.

Gold can bring me good luck

0%

of retail investors globally agree

0%

of 18-24 year olds

0%

of 25-34 year olds

0%

of 35-44 year olds

0%

of 45-54 year olds

0%

of 55-65 year olds

Attitudes towards gold are (mostly) stable across generations

People often ask whether the younger generations feel the same way about gold. Our data suggests that, for retail investment, they mostly do.

I trust gold more than currencies of countries

0%

of retail investors globally agree

0%

of 18-24 year olds

0%

of 25-34 year olds

0%

of 35-44 year olds

0%

of 45-54 year olds

0%

of 55-65 year olds

And this translates into their buying intentions.

0%

of 18-38 year olds globally had invested in gold in the past year.

And almost half stated that they would definitely invest in gold in the future (46%). Interestingly, younger investors tend to be less risk-averse and less likely to adopt a long-term approach to investing.

18-24s stand-out attitudes to investment

18-24s – Are more likely to say…

18-24s – Are less likely to say…

Are more likely to say…

I want exponential growth from all my investments and am prepared to risk my money to get it

18-24s

Are more likely to say…

Are less likely to say…

Steady returns from my investments are OK, I don't want to risk my money

18-24s

Are less likely to say…

Are more likely to say…

I don't really believe in investing for the long term, I want to live for today

Are less likely to say…

I am concerned that a financial market crash or economic downturn could damage my savings

Are more likely to say…

I am often one of the first among my peers to consider new investment options

Are less likely to say…

I choose to make investments that have a positive social impact

Are more likely to say…

I rely on other people to guide my investment decisions

Base: Global, retail investors, 18-24

Gold jewellery resonates less well with younger consumers, most notably the 18-22 Gen Zs.

Globally

0%

of Gen Zs bought gold jewellery in the last year

In China

0%

of Gen Zs bought gold jewellery in the last year

The connection to gold’s emotional heritage is weaker among this group. They tend to approach luxury buying with a view to meeting functional, ethical and experiential needs.

This is particularly true of young Chinese jewellery buyers. They are considerably less likely than Gen Z consumers in other markets to have bought gold jewellery in the last year (18% compared with 26% globally). And only 31% of them agree that wearing gold helps them to fit in with their friends, compared with 46% at a global level.

Read next Drivers of demand