【金融时报】中国95后爱买 “国潮” 首饰

Patriotic Gen Zs fuel pandemic jewellery boom in China

China’s biggest jewellery retailer Chow Tai Fook is banking on the young, patriotic and affluent Generation Z cohort buying “China-chic” pieces to fuel growth.

中国最大的珠宝零售商周大福(Chow Tai Fook)正指望年轻、爱国、富裕的Z一代购买“中国时尚”首饰，以推动增长。

The strong demand from those born after 1995 for jewellery inspired by Chinese symbols such as dragons and phoenixes — the traditional emblems of emperors and empresses — has driven substantial growth during the pandemic.

1995年后出生的人对龙凤等中国象征的珠宝的强劲需求，推动了疫情期间的大幅增长。龙凤是皇帝和皇后的传统象征。

“[Gen Z] is one of the cohorts that has the ability [to pay] and is most willing to spend big,” said Chow Tai Fook managing director Chan Sai-cheong in an interview with the Financial Times.

周大福董事总经理陈世昌(Chan Sai-cheong)在接受英国《金融时报》采访时表示:“(Z一代)是有能力(支付)并最愿意花大钱的群体之一。”

“Many of them are not breadwinners of their families . . . so they can enjoy life more compared with their parents.”

“他们中的许多人并不是家里的经济支柱……所以他们可以比他们的父母更享受生活。”

The younger generation was patriotic and willing to spend on domestic brands over the foreign brands that had enjoyed more prestige in the past, said Chan. Guochao — a trend roughly translated as “China-chic” — has led to an explosion of Chinese luxury brands.

陈说，年轻一代很爱国，愿意购买国产品牌，而不是过去享有更多声望的外国品牌。“国潮”——一种大致可以翻译为“中国时尚”的趋势——导致了中国奢侈品牌的爆炸式增长。

“They love our [traditional] products, which can go with the style greatly,” Chan explained.

“他们喜欢我们的(传统的)产品，可以很好地搭配风格，”陈解释说。

Millennial and Gen Z cohorts accounted for more than 56 per cent of sales for Chow Tai Fook’s “heritage collection” between April and September of 2021, according to the company.

根据该公司的数据，在2021年4月至9月期间，千禧一代和Z一代占周大福“遗产系列”销售额的56%以上。

Founded in 1929, Chow Tai Fook grew from one goldsmith’s shop in the southern Chinese city of Guangzhou to become known as the Tiffany’s of the east.

周大福(Chow Tai Fook)成立于1929年，最初是中国南方城市广州的一家金店，后来发展成为著名的东方蒂芙尼(Tiffany’s)(LVHM旗下奢侈品牌)。

The company has prospered during the pandemic. Total retail revenue at the Hong Kong-listed jeweller soared 79 per cent between April and September last year to HK$44bn (US$5.7bn). During that period, revenue from *** rose 82 per cent to HK$38bn.
该公司在疫情期间蓬勃发展。去年4月至9月，这家在香港上市的珠宝商的零售总收入飙升79%，至440亿港元(合57亿美元)。同期，来自***的收入增长82%，至380亿港元。

Its shares have risen almost 150 per cent from January 2019, before the pandemic hit, to HK$13.30 on Wednesday.

自2019年1月(疫情爆发前)以来，该公司股价已上涨近150%，周三涨至13.30港元。

Chan said growth was partly because of China’s “one-child” policy — implemented 工具 between 1980 and 2015 to curb 抑制 the nation’s population — that resulted in members of Gen Z growing up in middle-class households with disposable income. The cohort makes up about 15 per cent, or about 200m, of China’s population, according to McKinsey.

陈说，增长的部分原因是中国的“独生子女”政策——1980年至2015年实施的旨在控制国家人口的政策——导致Z一代成员成长于拥有可支配收入的中产阶级家庭。麦肯锡(McKinsey)的数据显示，这一群体约占中国总人口的15%，即2亿左右。

With more than 5,000 stores in over 660 cities in ***, Chow Tai Fook is plotting a rapid expansion even as President Xi Jinping pushes his “common prosperity” social reforms and cracks down on corruption.

周大福在***的660多个城市拥有5000多家门店，尽管中国国家主席习近平正在推进“共同富裕”的社会改革，并打击腐败，但周大福仍计划快速扩张。

It is planning to open more than 2,000 new outlets 折扣店；品牌折扣店 across the country by 2025, many of which would be located in smaller third- or fourth-tier cities that have a fast-growing middle class.
该公司计划到2025年在全国新开2000多家门店，其中许多将位于规模较小的三四线城市，这些城市的中产阶级人数正在快速增长。

The company is focusing on “affordable luxury” or simpler gold jewellery items, such as pendants, bracelets and rings, with most items priced on an average of no more than Rmb10,000 (US$1,570).
该公司的重点是“负担得起的奢侈品”或更简单的金饰品，如吊坠、手镯和戒指，大多数商品的平均价格不超过1万元人民币(合1570美元)。

China’s personal luxury goods market has doubled in size between 2019 and 2021 to represent about US$69bn, or 21 per cent, of the overall global market, according to a Bain & Co report issued in November.

贝恩公司(Bain & Co)去年11月发布的一份报告显示，在2019年至2021年期间，中国个人奢侈品市场规模翻了一番，约为690亿美元，占全球市场的21%。

That growth took place when luxury markets in Europe, Japan and the rest of Asia have only “partially recovered” last year and had still not reached pre-Covid levels, it said.
该公司表示，这一增长发生在欧洲、日本和亚洲其他地区的奢侈品市场去年仅“部分复苏”，仍未达到新冠疫情前的水平。

One of Chow Tai Fook’s rivals, Hong Kong-listed Lukfook Jewellery, also has plans to open up to 350 new outlets this year with many of them located in lower-tier cities, while also expanding its ecommerce platforms to reach the younger generation.
周大福的竞争对手之一、在香港上市的六福珠宝(Lukfook Jewellery)也计划今年新开多达350家门店，其中许多位于二、三线城市，同时还将扩大其电商平台，以覆盖更年轻的一代。

“[We will] step up our efforts to promote the sales of affordable luxury jewellery products . . . in the young consumer market,” said Nancy Wong, Lukfook’s executive 管理人员；领导层 director and deputy chief executive. “The *** market will be our growth driver.”
“(我们将)加大力度，促进平价奢侈品珠宝产品的销售……在年轻的消费市场，”六福集团执行董事兼副总裁黄南茜(Nancy Wong)说。“***市场将成为我们的增长动力。”

The focus on China comes as Chow Tai Fook and Lukfook’s sales in Hong Kong are losing momentum 动量；势头；动力；推进力. Revenue has picked up but is still lower than pre-pandemic levels as a result of fewer *** Chinese tourists, who were the largest consumers.
对中国市场的关注，正值周大福(Chow Tai Fook)和六福(Lukfook)在香港的销售势头正在减弱。收入有所回升，但仍低于疫情前的水平，原因是中国游客减少，而中国游客是最大的消费者。

For now, the retailers are still holding out hope for a border reopening between Hong Kong and ***, which has been in talks for weeks but has yet to materialise, to help boost growth in the city.

目前，这些零售商仍对重新开放香港和***之间的边境抱有希望，以帮助提振香港的增长。双方已就重新开放边境进行了数周的谈判，但尚未实现。

Peter Suen, Chow Tai Fook’s executive director, said: “A partial resumption of quarantine 隔离-free travel might not be able to bring us swift growth [in sales] . . . but that is definitely a better situation.”

周大福执行董事孙明扬(Peter sun)表示:“部分恢复免检疫旅行可能不会给我们带来(销售)快速增长……但这绝对是一个更好的情况。”

21点30分