Fine Jewelry Gold Overtaking Gold Bars as the Preferred Choice for Lunar New Year Shopping

The shopping atmosphere at gold shops in Ho Chi Minh City and other major cities has been bustling for days leading up to the Lunar New Year of the Horse. According to retailers, the continuous rise in precious metal prices, breaking numerous records, has made the market more vibrant than in previous years. Additionally, consumer preferences have shifted significantly, with gold jewelry gaining prominence over traditional gold bars and plain rings.

Mrs. Quế, owner of a gold shop on An Dương Vương Street (former District 5), shared that gold jewelry accounted for about 60% of sales during this pre-Tet period. Previously, this figure was only 20-30%, but the steady increase over the years reflects a rapid change in consumer perceptions of gold jewelry.

“A few years ago, customers mostly asked about gold bars and plain rings. Now, they spend more time examining designs and inquiring about the meaning behind them, rather than just focusing on price, purity, or weight,” Mrs. Quế noted.

Echoing this sentiment, a representative from a major jewelry system in Ho Chi Minh City stated that while the tradition of buying gold for luck at the beginning of the year remains, the approach has evolved. Consumers now view gold jewelry not just as accessories but as versatile assets. Its economic value is tied to gold content, making it easy to store and virtually immune to depreciation over time, unlike other beauty products. When needed, it can be sold with high liquidity.

This trend is further reinforced by the volatile global and domestic precious metals market over the past year. The price of gold per ounce reached $5,000, far exceeding economists’ predictions, as investors sought safe-haven assets amid geopolitical risks and inflationary pressures. Domestically, gold prices surged dramatically, peaking at over 170 million VND per tael, a 90% increase from the beginning of the year.

“This has fueled a widespread gold accumulation mindset, not just among the middle-aged but also the younger generation. A piece of jewelry that can be worn during Tet and also serves as a family savings option is seen as a suitable choice in a high gold price environment with potential for further increases,” a jewelry system representative commented.

The rise of gold jewelry during the Tet and God of Wealth Day shopping season highlights a significant shift in consumer mindset: from “buying to store” to “buying to use and hold.” This change in consumer behavior is driving a “revolution” in the business strategies of jewelry companies.

Instead of competing on gold bar and plain ring prices, many businesses are focusing on integrated experiences, from consultation and design to after-sales service, especially during the Tet peak season. In a competitive market, brand reputation and craftsmanship have become critical factors in customer choice.

For leading brands, ensuring price transparency, clear purchase policies, and warranties is increasingly important to consumers. Many customers are willing to pay a premium for peace of mind regarding quality and long-term value retention.

According to a representative from Phu Nhuan Jewelry (PNJ), the company continues to leverage its strengths in developing gold jewelry lines that combine aesthetic value with savings goals for various customer segments. PNJ has launched multiple collections for the Year of the Horse, offering diverse options from symbolic pieces to modern, youthful designs.

The Blindbox 99.99% Gold Mã Tiến Đắc Lộc, inspired by the “blind bag” trend, has been a popular choice among customers (Photo: Tấn Kiệt)

Collections such as Kim Bảo Như Ý, Lucky Mickey, Turning Gold, Thập Nhị Linh Thú, and Thiên Mã Đăng Hoa skillfully incorporate cultural and traditional elements, conveying messages of prosperity, career success, health, and family happiness. By integrating cultural narratives into designs, the jewelry becomes more than just adornments; they carry spiritual significance, aligning with Vietnamese New Year shopping traditions. This cultural integration helps gold jewelry maintain its appeal compared to other beauty products.

This year’s Tet products (Photo: Quang Hùng)

A highlight of this Tet and God of Wealth Day is the Blindbox 99.99% Gold Mã Tiến Đắc Lộc collection, inspired by the “blind bag” trend. Instead of traditional selection, customers enjoy a unique shopping experience where surprise and emotion take center stage. PNJ aims to transform the shopping moment into a journey of receiving luck, rather than a mere transaction.

PNJ’s product strategy this year targets diverse customer segments. The company prioritizes compact, dynamic designs that align with trends and budget-friendly options for Gen Z. For Gen Y, who focus on personal branding, products feature unique craftsmanship and messages of confidence and individuality. For older customers, PNJ emphasizes products with accumulation potential and meaningful stories.

Given the volatile gold market, both industry representatives and experts advise consumers to choose reputable brands with transparent pricing and clear after-sales policies. This minimizes risks and protects long-term interests, especially for those buying gold jewelry as both adornments and savings tools for the new year.