"Gold bracelets out of stock"! Shuibei gold, foreign tourists group-buying shopping
During the National Day holiday, the Shuibei gold and jewelry market in Shenzhen, Guangdong, saw a sales boom. As an important distribution center for the domestic gold and jewelry industry, many malls and gold stores in Shuibei were crowded with customers.
During the National Day holiday, reporters visiting Shuibei, Shenzhen saw bustling crowds in gold stores and a sharp increase in customer traffic. Many merchants received a flood of orders, operating until around 9 p.m. (UTC+8). Holiday foot traffic was three to four times higher than usual.
Merchant Hao Runwei explained that this year's Golden Week sales increased by 50% compared to last year. There was no time to restock during the holiday, and some bracelet models nearly sold out. Restocking is ongoing. Merchant Zhang Rui said that plain bracelets were the top sellers. Even with plenty of inventory prepared before the holiday, they sold out in the first two days.
Trade-ins for new gold also saw a surge. Many consumers brought in unused old gold jewelry from home, exchanged it for new wedding jewelry by paying the price difference—activating idle gold at home while also reducing the cost of new purchases.
The price retreat in gold, combined with holiday promotions, created a buying frenzy among out-of-town visitors at the country’s largest gold and jewelry hub. Shuibei gold jewelry is becoming the "must-buy souvenir" for tourists visiting Shenzhen.
During the holiday, the share of tourists from outside Shenzhen in Shuibei increased noticeably. Many visitors ended their sightseeing and dim sum with a stop at Shuibei to pick out jewelry before heading home, while others came solely to shop. Gold and jewelry are becoming one of Shenzhen's unique local specialties. Merchant Hao Runsong reported that non-local customers accounted for about 60% of sales. During the National Day vacation, sales rose by around 30% year-on-year and about 40% month-on-month.
The surge in tourist demand also fueled the business of gold shopping guides in Shuibei. This year during Golden Week, gold shopping guide Xuxu led at least 30 to 40 groups of out-of-town clients to buy gold in Shuibei each day. Reporters also noted an increase in "international faces" in the market, with diamond jewelry and high-quality gold pieces especially popular among overseas tourists.
Russian tourists told reporters, "We came to Shuibei in Shenzhen this time to buy earrings and rings. I am very happy to be here. I like large designs, and the prices here are much cheaper than in Russia, with a wider variety of styles."
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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