The World Gold Council recently conducted a huge piece of consumer research surveying 18,000 people across India, China, USA, Canada, Germany and Russia.
Participants included retail investors, those who buy gold jewellery and people who don’t buy gold at all. The aim was to discover how people think and feel about gold and why, what motivates them to buy it, and what obstacles they may need to overcome to do so.
Here’s a snapshot of what they discovered
- 81% of people believe gold jewellery is valuable enough to pass down to the next generation as an heirloom
- 61% of retail investors trust gold more than they do fiat currencies
- 67% of people believe gold is a good safeguard against inflation/currency fluctuations
- 66% of potential new gold investors don’t know enough about gold, how to buy it or think it’s not affordable for them
“The statistic that really excites me is 38% of the people we surveyed have never bought gold in the past but are warm to the idea of buying gold in the future. This represents a huge opportunity for the gold industry,” says Alistair Hewitt, Head of Market Intelligence for WGC.
So what’s stopping people buying gold? The survey showed concerns for consumers lie in understanding and guaranteeing the purity of the gold they are buying and the mechanics of how to buy gold. 48% of those who haven’t bought gold say trust barriers are preventing them.
NZ Gold Merchants have been trading in precious metals since 1972 so we know a thing or two about gold. It’s a topic we love talking about and we are always happy to share our knowledge and experience with our customers. If you’re sitting on the fence, unsure of whether buying gold is right for you, or just want more information about how it’s done, give us a call, we’re always happy to talk.
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As the World Gold Council delve deeper into their research, follow their findings here.