China, first luxury goods, then gold

The pandemic made consumers around the world invest less in experiences or services and more in goods. In China, for example, sales of luxury goods reached about $74 billion in 2021. This is an increase of 36 percent compared to 2020 and almost double that of 2019. Luxury items include apparel, fragrances, cosmetics to luxury cars. For every U.S. dollar spent on high-end goods, $0.21 comes from China. Double-digit growth is again expected for the current year with regard to the luxury sector. Forecasts therefore see the Chinese luxury market growing into the world's largest luxury market in three years' time, meaning that it could overtake the USA and Europe.

The middle class in China is also growing rapidly and is the largest in the world. There is still great potential here, because China's transition to a middle-class country is not yet complete. An unprecedented rise in new middle-class consumers is expected. China's middle-class spending was $7.3 trillion in 2020, compared with $4.7 trillion in the United States. Much of China's spending from the luxury sector in 2021 was driven by online and duty-free shopping.

Gold was in high demand by the Chinese, especially at the beginning of the pandemic, because the safe haven was in demand. China is one of the largest consumers of gold in the world, and with the growing middle class, gold should continue to be readily purchased by the Chinese. The supply is provided by gold companies such as Victoria Gold and Tarachi Gold. 

Victoria Gold - https://www.youtube.com/watch?v=7uFCyHCv-zs - has been producing at its Dublin Gulch property in the Yukon since 2019, this includes the Eagle and Olive gold mines. 

Tarachi Gold - https://www.youtube.com/watch?v=L_q_jJtTf08 - plans to start gold production at its Magistral project in Durango in early 2023.

Latest corporate information and press releases from Victoria Gold (- https://www.resource-capital.ch/en/companies/victoria-gold-corp/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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