Spring Festival Boosts Gold Demand
Source: CNTV (2/10/11)
"The Chinese New Year festive period has boosted demand."
The Lunar New Year is the most festive holiday period for Chinese. It's also synonymous with consumer spending. This year, gold products have become a firm favorite among shoppers.
In Shanghai, gold stores are crowded with enthusiastic buyers. Sellers are offering discounts, gifts and lucky draws to attract customers.
With the arrival of China's Year of the Rabbit, bunny-themed gold products are flying off the shelves.
Ms. Lu, one buyer said "I bought a gold pendant for my child. I hope it brings good luck."
And dealers are laughing all the way to the bank. Some have even seen their sales triple.
Mr. Lin, Shanghai Gold Dealership said "Rabbit-themed products are selling like hot cakes. Our revenue is now two or three times than usual."
Experts attribute the gold rush to rising prices of the yellow metal on the international market. They also say it's due to investment capital diverted from the property market, which has become a target of intensive government regulation.