The council’s new ‘The Moment is Gold’ campaign, launched this earlier month, seeks to reconnect younger buyers with the precious metal. The campaign was in response to internal surveys that showed a clear “disconnect” between younger generations and their affinity for gold.
Unlike their parents, younger consumers lack the emotional connection to gold, WGC surveys show. Instead, consumers below the age of 35 are spending more on travel and high-end gadgets, experiences that align with their lifestyle and aspirations. In an interview with Mint, Arti Saxena, World Gold Council‘s head of marketing, India, discussed the council’s efforts to make gold shine again for the younger generation.
“The Moment is Gold” is the first in a series of campaigns that will promote the use of gold jewellery for daily wear while also positioning gold as a secure investment for young buyers. The campaign was conceptualized by BBDO India. Edited excerpts:
As an industry council, how do you shape demand for gold in India?
Our mandate is to increase the demand for gold. We invest heavily in consumer research as well as track annual gold demand. We look at a lot of consumer data that’s available to us, especially around how millennials and Gen Z are buying gold. That is the consumer group we are focusing on.
Specific to the campaign that we have launched—if you look at gold jewellery, till about 2023, the demand was more or less stagnant. In 2024, and in the next half a year, gold demand declined due to a surge in gold prices. In the last six months, the demand in volume terms has declined by 17%, even though in the last 12 months, in value terms, it has gone up by 20% (due to higher prices).
So, how can advertising boost demand, given high prices may still keep consumers on the fence?
We are seeing a decline in gold demand. In fact, 64% of millennials and Gen Z feel there’s a lack of relevance, and there’s an emotional disconnect with the category. Among the older generations, the love for gold continues. That’s why we have launched the ‘Moment is Gold’ campaign—to drive relevance and emotional connection with the younger generation.
In India, gold is also closely tied with key occasions like Diwali, weddings, Akshaya Tritiya, anniversaries, etc. But the younger generation today has a greater focus on living in the now and seeking instant gratification. Our economy is also shifting from a savings to a consumption economy, a trend driven by the younger generation. Through this campaign, a key messaging is that it’s not about one key occasion in life; the key milestones can be small or big, celebrate it with gold.
When we look at the younger generation, there is a lot of conversation about gold prices, but when you look at other categories—gadgets, international travel etc.—they are growing. Clearly, when young consumers love a category, they’re ready to spend money. It’s not about affordability, but about whether gold jewellery is worth their money.
What about the focus on investing in gold? More consumers are today keen to buy gold coins or invest in gold ETFs. As of July-end, Indian gold ETFs’ cumulative assets under management nearly doubled to $7.85 billion…
Till 2023, the share of sales of gold jewellery to overall gold demand was 80%; while the remaining 20% was investment led demand. Forward to 2024, about 70% of total gold demand in India is jewellery, while investment-led demand is almost 30%. While gold jewellery demand has declined by 17%; gold investment has gone up by 7% in volumes. In value terms, it has risen 54%. That is a kind of return gold is giving.
On the investment side, our job is how do we make a strategic case for gold investment—that campaign is in the pipeline. That campaign is directed towards young investors, and will talk about the role of gold in their portfolio.
What’s your media mix for the campaign?
The campaign will run for three years. We will keep optimizing, but from the media side, the first KPI for us is reach. We’re trying to push the campaign to as many millennials and GenZ consumers as possible with repeat viewing. Ours is a digital and social first campaign.
Within digital, we have looked at the new-age media, so we have covered connected television—smart TV—along with OTT platforms. Apart from this, we’ve also focused on television because we believe when we’re talking about elevating the imagery of gold it’s very important to look at impactful media. Within TV, we have looked at reality shows, and we also have a small burst of print media.
If gold prices keep escalating, how will this campaign change the narrative around gold consumption?
Gold prices have reached a historic high. As a result, there is a decline in gold jewellery consumption. While prices are very high, we believe that if the relevance and emotional connect is established, consumers will come back irrespective of the price. It’s always a long-term game.
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