Young people save money on milk tea, rush to buy small gold with peas, what is the real reason?

Recently, Chinese gen z suddenly abstained from drinking milk tea, saving money to buy gold smaller than peas. It is known that the rush to buy "yellow peas" has quickly become popular among the younger generation in China.

Recently, young Chinese people are buying gold smaller than beans to save and pray for good luck. Accordingly, a 20-year-old girl in China every time she comes home from work will hold a small glass bottle with a few bean-shaped gold beads and shake it slightly. The clicking of tiny gold beads served as a reminder to her to work even harder to save money.

Known to be smaller than a fingertip and often shaped like lucky symbols like watermelon or koi, the "golden bean" quickly became popular among the younger generation in China.

These gold seeds weigh about a gram, and they are affordable between 400 and 600 yuan ($54-82). Many people buy one or two products per month. Buyers say the cost is equivalent to the cost of drinking their monthly milk tea.

For some young Chinese, green beans are not only meant for saving, but also as a long-term investment. A Gen Z said she had only been working for a few years and didn't have much money to invest, so she pursued stability over profitability. For her, owning physical gold instead of other forms of investment brings a unique sense of psychological satisfaction.

Traditionally, middle-aged and elderly people in China have been the biggest buyers of gold, but for now, Gen Z is the group of potential wealthy buyers of these tiny gold products.

On social media platforms, young Chinese have even documented their journey to slowly fill glass bottles with yellow beans. People are excited to share their experiences with each other, even recommending trusted online units or coupons.

In its 2023 report on the jewelry and accessories industry, China's leading e-commerce platforms Tmall and Taobao revealed that the majority of gold jewelry buyers are those born after the 1990s.

In 2022, an in-depth report by a Mob Data consultancy found that Gen Z's tendency to buy gold increased from 16% in 2016 to 59% in 2021 — marking the highest spending potential of any age group.

Over the past few months, a 23-year-old woman said she was caught up in the gold rush. To accomplish her goal, she buys at least one gold item a month, whether it's yellow beans or jewelry. At times, she spent nearly 3,000 yuan, equal to half a month's salary, to buy gold. She recalled an old adage: "Gold is worn as jewelry when you are rich and used as money when you are poor" and said: "The gold I buy has two values. I can wear it every day or keep it and sell it later."

Gold has long maintained its status as a safe-haven asset and has a higher yield than most other asset classes. A study by the World Gold Council revealed that over the past three decades, gold has delivered an annual return of 5.8%. And during past economic downturns, gold has rallied sharply, aiding investors in minimizing overall portfolio losses.

A senior researcher at the China Banking Research Institute said that this year, as the global economy faces challenges and increasing market volatility, demand for gold has increased. Compared to bullion, products weighing a few grams are more suitable for the spending power of the younger group. However, yellow beans are at risk of falling prices in the future.

Experts believe that volatile prices do not deter gold buyers. Young people are also in no hurry to sell gold as soon as the price rises. Instead of taking the opportunity to sell her hoarded yellow beans, she crafted them according to her long-loved design, saving thousands of yuan compared to buying the product outright.

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