Unemployment Boosts China Marriage Industry and Bridal Jewelry Sales

Commodity Online reports that the global economic meltdown is affecting the Chinese economy as well. According to Chinese government statistics released in the beginning of the year, only 35% of the 6.1 million students who will graduate from college this year will find a job. Marriage, which apparently serves as a buffer from temporary unemployment, is becoming an appealing lifesaver among women in their senior year at university.



Matchmaking agencies across China are reportedly experiencing a sudden boom as a growing number of college seniors are signing up for their services.



According to demographical statistics, babies born during a birth peak in China in the mid to late 1980s will be of marriageable age from 2009 to 2014.



With so many marriages predicted in the near future, the gold jewelry market is poised to enjoy the upcoming boom. Over ten million couples are expected to marry annually in China, which will undoubtedly boost sales of wedding jewelry.



Reportlinker.com reports that the Chinese jewelry market was valued at around $17 billion in 2008.



The transition of part of the Chinese jewelry business to the eCommerce market also indicates that the globalization trend for jewelry purchases is here to stay, providing the Chinese jewelry sector with additional drive.



According to the Reportlinker.com report, Chinese consumers are becoming increasingly affluent and many of them are seeking ways to maintain the value of their newly acquired wealth by investing in something that maintains its value, such as gold.



China has become the fifth largest holder of gold bullion in the world and has doubled its gold reserves to 1,054 tons since 2003