(IDEX Online) - The World Gold Council (WGC) today launched its new consumer research report. The report, which surveyed 18,000 respondents in China, India, North America, Germany and Russia highlights insights into attitudes towards and perceptions of gold, how and why people buy gold and also their reasons for not buying.
The survey found that 56 percent of consumers have bought find gold jewelry compared to 34 percent who have purchased platinum jewelry.
In addition, over a third (38 percent) of retail investors and fashion enthusiasts have never bought gold, but are open to the idea. This shows a huge potential for the gold market to grow if untapped sources of demand can be converted.
"The retail gold market is healthy, with gold being considered a mainstream choice," commented WGC CEO David Tait. "But what really excites me is the untapped part of the market: those people who have never bought gold but are warm to the idea of doing so in the future."
The survey also uncovers some barriers to purchasing - namely lack of trust. "That could be mistrust around fake or counterfeit bars and coins, product purity, or the trustworthiness of some retailers," says the report.
In addition, two thirds (66 percent) of potential gold consumers globally say they lack the necessary knowledge to buy the yellow metal.
"Two issues need to be addressed to engage with these potential gold buyers: trust and awareness. This market can flourish if we can build trust across the broad spectrum of gold products being sold and raise awareness around the positive role gold can play in protecting people's wealth," said Tait.
Click here to see the full WGC Consumer Research report.