“Resilience” is the way to respond calmly to opportunities and challenges ——Interview with He Ning, Director of Market Insights and Planning of Platinum Guild International (PGI®)

Among many industries, the jewelry industry is different. It is not only a single handmade product, but also a master of social features such as economy, philosophy, aesthetics, religion, and technological development of an era. Among them, the choice of materials embodies contemporary people’s understanding of life and the pursuit of ultimate aesthetics. Platinum is clear in color and has a pleasing luster. It is considered one of the most noble metals and symbolizes eternity. At the same time, it is a good choice for jewelry because of its high purity, good ductility, and stable chemical properties. After platinum jewelry appeared in the Chinese market, its development momentum was extremely fast. Since 2000, China has become the largest market for platinum jewelry consumption in the world.

Recently, “Fortune” (Chinese version) had an in-depth dialogue with He Ning, Director of Market Insights and Planning of Platinum Guild International (PGI ^® ), and discussed with her the past, present and future of the platinum jewelry industry.

He Ning, Director of Market Insights and Planning, Platinum Guild International (PGI ^® )

It has been 18 years since Ms. He Ning joined Platinum Guild International (PGI ^® ) in July 2004. She recalled that the reason why she joined the association was out of her love for platinum jewelry. After the association entered China in 1997, it led the vigorous development of the entire platinum jewelry industry and created a hurricane of “platinum jewelry fever”. And she was also moved by the image of platinum women who are elegant and intellectual, soft on the outside and strong on the inside. She not only became a loyal fan of platinum jewelry, but also joined the association to participate in a series of marketing activities such as celebrity spokesperson selection, advertising production and investment.

Over the years, Ms. He Ning has witnessed every stage of the platinum jewelry industry’s take-off, development, maturity and transformation. She herself also transferred from the initial marketing function to strategic planning, and since then has focused on consumer insight and industry trend analysis, providing support for strategic decision-making for Platinum Guild International (PGI ^® ). With years of experience in the jewelry industry, she has a deep understanding of the development status of the entire industry, and at the same time can make a clear judgment on the future development situation.

Due to technological development and changes in social needs, coupled with the more complex social conditions affected by the epidemic, the jewelry industry has been hit by many shocks recently, but the worst crisis may often be the best turning point. When the consumer market undergoes rapid changes, it is more necessary to conduct new research and judgment on major consumer groups, consumer demand, and consumer behavior habits. Ms. He Ning and her research team successively released the “Generation Z Precious Jewelry Consumption White Paper” and “Resilience” to Know the Future-Prospects for 8 Major Trends in the Jewelry Industry, respectively explaining and analyzing the challenges facing the jewelry industry from the perspective of consumers and industry trends. Challenges and opportunities provide valuable experience and suggestions for practitioners in the jewelry industry. Ms. He Ning said: “Especially at the current stage of many challenges, I hope that the Platinum Guild International (PGI ^® ) can act like a lighthouse in the fog, providing guidance for the future development and innovation of the entire industry.”

The key to the future development of the jewelry industry is “innovation”. As mentioned in the five-year plan overview of Platinum Guild International (PGI ^® ), “making platinum a pioneer in the innovation of the jewelry industry”, this needs to be based on profound market insight and grasp of industry trends. Ms. He Ning is the flag bearer of this link in the association. In an interview with “Fortune” (Chinese version), she concluded that the three words “diversification, sustainability, innovation pioneer” are her expectations for the future platinum jewelry industry.

The following conversation has been edited for brevity and clarity.

“Nowadays, the values ​​or cultural concepts attached to commodities have become one of the main driving forces for the consumption of the new generation. How do you think the platinum jewelry industry can do a good job in exporting values?”

He Ning: We have carried out a series of research and insights on young consumers. It is found in the research that young consumers care more about self-expression, and they pursue novel things, so we need to combine the characteristics of platinum to better realize value output and achieve emotional resonance.

“Fashion fades, but style lasts forever.” Platinum is precisely a precious metal material with a unique style and attitude. Its excellent physical properties allow it to convey eternal beauty and emotions across time and space. Its tough features not only can easily control a variety of styles, but also shape the precious qualities and values ​​​​needed by this era.

Based on our understanding of the consumer psychology and demand changes of the new generation, based on the specific metal characteristics of platinum itself, we have made the “toughness” of platinum the focus of communication since 2019, allowing platinum to enter the inner world and consumption scenarios of young consumers.

“In the post-epidemic era, there are phenomena such as “consumption downgrading” and “declining enthusiasm” in the consumer market. How should we deal with it in terms of market insight and planning? “

He Ning: We believe that it is normal for consumer sentiment to fluctuate due to the impact of the epidemic in the short term, but in the medium and long term, with the rise of the new generation of consumption, consumption concepts and behavioral preferences will be redefined, so the jewelry industry will undergo a series of upgrades and transformations .

In terms of industry insights, it is necessary to deeply analyze the status quo of the jewelry industry and lead the development and innovation of the industry, and provide practical planning solutions. In terms of consumer insights, it quickly perceives consumer changes and predicts future markets, helping the industry plan and adjust product design to meet consumer needs. My team and I will always maintain the spirit of innovation and change, discover platinum opportunities, and lead Platinum Guild International (PGI ^® ) to become a pioneer in innovation in the jewelry industry.

“‘Building brand culture’ and ‘renewing product design’ are the key to expanding the customer base in the jewelry industry. It is also mentioned in the “Resilience” Knowing the Future” released by Platinum Guild International (PGI ^® ), actively develop sub-categories to change the game Can you tell us about the innovative power of the association as an industry, will it be different in this regard?”

He Ning: With the rise of the voice of the new generation of consumers, their requirements for product diversification and personalization are also gradually increasing. Platinum jewelry is also facing the challenge of how to jump out of traditional styles and seek breakthroughs. It is an effective means to create business growth points in a “surprise” way through category innovation, so as to bring new ideas and fun to consumers. Platinum Guild International (PGI ^® ) has continuously introduced new technologies and processes into the industry in recent years. It not only seeks innovations in product concepts and design styles, but also uses platinum brand culture as a carrier to tell wonderful and moving stories. Finally, it joins hands with partners to combine online And offline integrated marketing to achieve effective conversion of sales. We hope that through the sharing of the eight major jewelry trends, we can inspire more and deeper innovation practices in the industry, and calmly deal with the opportunities and challenges of the industry.

“At present, the talent marketing strategy and e-commerce live streaming are in full swing in the market. These brand-new marketing models seem to be gradually occupying the traditional jewelry industry. From your perspective of market insight and planning, whether there is a place for the jewelry industry? Dissatisfaction? When you help the association carry out this kind of planning, do you have any specific operational suggestions?”

He Ning: Talent marketing and e-commerce live streaming can indeed assist in the realization of sales goals in the short term, and in the long run, brands also need to consider building their own talent marketing matrix. Different types of talents have different effects on sales promotion and brand building. Among them, Key Opinion Sales (KOS) is a direction worthy of long-term incubation and continuous cultivation of brands, and may even become a new sales channel for enterprises in the future.

However, the jewelry industry, especially platinum jewelry, has not accumulated much experience in this field, and the successful experience of many fast-moving consumer goods cannot be copied. How to select products and tell product selling points in a targeted manner, accurately convey brand stories and finally achieve sales is a continuous learning process. In this process, we will make full use of consumer and market insight and big data support, and lead industry partners to explore and summarize together.

“Summary in three words your expectations for the future of the platinum jewelery industry.”

He Ning: I think three words can express my expectation. The first is diversification. With consumers’ requirements for individual expression and emotional transmission, the platinum jewelry industry will transform from product to concept, from communication to marketing, from offline to online, and diversify in all aspects. The second is sustainability. For the entire industry at present, it is necessary to prioritize the present, face the future, and aim at sustainable development, so that the entire industry can pursue long-term and healthy development in a more standardized and efficient manner. The last one is the pioneer of innovation. As a pioneer in the jewelry industry, the platinum jewelry industry will strive to participate in innovative practices, expand the market, and explore new opportunities.

The relevant data of Platinum Guild International (PGI ^® ) in this article are all from interviews and cannot be reproduced without permission.