In times of economic turbulence, investors turn their attention to gold. Historically, gold played a reliable role in making investment. Notably, the price of gold saw a surge during the crisis of 2008 and again at the end of 2018. Additionally, the same is true during the trade war between the United States and China began. Also, in the spring of 2020, in relation to the Covid-19 pandemic. 

Furthermore, investing in gold is considered a traditional way to save money. As a result, the number of banks buying gold is expected to increase substantially. Moreover, gold remains the third most popular investment choice, along with 46% of all global retail investors choosing gold. Thus, Real Research surveyed the public to understand its behavior on buying gold


  • About 59% of people currently own gold
  • The majority invested in coins and jewelry
  • 9% have been investing in gold for more than 4 Years

Consumer Behavior on Buying Gold

Gold is an asset highly liquid yet scarce. Besides, it’s a luxury good as well as an investment. Beyond this, gold is no one’s liability and takes no other party’s risk. As such, it can play a fundamental role in acquisition.

In line with this, the Real Research survey shows that around 59% of respondents currently own gold as an investment. However, 41% of these respondents do not own gold. As a result, it indicates that many people invest in gold to provide financial cover during geopolitical and macroeconomic uncertainty.

The Reasons for Investing in Gold

The long-standing value of gold shows the stability of gold and its attractiveness over time. Investors consider gold to be one of the safest investments, recovering its value instantly through financial downturns. Its price often tracks in action to the economic swings or stock market. However, many reasons influence consumer behavior on buying gold.

The majority (31%) of participants preferred to invest in gold because of historical or cultural significance. They are followed by some (26%) who chose to invest in gold due to its long-term value. Also, a group of respondents (12%) picked gold because it holds a promising value during times of crisis.

Furthermore,  a small number (10%) chose gold due to less risk. A small percentage (4%) said that they prefer gold because of its highly liquid asset, and the lowest number (2%) of participants responded that they chose gold as decent collateral. However, a group of people (15%) said that they don’t invest in gold.

The majority chose gold for historical or cultural significance
Figure 1: The majority chose gold for historical or cultural significance

Additionally, as it’s not everyone who chose to invest in gold, many have different reasons. 35% said it’s because gold is too expensive. Also, 23% of these people stated that gold is overrated. Meanwhile, 19% said that they prefer other assets for investments, and 9% also replied that they are afraid of fake gold scams. On the other hand, 14% responded that they already invested in gold.

This shows that gold is relatively expensive to produce, unlike many other assets, making the base price reasonably high.

35% didn’t invest in gold because it’s too expensive
Figure 2: 35% didn’t invest in gold because it’s too expensive

The Majority Invested in Coins and Jewelry

The gold investment comes in many forms, such as jewelry, coins, gold exchange, and many more. However, people choose the better form that is suitable for their investment strategy.

Following this, 31% said they have invested in coins. Also, around 26% of respondents said they invested in jewelry, and 12% said they invested in gold exchange. Aside from these people, 10% said they bought gold bars, 5% said they purchased gold certificates, and 4% responded that they invested in gold mining stocks. However, 12% reported they don’t invest in gold.

This shows that many people prefer gold as a metal they fall back on when other forms of currency don’t work, which means it always has some value as security against tough times.

The majority of respondents invested in coins and jewelry
Figure 3: The majority of respondents invested in coins and jewelry

9% Have Been Investing in Gold for More Than 4 Years

Gold has been a valuable asset for centuries. Throughout shown (and unrecorded) history, gold has been used as money and a symbol of wealth and power. Gold is respected globally for its value and rich history, which has been twisted into cultures for thousands of years.

However, it is also useful to know and identify consumer behavior on buying gold. This Real Research survey data show that 9% said they have been investing in gold for more than 4 years. Meanwhile, 6% replied that they have been investing in gold for between 3 to 4 years. Also, 9% is into the gold investment for 2 to 3 years. 16% responded that they have been investing in gold for between 1 to 2 years.

Additionally, 19% of the respondents answered that they are investing in between 6 months to 1 year. Aside from these people, 40% have been investing for less than 6 months.

40% have been investing for less than 6 months
Figure 4: 40% have been investing for less than 6 months

Although gold prices can be volatile in the short term, it has always maintained its value over a long time. As a result, the Real Research survey titled Consumer Behavior on Buying Gold showed results that gold is still attracting many investors.


Survey TitleConsumer Behavior on Buying Gold
DurationFebruary 24, 2021 – February 28, 2021
Number of Participants200,000
DemographicsMales and females, aged  19 to 65+
Participating CountriesAfghanistan, Algeria, American Samoa, Andorra, Angola, Argentina, Armenia, Australia, AzerbaijanBahrain, Bangladesh, Belarus, Belgium, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Brazil, Brunei, Bulgaria, Cambodia, Cameroon, Canada, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Ecuador, Egypt, El Salvador, Estonia, Ethiopia, Finland, France, Georgia, Germany, Ghana, Greece, Guatemala, Haiti, Hong Kong, India, Indonesia, Iraq, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Laos, Latvia, Lebanon, Libya, Luxembourg, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Malta, Mauritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Nepal, Netherlands, New Zealand, Nicaragua, Nigeria, North Korea, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Rwanda, Saudi Arabia, Senegal, Serbia, Seychelles, Singapore, Slovakia, Slovenia, Somalia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Taiwan, Tajikistan, Tanzania, Thailand, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan, Venezuela, Vietnam, Yemen, Zambia, Zimbabwe.