China’s state-owned commercial bank ICBC has rolled out a new Harry Potter series of precious metal products: “Secret Chamber Medal”, “Harry Potter Magic Treasure” and “Magic World Wand Set”.
The “Chamber of Secrets Medal” is a silver medallion that, when opened, reveals a golden Sorting Hat with a detachable silver Gryffindor Sword. Next is “Harry Potter’s Magic Treasure” which is a miniature Vault 687 from Gringotts Wizarding Bank which, when opened, unveils a number of coins in the vault from gold Galleons to silver Sickles and copper Knuts. Finally, the “Magic World Wand Set” contains the Mirror of Erised, the Wizarding World Wand Pendant Frame and four golden magic wands.
By creating precious metal products based on the Harry Potter series, ICBC can appeal to fans of the series who may be interested in owning memorabilia or collectables. In addition, precious metal products are a popular investment option as they can hold their value over time and provide a hedge against inflation. As such, ICBC’s Harry Potter-themed precious metal products offer customers a unique and appealing investment option that appeals to their interests and passions.
For banks, IP-themed precious metal products may serve as a powerful marketing tool. By creating limited edition or exclusive products, banks can generate buzz and interest among fans and collectors, which can help raise the profile of the bank and attract new customers. These products may additionally help the bank establish itself as an innovative and creative institution that is in touch with the interests of its customers.
According to Statista, the accumulated retail trade revenue of gold, silver and jewellery in China totalled approximately 24.55 billion RMB (3.6 billion USD) in December 2022. This indicated an about 18.4% revenue decrease compared to the same period of the previous year. Nevertheless, China’s growing middle class and their increasing disposable incomes continue to contribute to the rising demand for precious metals in the country.
Overall, creating Harry Potter precious metal products is a way for ICBC to tap into the popularity of the franchise, offer a unique investment option, and generate interest and excitement among fans and collectors. While it may seem like an unconventional move for a bank, it can be a savvy marketing strategy that helps to differentiate the bank from its competitors and attract new customers.