Consumer Behaviour in Jewellery Essay Example

Consumer Behaviour in Jewellery Essay Example Consumer Behaviour in Jewellery Essay Consumer Behaviour in Jewellery Essay According to the research conducted by Centre for Comparative Studies: 70% of consumers in Cochin and 38% in Delhi chose Gold as their major investment option. The primary reason being stable nature of gold, and also the high returns involved. Reason for Buying:- The preferences of Indian consumer for gold Jewelry have also changed with time. Consumers prefer lightweight, affordable and designer Jewelry more. The reason for buying primarily has been personal consumption. Gifting Jewelry in marriage is also another significant reason but it is mostly in marriages. Modern Women Shoppers:- As the Indian women are becoming more economically independent, the anemographic of the Jewelry market are changing. They are mostly young in the age group of 25 to 30 years. Among them the salaried women prefer Jewelry that they can wear everyday at their workplace while married women prefer Jewelry suited for religious and wedding occasions. What women buy:- It has been observed that bangles being the most preferred ornament having a share of 48%, followed by rings which capture 21% of share. Also women in lower age groups, predominantly prefer buying rings than other products. As per the survey conducted by FOCI, Ceremonial and bridal wear is the primary reason for gold eying. And this segment brings in maximum revenue for the sellers. Heavy buying buy the consumers in the form of sets takes places in the marriage seasons. Regional Preferences of Indian Consumers:- It has been observed that around 65% of the revenue comes from Southern and Western regions of the country. Pendants, Rings and Necklaces have been primarily considered as the lead categories across the nation. References: https://news. Colleges. Com/Schoolmaster/1339531200. Photo://www. Foci. Com/ supplement/20332/Linda-Jewelry-Review-2013. Updraft://online. Was]. Com/public/ sources/documents/Linda Counterinsurgencys. Updraft://www. Nonresistance. Com/ about/press/articles/10205a61-bed-4791-AAA-dada fatwood https:// www. Newbie. Com/Newbie/content/en/Newbie-gold-analysis? Did=152703;son=Detail Consumer Behavior Silver Jewelry The Silver Jewelry market occupies an important place in the Indian Gems and Jewelry market. It is one of the oldest sector and still a good prospect of growth. It is indeed richly entwined in Indians culture and tradition. Consumer behavior in the silver Jewelry industry concerns mainly the mental and physical behavior of individuals and groups regarding the use, maintenance, disposal, and status in the market. Throughout the sass, and the process of the liberalizing of the market, silver appeared to have a secure position in the Indian Jewelry industry. But there are different buying patterns of consumers that has led to the growth of this industry. Broadly the silver Jewelry in Indian context can be divided into three main categories as Every day wear, Special occasions wear Wedding wear Though the percentage of silver Jewelry in wedding wear is negligible as it is Gold and Diamond which is prominent in it. The different consumer behavior affecting the silver Jewelry industry are: Price: Since Silver is Jewelry is affordable to most people, it is one of the preferred metal. Also this price factor attracts a lot of youngsters and students these days. Moreover the antique and new designs brings variety into their collection. Design: These days silver Jewelry has taken a shift from traditional image to new western jewelry. Silver Jewelry with gold plated and silver Jewelry with diamond studded not only makes the price affordable, but it also gives the same design which was earlier very expensive for them. Moreover the technology advance has led to decrease in the tarnishing of silver Jewelry. Influence of family and friends: There is high influence of family and friends in silver Jewelry as it is not advertised much on TV and other media but through word of mouth. People buy it more from their traditional old places and continue for long time. Display: Displaying the Jewelry in the right way that it attracts more and more consumer always plays an important role especially when people go for window shopping these days. The domestic shops also renovate their shops to display the designs in more attractive manner. Ease of reach Convenience is the new mantra for people with busy schedule and want everything at their doorstep. Also the demand has grown so more and more retailers for silver jewelry has come up to cater to the demand of people. Diamond Jewelry Diamond usage has evolved significantly throughout the history. It directly reflects the view of consumer towards the precious stone. In past, diamonds were used by royal family to adorn their crowns and attires. Hence diamond was always seen as the symbol of status, wealth and power. Heavy prices and perception about diamond pet it away from the reach of masses. Few brands like Gill has identified this gap and positioned their brand as affordable diamond in 1994. It changed the consumer perspective and people started looking towards it as an accessory and not only investment option. Traditional positioning of gold as Jewelry metal in India since ancient time has prevented the penetration of diamond in the Jewelry sector since long. But this trend is changing now with changing lifestyle of the people. The share of diamond and platinum Jewelry is expected to reach about 30-35% of the total gold leery sales in the year 2015. Type Diamond is mostly popular in rings. It is also been used in ear rings and pendants. Since ages diamond has been chosen as the most preferred option for engagement ring. Brands have come up with exquisite designs in this types to attract young and professional users. Few brands have been strategically targeting bridal segments offering heavy Jewelry like Viva brand by Agitating Jewels. As the number of working women office goers has increased with time, there has been considerate demand for new designs- more elegant and light, than traditional heavy designs. Gold Price Frequently fluctuating prices of gold and silver is also drawing customer towards diamond Jewelry. People are now also seeing diamond as an option to invest rather than gold/silver as it is less dependent on dollar-rupee behavior. In 2013 diamond jewelry demand has grown by 25% compare to the previous year, with similar increase in all type of diamond Jewelry. Rising price of gold and change in lifestyle of Indian women, is driving the demand for diamond Jewelry. To address this demand jewelers are also promoting more and more diamond Jewelry. At the time of Tanners, 2013; about 76% of Jewelers are focusing on diamond and platinum jewelry rather than traditional gold Jewelry. (Tanners is one of the major occasion for buying Jewelry in India). Display Display also plays an important role in consumer preference. With the entry of brands, diamond Jewelry are more strategically promoted by retailing policy. Many brands have gone for Shop-in-shop, Multi Brand Outlet and Single Brand Outlet. Shop-in-shop method has brought the Jewelry in eyes of the young people as the new designs not only goes with traditional attires but also with the western and casual clothes. Brand Two decades after introduction of brands in this industry, unrecognized sector still owns the major fraction of this field. Though brands have considerably influenced the choice of consumers. Awareness regarding the certified Jewelry has increased considerably. It is one of the major factor for people going towards branded Jewelry. Also retail shops providing all the design at one stop is an attractive feature for the people with busy schedule. Ease Online shopping is also trending. Brands like Tannins (tannins. Co. In/shop-online) and Agitating (www. Citing]Allison. Com) maintain their online shopping website. Also there are other websites available like Amazon. Com and www. Correlate. Com/Resources: https://www. Commas. Org/press/shown-archive. PH? D=consumers Behavior Platinum Jewelry In early sass Louis Carrier successfully created platinum Jewelry for King Edward VII of England. This was the entry of platinum as Jewelry into the Jewelry market. From then Queen Elizabeth, Hollywood actress and many more other celebrities wore platinum Jewelry which showcased platinum as luxurious Jewelry. In India Platinum Jewelry trend started a decade ago, but showed impressive results in growth rate. Platinum, a precious rare material and price being near to gold, people are inclining to buy it even though re-sell price is not clear. Age Group : Platinum Jewelry being pricey and rare metal, people buy this Jewelry to the persons who are very dear to them. These people come under the age of 18 to 38 years. Before consumers are either gifted by platinum or they bought platinum jewelry for themselves for special occasions like valentines day, engagement rings etc. But now platinum Jewelry became an everyday wear, many people are inclining to buy daily wear chains and pendants embedded with diamonds. Platinum jewelry consumers falls mostly under urban youngsters. Men Jewelry in Platinum is increasing at exponential rate. Consumers in India are looking at adornment part. India became 4th largest consumer of platinum Jewelry ,as platinum is not seen as investment by many people, consumers are using platinum Jewelry for modern look and adornment. Consumer reasons to buy : Growing Diamond Jewelry segment is one of the main reason for platinum Jewelry consumption increase. Diamonds and other precious stone are embedded into platinum, as platinum being durable and resistant for scratches. Women seek exclusivity in Jewelry. Every women wants a unique Jewelry; as platinum being pure white material, rare and eternal many professional and young women are buying platinum Jewelry for modern look. Men are not only buying platinum bands but the sales in chains and bracelets are increased in past few years. Awareness : Many youngsters are ready to buy platinum Jewelry over gold Jewelry because of the awareness crested in them. Similarly many people in the age group of 40-60 doesnt know much about platinum, they prefer traditional gold and silver Jewelry. Recent analysis show that even when there is a drop in gold price, there is no change in demand of platinum and platinum demand at the same time is growing exponentially. As awareness increases we can say that there will be further increase in demand for platinum Jewelry in future India. What Consumer Wants: Indian urban women is aware of current trends. As Jewelry plays an important role in womens life. Every women seeks Jewelry as self reward( buy herself) or as gift ( from their loved ones). These women prefer different metal, elegant style and intricate designs. Reasons 88201 5-1075690 Change in Needs: There are differences in why consumers needed Jewelry earlier and why they need it now. Some of them are: Office Culture: Compared to before, more of the female population comes under the working population. This has resulted in demand for new Jewelry products. Women now want lighter and more sophisticated Jewelry than ever before. This need is easily fulfilled by artificial Jewelry made of pearls, American diamonds, crystal and stone Jewelry. Weather Conditions: Due to overall increase in temperature because of environmental pollution, women mind it difficult to wear heavy Jewelry. In such a scenario, artificial Jewelry is a relief. Increasing Incidents of stealing: The incidents of Jewelry snatching have increased over the year. Women in such conditions prefer to wear artificial Jewelry over original while going out. Change in Perception: There has been a shift in the way people look at artificial Jewelry. Earlier people viewed it as an alternate to original Jewelry in case they were not able to buy the original. It was a cheaper alternate. However due to change in designs and availability of large varieties of artificial Jewelry, it has become must have if one wants to look trendy. It also fulfils the need of looking traditional without having to wear gold. Addition of Users: In addition to the usual consumer group of age 20 above, people in age group of below 20 years have also started to embrace artificial Jewelry. Kids need perfection today. And this perfection comes accessories themselves. Factors Influencing Purchase: The various factors that influence consumer choice during a purchase decision for artificial Jewelry are: Price of the product: Consumer easily shift brands if they get similar product at a cheaper rice. There is low brand loyalty. Look and feel of the product: The look and feel of the product play an equally important role. Until and unless the product meets a certain criteria (rough look, sophisticated look, original look, funky look), sale is difficult to come by. Durability: Consumers generally do not buy a product if they feel it will not last for long even if it is not very expensive. Need for the product: Although artificial Jewelry buying is spontaneous and impulse driven, if the price is high consumers do consider whether they actually need the product or not.