Consumer behaviour in jewellery

Topics: Precious metal, Consumer protection, Silver Pages: 5 (2285 words) Published: October 26, 2014

MM1SEC F 2014
GROUP NO: 8
SUBMISSION NO 5 ON July 14,204
SUBMISSION TITLE: CONSUMER BEHAVIOUR
PRODUCT JEWELRY

INDIAN INSTITUTE OF MANAGEMENT LUCKNOW
Consumer Behaviour Gold Jewelry People in India have been large consumers of gold in jewelry form for consumption as well as investment. Gold jewelry holds the largest share in terms of spending on luxury goods, for Indian households across different income categories. As per a survey conducted by Morgan Stanley in 2011, Gold accounts for one-third of the household portfolios in India. 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 demographics 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 FICCI, Ceremonial and bridal wear is the primary reason for gold buying. 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:-
http://news.goldseek.com/GoldForecaster/1339531200.phphttp://www.ficci.com/spdocument/20332/India-Jewellery-Review-2013.pdfhttp://online.wsj.com/public/resources/documents/IndiaConsumerSurvey2013.pdfhttp://www.morganstanley.com/about/press/articles/10205a61-bed3-4791-978a-7da1fa6a9a0d.html. http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=152703&sn=Detail Consumer Behaviour

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 India’s culture and tradition. Consumer behaviour in the silver jewelry industry concerns mainly the mental and physical behaviour of individuals and groups regarding the use, maintenance, disposal, and status in the market. Throughout the 1990s, and the process of the liberalization 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 behaviour 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...
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