Presenting insights into the jewellery buying habits of Indian women The Indian Jewellery market is large. It’s worth over $16 billion a year. But its largely fragmented and unbranded. Large brands or organized retail account for 4 per cent of the overall market. The rest of the market is in the hands of about 3,00,000 unorganized jewellers. But according to a study by international consultancy firm McKinsey, the India branded jewellery market alone would touch the $2.5 billion mark by 2010.
The traditional segmentation of the Indian family jewellers or from branded stores? Are theirjewellery market would be Gold, diamond and jewellery purchases planned or mostly impulsive?Platinum- i.e. segmentation by material. Another What are their jewellery consumption habitstypical segmentation could be wedding, fashion from the perspectives of product, price, quality,and trinket jewellery. place and design. The Art of Jewellery commissioned the PuneBut if you look at the jewellery market from the based market research firm Market Sourceperspective of consumer buying habits, the Consultancy Services (MSCS) to find answers toclassification would fall into three clear segments: these- and related- questions. The quantitativeEveryday wear, Special occasion wear, Wedding survey was conducted in June and covered ajewellery. Everyday wear could be jewellery worn sample of 500 plus women of various age groupsfor work or at home. Special occasion wear could and income levels across 4 metros and 6 smallereither be jewellery either be the trousseau, which cities: Hyderabad, Bangalore, Cochin,is worn to the mantap or wedding hall or it could Coimbatore, Jaipur and Pune. The respondentsbe fashion jewellery. had all bought jewellery over the preceding year.Now this leads us to a few question: What are The finding are of significance both to existingthe primary characteristics of women consumers- jewellery retailers as well as to those who intendboth the traditional women and the modern to enter the market in the near future. Inwomen- in terms of their jewellery buying addition, the survey presents information andbehaviour? Why do they buy jewellery- for insights that can assist members of the jewelleryadornment, for investment or both? Do they industry both in their day to day business and formostly buy jewellers for themselves orfor others? planning for the future.Do they mostly buy from the traditional
Methodology How the Survey was DoneThe survey involved the following: In each city. There were 55 contact with the break-up as follows: 50 contacts comprising a mix of “Traditional” andDesk Research: Desk research data was collected with the “Modern” women jewellery shoppers and the remaining 5help of published materials , magazines ,Internet and from contacts were of jewellery store owners. For data collection,relevant printed material on the subject. the field team identified and spoke with women jewellery shoppers at home as well as with women shoppers picked atField Research: A suitable questionnaire was designed and random at jewellery shops(that is, random walk-ins).the questionnaire method was adopted for field research. Allthe respondents were met personally and on the basis of face For the purpose of the study, women jewellery shoppers wereto face interviews and interactions, the field data was segmented into 2 categories: Traditional and Modern.collected. Traditional women jewellery shoppers were defined as housewives, educated up to graduation level, failing in the ageData Analysis & Report Writing: Data analysis was carried out group of 30 years and above. With varied monthly familyusing statistical tools. Standard software’s such as SPSS and incomes and who are not decision makers in their own right soMS- EXCEL were used for analysis. Based on the analyses data far as jewellery purchase is concerned. Modern women were, the survey report was drafted. defined as working women, decision makers in their own right with respect to jewellery purchased, with respect to jewellerySample size: The total sample size of the survey was 550 purchase, with educational levels up to graduation/postrespondents, drawn from 10 Indian cities comprising the 4 graduation and above and falling in the age group of 25-35metros of Delhi years, including those who were newly married., Kolkatta, Mumbai, and Chennai plus 6 major cities ofHyderabad, Bangalore, Cochin, Coimbatore,Jaipur and Pune.
Key Findings• With reference to overall women Jewellery shoppers, traditional women shoppers had a major share as compared to Modern women shoppers.• In category-wise Jewellery, plain Gold Jewellery was the most in demand.• In terms of products, Bangles were the most popular among women shoppers followed by rings and Bracelets.• Among significant occasions for Jewellery purchase, Diwali and Dassera together topped the list, followed by Akshaya Tritiya and (receipt of) bonus/extra money.• In terms of place, Traditional Jewellery shops were the most preferred place for shopping.• There was lot of awareness regarding Hallmarked Jewellery.• KDM Jewellery awareness was the most among the high age group women shoppers.• In case of media influence. It was observed that television was the most sought medium for consumers to get attracted towards different Jewellery brands.• From the finding it was clear that the overall average of planned purchases was more as compared to impulsive purchase.• The women shoppers considered, Design on offer’ having more influence on their Jewellery purchase, followed by ‘ Trust and familiarity’ and then ‘Price’.• Even today. Most of the women Jewellery shoppers consider Jewellery as an investment option than a mere adornment.• Interestingly family had the most influence on the Jewellery purchase of women shoppers and, within the family; the influence of husbands was comparatively more then that of mothers.• It was observed that if women shoppers are provided with better designs and quality, they are willing to pay more.• Most of the women Jewellery shoppers were not willing to sell their old Jewellery but wished to retain it and opt for new purchases.• Among the branded players, Tanishq, was found to be the most trusted brand followed by Nakshatra.
Readymade Jewellery preferred over Customized JewelleryReadymade Jewellery
Jewellery mostly bought for family members When it comes to purchase of jewellery,70% jewellery is purchased for family members . since buying gold or gold jewellery in india is a family affair, many a time the lady of the house along with kids, grandparents and siblings go to the store as a group to buy jewellery.10% jewellery is bought for use as gifts and 20% for ownself . If we see the cross reference with Modern and Traditional women shoppers,60% Modern women shoppers and 75% Traditional women shoppers buy jewellery for themselves and family members. Purchase Modern Traditional Grand Total Mostly for use as gifts 12% 9% 10% Only for yourself 28% 16% 20% Mostly for yourself & family members 60% 75% 70% Grand Total 100% 100% 100%
Modern women shoppers happen to be young It was observed that among the overall women jewellery shoppers interviewed,16% Modern jewellery shoppers fall in the age group of less than 25 years and 62% fall in the age group 25 to 30 years and in the case of Traditional jewellery shoppers,93% fall in the age group 30 to 40 years.Age Modern Traditional1-Less than 25 years 16% 0%25 to 30 years 62% 4%30 to 40 years 22% 93%40 to 50 years 0% 3%Grand Total 100% 100%
Monthly income level of women jewellery shoppers Monthly income Modern Traditional Rs.5000-10000 34% 22% Rs.10000-20000 38% 33% Rs.20000-50000 25% 37% Above Rs. 50000 3% 8% Grand Total 100% 100%From the overall Modern women jewellery shoppers, 34% shoppers had monthly income between Rs.5000-10000, 38% shoppers had monthly income between Rs.10000-20000 and 25% shoppers had monthly incomebetween Rs.20000-50000, on the other hand, jewellery shopping is on the rise in the case of Traditionalwomen having monthly income Rs.20000-50000- their share was 37%- followed by women with monthlyincome of Rs. 10000-20000(33%) and those with monthly income of Rs.5000-10000(22%).From the city-wise table below, it can be seen that consumer habits of women jewellery shoppers ofdifferent income levels vary from city to city. As seen, Delhi has 93% shoppers with monthly incomebetween Rs20000 and Rs.50000. similarly, 62% shoppers from Cochin have monthly income betweenRs.5000 and 10000 Monthly income Bangalore Chennai Cochin Coimbatore Delhi Hyderabad Jaipur Kolkatta Mumbai Pune Rs.5000 -10000 31% 20% 62% 49% 0% 24% 0% 44% 4% 27% Rs.10000-20000 33% 54% 22% 35% 4% 60% 18% 38% 22% 43% Rs.20000-50000 30% 22% 13% 15% 93% 16% 47% 4% 60% 17% Above Rs.50000 6% 4% 3% 1% 3% 0% 355 14% 14% 13% Grand Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Jewellery CategoryPlain Gold JewelleryGold Jewellery studded with diamondsGold Jewellery studded with colour gemstonesPlatinum Jewellery studded with DiamondPlatinum JewelleryFashion JewelleryPearl JewellerySilver JewellerySynthetic Diamond jewellery
Place of purchase In terms of place, consumers have the habit of visiting traditional jewellery Shops, frequently on festive and weekly holidays. The graph clearly shows that almost 76% Jewellery shoppers visit traditional jewellery outlets whereas 17% visit branded jewellery outlets. On Interacting with jewellery shoppers, we got to understand that there are usually large sales promotions around these holiday seasons. Consumer are interested In buying jewellery products in traditional shops due to wider range in terms variety , choice of designs, reasonable price, assured trusted and familiarity and guaranteed quality. From the overall place of purchase, traditional jewellery shops and branded jewellery shops are the most likely preference for purchase of jewellery. From the table below, it can be seen that branded jewellery shops are popular in Bangalore, Pune, Cochin, Coimbatore and Jaipur.Place of purchase Bangalore Chennai Cochin Coimbatore Delhi Hyderabad Jaipur Kolkatta Mumbai PuneBranded jewellery 18% 13% 29% 36% 0% 13% 25% 5% 5% 25%outletsDiamond merchants 2% 0% 5% 9% 0% 0% 0% 0% 0% 0%Individual goldsmiths 0% 0% 4% 2% 0% 0% 7% 0% 0% 4%Real jewellery 0% 0% 7% 13% 0% 0% 0% 0% 0% 2%exhibitionsShopping malls 2% 0% 4% 7% 0% 0% 0% 0% 7% 4%Traditinal jewellery 78% 87% 51% 33% 100% 87% 68% 95% 88% 65%outletsGrand Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Hallmarked jewellery awareness Preference to Buy
ConclusionsThe findings of the survey should be of great value to jewellery retailers. Some ofthe findings should surely come as a sort of revelation. As for instance the clearpreference for plain gold jewellery across all women categories, that the mostpreferred product is Bangles, that a majority of jewellery purchase are planned well inadvance, the strong level of awareness about hallmarked jewellery, the influence ofthee family- especially husbands in the case of married women- in jewellery purchasedecisions, the strong influence of television in creating awareness about jewellerybrands, the willingness of consumers to pay more if the designs on offer were rightand the jeweller(or retail store) had their trust, the pronounced preference ofreadymade jewellery over customized jewellery, and most importantly, the continuedpopularity of traditional, standalone jewellery stores. The insights provided by the survey, we believe, would help jewellery marketersand retailers in their endeavours to maximize their opportunities in the Indianjewellery market today.
Ved Prakash Sharma Centre Head ATR Institute of Jewellery Design Raipur-492001(C.G)Vedic_atrijd@rediffmail.com, firstname.lastname@example.org +91-9559913754 +91-8808071891 Thank you………………