India’s gold jewellery market must evolve to meet consumer demand: WGC
India’s gold jewellery market is evolving, driven by younger consumers with different personal tastes, and the industry must adapt to changing times, the World Gold Council said in its new report.
The WGC’s latest India-focused report titled ‘Retail Gold Insights: India Jewellery’ urges the Indian jewellery industry to adapt to the decreased emotional connection many urban women have towards gold jewellery. The report was based on findings from a survey by global research firm Hall & Partners for the WGC carried out in the second and third quarters of 2019.
“India’s industry needs to be alert to the changing times,” said the WGC’s managing director for India, Somasundaram PR, the Gem and Jewellery Export Promotion Council reported on its website. “This research shows us that consumer tastes are evolving, and there is a risk of gold jewellery losing its connection with younger audiences as other brands vie for the attention of the millennial generation.”
In order to maintain the popularity of gold jewellery with younger consumers in India, the WGC suggested that jewellers focus on gold jewellery as a means of self-expression rather than just an investment. The report showed that 60% of surveyed Indian women have bought gold jewellery in the past and 37% have not but would consider buying it in the future showing that gold is popular in India. However, younger shoppers especially in urban areas have a lower future intent to purchase and, as they represent the future market, their apathy needs to be addressed.
Gold jewellery in India needs to be made more versatile to take it beyond its place as a traditional necessity, opined the WGC. This means new, innovative designs and new marketing campaigns. Other key focus areas include ameliorating the purchase experience and increasing the use of technology in the industry, according to the WGC.
Following the nationwide lockdown and coronavirus- led economic downtown, India’s gold jewellery industry will do doubt experience further changes. Some jewellers such as PNG Jewellers have already reported changed customer behaviour with an increased preference for cheaper items. As more jewellery stores reopen during the extended lockdown, new trends are likely to emerge.
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