A gold ring may appear small, but it enjoys the biggest share in jewellery purchases in India. At the same time, the rise in price of gold is unlikely to affect sales during Diwali (2012)
These are among the key findings of a survey on consumers’ jewellery buying behaviour. Research firm Market Xcel conducted the survey among 600 consumers (of whom 65% were women) in the National Capital Region of Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Cochin, Jaipur and Pune, during October, 2012
Rings and Earrings are the 2 most preferred items of purchase, followed by pendants, necklaces, bracelets, chains and bangles. The respondents attributed this to rising prices and the younger generation preferring small & trendy items.
Highlights of Market Xcel Survey..!
* one in two consumers said she has been affected by price rise & hence, is deferring purchase. However, 43% still go for their desired possession.
* The high price is unlikely to affect Diwali purchases.
* 76% of the respondents said the high prices would not discourage them from buying gold during Diwali.
* The consumers term the festivities, especially Diwali or / Durga Puja (in its various manifestations), as the most auspicious time to shop. Hence, the purchase is unlikely to be impacted by rising prices.
* Many said that a pre-determined budget guided their actions, though.
* The survey found that branded outlets are the most preferred point of purchase for buying gold jewellery.
* Price, Durability, Purity, Resale value, Availability of wide range of designs are top 5 factors while selecting a brand.
* Consumers prefer to buy plain gold jewellery for its high resale value.
* Asked about brand recall & the most admired ones, Tanishq emerged on the top in both categories. It was followed by Mehrason (84%), PC Jewellers (84%), Nakshatra (81%), Sanchi (77%) and Gitanjali (63%).
* Newspapers topped the list on the source of awareness of gold brands, followed by television. Word-of-mouth also was a significant source of awareness.
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