Consumer Perception Towards Local Branded Jewellery

Consumer Perception Towards Local Branded Jewellery Till the early 1990s, the average Indian bought jewellery for investment rather than for adornment. Jewellery made of 18-karat gold was not favoured as it was considered a poor investment. Confidence in the local jeweller was the hallmark of the gold jewellery trade in India. A jeweller or goldsmith in a local area had a fixed and loyal clientele. The buyer had implicit faith in his jeweller. Additionally, the local jeweller catered to the local taste for traditional jewellery. However, since the late 1990s, there was a shift in consumer tastes: women were increasingly opting for fashionable and lightweight jewellery instead of traditional chunky jewellery. There was a rise in demand for lightweight jewellery, especially from consumers in the 16 to 25 age group, who regarded jewellery as an accessory and not an investment. The new millennium witnessed a definite change in consumer preferences. Branded jewellery also gained acceptance forcing traditional jewellers to go in for branding. Given the opportunities the branded jewellery market offered; the number of gold retailers in the country increased sharply. Branded players such as Tanishq, Oyzterbay, Gili and Carbon opened outlets in various parts of the country. Traditional jewellers also began to bring out lightweight jewellery, and some of them even launched their in-house brands. However, the share of branded jewellery in the total jewellery market was still small (about Rs. 10 billion of the Rs. 400 billion per annum jewellery market in 2002), though growing at a pace of 20 to 30 percent annually. The branded jewellery segment occupied only a small share of the total jewellery market because of the mindset of the average Indian buyer who still regarded jewellery as an investment. Moreover, consumers trusted only their family jewellers when buying jewellery. Consequently, the branded jewellery players tried to change the mindset of the people and woo customers with attractive designs at affordable prices. However branded jewellery players will continue to face lot of competition from local jewellers. In order to gain market share, they will have to come up with designs that customers want and win the trust and confidence of consumers by hallmarking and demonstrating the purity of the gold used by them. To compete with traditional players, branded players must also find some way to differentiate themselves. While the success of a particular brand will depend on differentiation, affordability and quality will be a key element in sustaining a brand. In addition, branded players require focused advertising and astute salesmanship to compete with traditional jewellers. Besides the major brands- Tanishq, Carbon, Oyzterbay, Gili and Trendsmith several regional players have opened branches to leverage the trust and reputation that they have built up over the years. AIM AND OBJECTIVE OF THE STUDY AIM: To have the Detail Study research on CONSUMER PERCEPTION TOWARDS LOCAL BRANDED JEWELLARY IN RECENT TRENDS with my Theoretical knowledge in a practical way and to have a detail knowledge about the consumers behavior in India towards local and branded jewellery . OBJECTIVES OF THE STUDY: A comparative study on the consumers Perception towards Local and none branded jewellery is to find out: To compare between the consumer preference among the branded and non branded jewellery. To know consumer perception towards jewellery. Brand awareness of various brands in the jewellery market. To have an idea about the parameters the consumers consider while buying jewellery. CHAPTER 2 RESEARCH METHODOLOGY TYPE OF RESEARCH Exploratory research: Exploratory research is a form of research conducted for a problem that has not been clearly defined. Exploratory research helps determine the best research design, data collection method and selection of subjects. It should draw definitive conclusions only with extreme caution. Given its fundamental nature, exploratory research often concludes that a perceived problem does not actually exist. DEVELOPING THE RESEARCH PLAN: The data for this research project would be collected through questionnaire. A structured questionnaire would be framed as it is less time consuming, generates specific and to the point information, easier to tabulate and interpret. Moreover respondents prefer to give direct answers. COLLECTION OF DATA: Secondary Data: Secondary data was collected from internal sources. The secondary data was collected from the articles, newspapers, journals and internet. Primary data: Respondents were the main source of Primary data. The method of collection of primary data would be direct personal interview and also with a structured questionnaire. Tools and Techniques Used For Data Analysis: Survey Questionnaire Statistical Tool Sampling Sample size: 50 people (mostly working) Sampling Method: Convenience sampling among focus groups selected CHAPTER 3 GRAPHICAL REPRESENTATION GRAPHS AND TABLES REGARDS TO RESEARCH Sample Description During our research we try to focus on ladies who are working in Bangalore city. We surveyed 50 people (all female). Graphical Representation: 1. What is your monthly income? https://chart.googleapis.com/chart?cht=pchs=345150chco=ff9900chl=Less%20than%20%20%5B8%5D%7C10000%20%E2%80%93%205%20%5B18%5D%7C50000%20%E2%80%93%201%20%5B16%5D%7CMore%20than%20%20%5B8%5Dchd=e%3AKPXCUeKP Less than 10,000 16% 10000 50000 36% 50000 100000 32% More than 1000000 16% 2. Have you ever bought jewellery for someone or yourself? https://chart.googleapis.com/chart?cht=pchs=345150chco=d00000chl=Yes%20%5B36%5D%7CNo%20%5B14%5Dchd=e%3AuER6 Yes 36 72% No 14 28% 3. How often do you purchase jewellery? https://chart.googleapis.com/chart?cht=pchs=345150chco=dcca02chl=Once%20in%203%20%5B11%5D%7COnce%20in%206%20%5B17%5D%7COnce%20a%20year%20%5B22%5Dchd=e%3AOEVwcJ Once in 3 months 22% Once in 6 months 34% Once a year 44% 4. Are you aware of the various brands of cosmetic jewellery? https://chart.googleapis.com/chart?cht=pchs=345150chco=00d000chl=Yes%20%C2%A0%20%5B35%5D%7CNo%20%5B15%5Dchd=e%3AsyTM Yes 35 70% No 15 30% 5. Which company do you prefer when it comes to buying branded jewellery? chart.png Tanishq 42% D damas 24% Gitanjali jewels 14% Bhima jewellers 2% Nakshatra 4% I dont have a preference 14% 6. You use cosmetic branded jewellery at: https://chart.googleapis.com/chart?cht=pchs=345150chco=0000e0chl=Casual%20Pa%20%5B19%5D%7COutings%20%5B13%5D%7CFormal%20Occ%20%5B4%5D%7CFamily%20ev%20%5B10%5D%7CI%20don%E2%80%99t%20us%20%5B4%5Dchd=e%3AYUQoFHMzFH Casual Parties 38% Outings 26% Formal Occasions 8% Family events 20% I dont use them 8% 7. Does your buying behavior change as per the occasion? https://chart.googleapis.com/chart?cht=pchs=345150chco=ff9900chl=Yes%20%5B33%5D%7CNo%20%5B17%5Dchd=e%3AqOVw Yes 33 66% No 17 34% 8. What kind of material would you prefer jewellery to be made of mostly? https://chart.googleapis.com/chart?cht=pchs=345150chco=d00000chl=Gold%20%5B27%5D%7CPlatinum%20%5B14%5D%7CSilver%20%5B4%5D%7CPrecious%20s%20%5B5%5Dchd=e%3AijR6FHGZ Gold 54% Platinum 28% Silver 8% Precious stones 10% 9. Which product in jewellery you buy most ? https://chart.googleapis.com/chart?cht=pchs=345150chco=dcca02chl=Earrings%20%5B27%5D%7CBangles%20%5B13%5D%7CNecklace%20%5B5%5D%7CChains%20%5B5%5Dchd=e%3AijQoGZGZ Earrings 27 54% Bangles 13 26% Necklace 5 10% Chains 5 10% 10. Are you willing to pay for better design and quality of jewellery? https://chart.googleapis.com/chart?cht=pchs=345150chco=00d000chl=Yes%20%5B39%5D%7CNo%20%5B11%5Dchd=e%3Ax6OE Yes 39 78% No 11 22% 11. What is your awareness about hallmarked jewellery? 1 no awareness 0% 2 little awareness 30% 3 moderately aware 44% 4 well aware 26% https://chart.googleapis.com/chart?cht=pchs=345150chco=9601acchl=1%20-%20no%20awa%20%5B0%5D%7C2%20-%20littl%20%5B15%5D%7C3%20-%20moder%20%5B22%5D%7C4%20-%20well%20%20%5B13%5Dchd=e%3AAATMcJQo 12. Would you rather wear modern cosmetic jewellery or traditional ones? Modern 58% Traditional 30% Depends on the occasion 12% https://chart.googleapis.com/chart?cht=pchs=345150chco=0000e0chl=Modern%20%5B29%5D%7CTraditional%20%5B15%5D%7CDepends%20on%20%5B6%5Dchd=e%3AlHTMHr 13. Do you consider buying an investment rather than a simple cosmetic purchase? Yes 30 60% No 20 40% https://chart.googleapis.com/chart?cht=pchs=345150chco=ff9900chl=Yes%20%5B30%5D%7CNo%20%5B20%5Dchd=e%3AmZZm 14. Do you gift or are you usually gifted branded jewellery for occasions? Yes 25 50% No 25 50% https://chart.googleapis.com/chart?cht=pchs=345150chco=d00000chl=Yes%20%5B25%5D%7CNo%20%5B25%5Dchd=e%3Af.f. 15. With the rising cost, do you still believe in buying gold to keep up traditions? No, its a needless expense 24% Yes ,traditions are important 76% https://chart.googleapis.com/chart?cht=pchs=345150chco=dcca02chl=No%2C%20it%E2%80%99s%20%20%5B12%5D%7CYes%20%2Ctrad%20%5B38%5Dchd=e%3APWwo 16. Have you ever taken advantage of jewellery exchange programs? https://chart.googleapis.com/chart?cht=pchs=345150chco=00d000chl=Yes%20%5B23%5D%7CNo%20%5B27%5Dchd=e%3Adbij Yes 23 46% No 27 54% CHAPTER 4 DATA ANALYSIS Table A Frequency of Purchase Once in 3 months 22% Once in 6 months 34% Once a year 44% Table B Brand Preference. Tanishq 42% D damas 24% Gitanjali jewels 14% Bhima jewellers 2% Nakshatra 4% I dont have a preference 14% Table C Willing to pay for better design and quality of jewellery Yes 78% No 22% Table D Awareness about hallmarked jewellery 1 no awareness 0% 2 little awareness 30% 3 moderately aware 44% 4 well aware 26% Table E Modern or traditional jewellery Modern 58% Traditional 30% Depends on the occasion 12% Table F Jewellery exchange programs Yes 46% No 54% According to table A, 44% people purchase jewellery once a year. Table B shows that tanishq is the most preferred brand out of the other brands in jewellery. Table C shows that 78% of the people are willing to pay for better design and quality of jewellery. Table D depicts that 44% people are moderately aware about hallmarked jewellery. Table E shows that 58% people prefer modern jewellery . Table F shows that 46% have taken advantage of jeweler exchange programs CHAPTER 5 LIMITATIONS, CONCLUSIONS AND RECOMMENDATIONS LIMITATIONS OF STUDY Bound to only Bangalore city The limitation of the study is it is limited to only the main city area of Bangalore and ignores the samples from the smaller parts of the district. The buying behaviour of an individual varies from place to place. Awareness- the sample taken and the conclusion drawn can be led to only one side if there is lack of awareness about branded jewellery Sample size- The sample size of the study is only 50 which would not give a comprehensive result. Many important samples may not be considered at all. The conclusion of the study may not result to an accurate outcome due to the sample size being small CONCLUSION It has been concluded from the research that the women sector especially the working women play a great role in purchase of branded jewellery. Branded jewellery is extremely essential. The branded jewellery segment occupied only a small share of the total jewellery market because of the mindset of the average Indian buyer who still regarded jewellery as an investment. The scenario of the Indian customers is still the same as before. The branded jewelers face an enormous amount of competition from the local jewellery dealers. However the present generation does give a lot of importance to the branded jewellery and the awareness is actually growing to a great extent in todays scenario. Nearly 22% of the working women purchase jewellery only once a year and nearly 35% of the ladies are aware of the cosmetic jewellery which shows that the trend is changing to greater extent.44% of the women are aware of hallmark jewellery which is a positive sign for the branded jewellery industry. Today the scenario has changed where people not only buy gold as an investment but also for adornment .60% buy as an investment whereas 40% buy for the sake of adornment which is still a positive sign. The women today especially who are working are ready to welcome the new upcoming fashion in a large scale. If branded jewellery are planning to enter the Indian market then advertising strategies need to be extremely strong as the notion of the public needs to be transformed. RECOMMENDATIONS It is recommended that the number of branded jewellers should increase their outlets and the number of sales should increase .As the present generation working women are ready to adapt to branded jewellery. People prefer various cosmetic jewellery and would be ready to welcome them if advertisements are introduced to promote them. At present 70% of the people are aware of cosmetic jewellery .Gold sector should be concentrated and tried to develop as compared to other sectors like diamond , platinum, silver etc. as the percentage of people interested in gold is 27% which is the highest compared to the other avenues. The research indicates that 39% are willing to pay more for better design and quality of the jewellery so the branded jewellery sector must make optimum use of this opportunity and enter the market. Appendix Summary of responses through online research: Excel Sheet Attached Responses.xls QUESTIONNAIRE 1) What is your monthly income? Less than 10,000 10000 50000 50000 100000 More than 1000000 2Have you ever bought jewellery for someone or yourself? Yes No 3) How often do you purchase jewellery? Once in 3 months Once in 6 months Once a year 4) Are you aware of the various brands of cosmetic jewellery? Yes No 5) Which company do you prefer when it comes to buying branded jewellery? Tanishq D damas Gitanjali jewels Bhima jewellers Nakshatra I dont have a preference 6) You use cosmetic branded jewellery at: Casual Parties Outings Formal Occasions Family events I dont use them 7) Does your buying behaviour change as per the occasion? Yes No 8) What kind of material would you prefer jewellery to be made of mostly? Gold Platinum Silver Precious stones 9) Which product in jewellery you buy most? Earrings Bangles Necklace Chains 10) Are you willing to pay for better design and quality of jewellery? Yes No 11) What is your awareness about hallmarked jewellery? Choose any number from 1 to 4. 1-no awareness 2-little awareness 3-moderately aware 4-well aware 12) Would you rather wear modern cosmetic light weight corrosion resistant jewellery or traditional ones? Modern traditional depends on the occasion 13) Do you consider buying jewellery an investment rather than a simple cosmetic purchase? Yes no 14) Do you gift or are you usually gifted branded jewellery for occasions? Yes no 15) With the rising cost of gold, do you still believe in brides buying so much gold to keep up traditions? No, its a needless expense Yes, traditions are important 16) Have you ever taken advantage of jewellery exchange programs? Yes No