Understanding Consumer Preferences in Jewelry Retail: Store Selection Behavior

By Emily Johnson

The book "Understanding Consumer Preferences in Jewellery Retail: Store Selection Behaviour" by Emily Johnson looks at the complicated process people go through when they choose a jewellery store, focusing on the Madurai city region. The book uses a lot of study and analysis to show what makes people choose one store over another. It talks about things like store features, perceived value, brand image, service quality, and the social and cultural setting of buying jewellery in Madurai.

Jewellery stores that want to improve their marketing strategies and get and keep customers in a very competitive industry can learn a lot from this book. Researchers and academics who are interested in customer behaviour, retailing, and marketing can also find it useful.

Using both quantitative and qualitative study methods, such as surveys and interviews with customers, the book gives a full and detailed look at how jewellery shoppers in Madurai choose which stores to shop at. It talks about what these results mean for businesses and suggests ways to make customers happier, more loyal, and more likely to buy from them again.

I think that "Understanding Consumer Preferences in Jewellery Retail: Store Selection Behaviour" is an important book to read for anyone who wants to learn more about how people behave in jewellery stores. It has useful information for both researchers and people who work in the jewellery business.
 

• Language: English
• Publisher: NajeebAhmed
• Release date: Mar 28, 2024
• ISBN: 9798224528561

Book preview

By

Emily Johnson

CONTENTS

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LIST OFTABLES

LIST OF FIGURES

CHAPTER I INTRODUCTION

1.1 JEWELLERY SECTOR

The growth of our Indian economy depends on the major industrial sectors of the nation. Jewellery is one of the major sectors of our economy. It has been growing rapidly in recent times. Our nation’s total export has around 16 % of the Gems & Jewellery sector’s contribution. It is achieving around 15 % of CAGR for the last five decades in India. This sector contributes to India’s GDP with 7 %. This is the largest emerging industry in this world. Our Indians’ (Gems and Jewels) consumption is around 30% of global jewellery market consumption. The market size of this sector was $ 60 billion in 2017. The market size will be doubled as $ 110 billion by 2022. This industry offers employment to around 5 million Indians now. It will increase to over 8.2 million people by the year 2022.

India has different segments of customers with different consumption patterns. The Indian Jewellery market has been growing dramatically since Indians are consuming and saving Gold as a big asset of their life. In our nation, saving / keeping Jewellery (Gold or Silver) is the common & traditional way of savings of income. Our Indians use to buy jewellery at different occasions and festivals on their lifestyle. Consumption of Jewellery of our Indians differs in accordance to their demographical determinants like education, marital status, gender, occupation, age, income, residential place, type of group, etc. The Indian Jewellery industry has different segments of customers like rural and urban people, low, middle & high-level income people, married & unmarried people, male & female, illiterate & literate people, etc.

In this modern competitive market, consumers are the tycoons. Indians’ consumer Behaviors have undergone major changes in their purchase and usage of jewellery. The organized retail sector is emerging a lot. There are many organized retail jewellery showrooms increasing day by day at all rural, semi-urban, and urban places. Occupational and lifestyle improvements are making consumers use and save jewellery. The role of media has been creating more awareness and sales potential of organised retailers’ Jewellery business.

Consumers are having many choices or options on selecting their jewellery retail showroom based on their conveniences or desires. They have increased disposable amount for fulfilling his/her aspiration. Clear and adequate Information regarding Jewellery and the showrooms are available to the customers regularly to get aware and sales promotion. With this enough information, consumers are getting many choices and options for buying their jewels. Conveniences and pleasant shopping experience are the major aspirations or desires or expectations of Indian consumers in this sector. Shopping should be more exciting and engaging. So the retailers of the Indian jewellery sector should plan and implement their strategies & tactics related to convenience/better experience for delivering better consumer value. The retailers have to understand consumers’ profile & aspirations, competitors, and challenges. Then only they can achieve competitive advantages on the market.

Jewellery is an inevitable part of our nation’s culture from ancient times. Gold Yellow Metal is playing a crucial role in our country’s social fabrics. Even today, this yellow metal remains Indian brides’ streedhan, the only wealthy women take with them when they get to their new family. In India, jewellery is not simply a way of adding glitter and draw to the personality. It is held out to strengthen various religious

beliefs and social security. To begin with, both genders like to wear more sets of jewelleries at different occasions, but with time, men didn’t seem keen on breaking them. Also, Gold jewellery is the best and caring gift given by the dear ones to express their love, affection, and gratitude. Jewells is also acting as security in this modern corporate world. Gold is also valued as an important saving avenue of most Indians after bank deposits.

1.2.  JEWELLERY RETAILING

This sector contributes to India’s GDP with 7 %. This sector is contributing more to our nation’s economic development through more exports to other nations. Since it has more growth and export potentials, our Indian Government has considered this Gems & Jewellery industry as a major focus industry to improve and promote exports. In recent days, our Government has been undertaking different promotional measures for investments, technology up-gradation, and skills on promoting ‘Brand India’ in the global market. With low costs as well as highly skilled labour force, our country is the hub of the world jewellery market. Our country is the world’s best diamond polishing & cutting centre along with the support of government measures. Gems & Jewellery Exports Promotion Council stated that we are exporting 95 % of total diamonds of the globe.

Our country generated around US 35 billion $ as export revenue in 2015. This sector is contributing our nation’s Foreign Exchange Earnings rapidly. US$ 40 billion is our total Gems & Jewellery’s gross export value in the year 2014-15. US$ 33 billion is our total Gems & Jewellery’s gross export value in the year 2013-14.

Types  of  Jewellery  accessories  are  rings,  necklaces,  earrings,  bracelets,

watches,  bangles,  chains,  etc.  Different  ages  people  have  different  desires  of

Jewellery on their lifestyle. Categories like children (Boy & Girl), men and women have different aspirations and utility over Jewels. Our Indians consider this jewel as wearable as well as investment options. India is the first nation introduces diamonds to this world. India is the first nation which is doing activities like diamonds mining, cutting, polishing & trading to ourselves as well as other countries. There are many branded jewellery available in this sector. Those organized players are attracting Indian consumers using their competitive advantage. Urbanization & modern lifestyle are influencing the growth of the gems & jewellery sector. There are many national and international branded or organized retail jewellery showrooms in the Indian market.

1.2.1  INDIAN JEWELLERY MARKET SIZE

Indians are consuming more gold or silver or any other gems in comparison to other country people. We are the  largest  consumer of  global jewellery consumption ( around 30%). More than 3 Lakh retailers are in the Indian Jewels & Gem Market. It will have around US 103.06 $ billion as market size by the year 2019 - 2023. In 2018, the Demand of gold in India is 761 tonnes. In 2019, it reached 850 tonnes. Cut & polished diamonds export value is US$ 13 billion and total export value is US$ 19 billion in the year 2019-20. India is a major exporter of Gold and other gems in the world and contributing more to our nation’s economic growth since it gets more foreign reserves.

1.2.2  GOLD JEWELLERY CONSUMPTION AT WORLD LEVEL

Our Indian jewellery industry is having a shining future since its annual global sales of around 150 € billion. Sales have the potential of improving around 6 to 7