My project studies the changing face of fine jewellery segment in the context of changing lifestyles of consumers. The project focuses primarily on the consumer, her preferences in terms of both product and service, and her buying behaviour and covers some aspects of the changing retail environment from unorganized family jewellery shops to organized jewellery retail brands.
Initial interest in this study developed from observing fine-jewellery-buying activities in Bengaluru, India. Indian women form a distinct consumer segment. Therefore, the majority of the people interviewed were women. Consumers across all age groups were interviewed to get a relatively holistic view though the age group of 20-39 was specially considered, as they determine the future prospect of the fine-jewellery segment. The data was also segregated with respect to marital status as the buying behaviour of the consumer changed relatively after marriage because of the prevalent traditions and conventions in India. The research was exploratory and very qualitative in nature.
Through this project I concluded that gold is an artefact for Indian consumers. Social interaction in the community is facilitated through the linking value and the role that gold plays in the culture. Possession of gold is embedded in one’s customs and traditions; thus, it carries significant importance for people besides its aesthetic appeal. However, women view gold as an investment vehicle which provides some measure of financial security for themselves and/or their daughters.
The study also derived that design preferences for jewellery were largely fusion wear - a combination of regional Indian and western wear. Women are more fashion-conscious today and desire smart jewellery that can be accessorized with their wardrobe to express their individuality.
