CoMany kings, emperors and dynasties featuring countless wars, conquests and political upheavals have ruled the Indian sub-continent. Different dynasties ruled different parts of India with different monetary systems. Jewellery acted as a common medium of exchange or store of value across the monetary systems of different kingdoms across the sub-continent especially gold. Hence wealth could still be preserved in spite of wars and political turbulence. Gold also helped preserve wealth through natural calamities and disasters and for centuries was the only means of saving in rural India , land being the other main asset of economic value. This has largely helped formulate, or evolve, the Indian sentiment and fanatical passion for gold, which holds true even today. India is estimated to hold more than 11,000 tonnes of gold.
Apart from its historical religious significance, Jewellery is valued as an important savings and investment vehicle in India . Even in present times, Jewellery remains the Indian bride's `Streedhan', the wealth she takes with her when she marries and which remains hers. Gold jewellery is the preferred jewellery worn by women in India irrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred by the near relatives of the bride and the groom. Jewellery is very popular among farmers, with an upsurge in gold sales after a good agricultural season. Buying of gold is an important part of every stage of an Indian citizen's life- at birth, marriage, construction of home, festivals, religious ceremonies, setting up of new business, and death.
As India makes rapid progress in the retail arena, the Indian Jewellery market is undergoing a gradual metamorphosis from unorganised to organised formats. The jewellery business in India is estimated to be at Rs 50,000 crore. According to the independent estimation studies conducted by World Gold Council and McKinsey, out of the overall market share, the share of organised jewellery market is less than Rs 1,000 crore. This accounts to about 2-3 per cent of the total market share. But given that this is a relatively new segment of the market, it is poised to grow. Jewellery retailing is moving from a 'storehouse of value' to a precious fashion accessory. Plain gold is gradually easing its stranglehold on the Indian consumer psyche to give way to diamonds, platinum and coloured gemstones. The way jewellery was worn before is undergoing a tremendous change.
Objectives of the Study
The objective to study the " A comparative study on the consumer's preference among Branded and non branded jewellery" is to find out:
1) To compare between the consumer preference among the branded and non branded jewellery.
2) To know consumer perception towards jewellery.
3) Brand awareness of various brands in the jewelery market.4) To have an idea about the parameters the consumers consider while buying jewellery.
The scope of study is limited due to the following reasons:
1) Time constraint - since the time span for the study was only one month, an in depth study and analysis will become a little difficult
2) Sample size - the sample size of the study is only 100 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.4) Awareness - the sample taken and the conclusion drawn can be led to only one side if there is lack of awareness about branded jewellery.
Significance of the Study
The gems and jewellery industry occupies an important position in the Indian economy and is one of the fastest growing industries in the country.
Hence the research conducted would help us to:1) Understand the consumers preference while purchasing jewellery.
2) How much impact does a brand/ retailer has on their purchase decision.
3) Does price play an important role in guiding their purchase decision.
4) Are the various promotional strategies adopted to combat competition.
Consumer Buying Behaviour While Buying Jewellery
While buying a product, consumer displays different kinds of behaviours towards different kinds of products from a tube of toothpaste to a new car. More complex decisions usually involve more buying participants and more buyer deliberation.
While buying an expensive product for jewellery, which satisfies a consumer's self esteem needs( according to the Maslow's heirarchy of needs) a consumer displays complex buying behaviour. Consumers undertake complex buying behaviour when they are highly involved in a purchase and perceive significant differences among brands. Consumers may be highly involved when the product is expensive, risky, purchased infrequently, and highly self expressive.
This buyer will pass through a learning process, first developing belief about the product, then attitudes, and then making a thoughtful purchase choice. Marketers of high involvement products must understand the information gathering and evaluation behaviour pf high involvement consumer, they need to hellp buyers learn about the product- class attributes and their relative importance.
After making its mark in the world diamond processing industry, India is well on its way to becoming the leading global gems and jewellery hub. India 's gems and jewellery industry is now on a high growth trajectory.
Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 percent of the total exports, gold jewellery accounted for 30.47 per cent, colored gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.
Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewellery exports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$ 246.48 million last fiscal, against US$ 232.35 million in 2005-06.
The growth momentum has continued into the current fiscal. The gems and jewellery export industry grew by a robust 27 per cent export during the first half of the current fiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of 2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and in coloured gemstones, it was 22 per cent. The major destinations for exports have been the US , UAE, Hong Kong , Belgium and Israel . In fact, the US , UAE and Hong Kong together accounted for over 70 per cent of the total exports in the previous fiscal year.