Consumer Perception Towards Local Branded Jewellery

Consumer Perception Towards Local Branded JewelleryTill the early 1990s, the average Indian bought jewelry for investment rather than for adornment. Jewellery made of 18-karat luxurious was not favoured as it was considered a poor investment.Confidence in the local jeweller was the hallmark of the notes jewelry trade in India. A jeweller or goldsmith in a local ara had a fixed and loyal clientele. The emptor had implicit faith in his jeweller. Additionally, the local jeweller catered to the local taste for traditional jewelry.How incessantly, since the late 1990s, thither was a shift in consumer tastes women were increasingly opting for swagger 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 borrowing forcing traditional jewellers to go in for branding. Given the opportunities the mark jewellery food 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 move 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 mark jewellery in the rack up jewellery market was still small (about Rs. 10 billion of the Rs. 400 billion per annum jewellery market in 2002), though suppuration 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 get jewellery. Consequently, the branded jewellery players attempt 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 aspiration 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 assure 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 record that they have built up over the years.AIM AND OBJECTIVE OF THE STUDYAIMTo have the Detail Study r esearch on CONSUMER PERCEPTION TOWARDS local anaesthetic 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 STUDYA comparative study on the consumers Perception towards Local and none branded jewellery is to find outTo compare between the consumer preference among the branded and non branded jewellery.To know consumer perception towards jewellery.Brand cognisantness of various brands in the jewellery market.To have an root word about the parameters the consumers consider while buying jewellery.CHAPTER 2 look METHODOLOGYTYPE OF RESEARCHExploratory research Exploratory research is a body-build 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 depict 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 PLANThe data for this research project would be collected through questionnaire. A structured questionnaire would be framed as it is less time consuming, generates specialised and to the point information, easier to tabulate and interpret. Moreover respondents prefer to give direct answers.COLLECTION OF DATASecondary Data Secondary data was collected from internal sources. The utility(prenominal) 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 consultation and also with a structured questionnaire.Tools and Techniques Used For Data AnalysisSurveyQuestionnaireStatistical Tool consumeSample size 50 people (mostly functional)Sampling Method Convenience sampling among focus group s selectedCHAPTER 3GRAPHICAL REPRESENTATIONGRAPHS AND TABLES REGARDS TO RESEARCHSample DescriptionDuring our research we try to focus on ladies who are working in Bangalore city. We surveyed 50 people (all female).Graphical Representation1. What is your monthly income?https//graph.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%3AKPXCUeKPLess than 10,00016%10000 5000036%50000 10000032%More than gazillion16%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%3AuER6Yes3672%No1428%3. How often do you acquire jewellery?https//chart.googleapis.com/chart?cht=pchs=345150chco=dcca02chl= at one time%20in%203%20%5B11%5D%7Cin one case%20in%206%20%5B17%5D%7COnce%20a%20year%20%5B22%5Dchd=e%3AOEVwcJOnce in 3 months22%Once in 6 months34%Once a year44%4. argon y ou aware of the various brands of ornamental jewellery?https//chart.googleapis.com/chart?cht=pchs=345150chco=00d000chl=Yes%20%C2%A0%20%5B35%5D%7CNo%20%5B15%5Dchd=e%3AsyTMYes3570%No1530%5. Which company do you prefer when it comes to buying branded jewellery?chart.pngTanishq42%D damas24%Gitanjali jewels14%Bhima jewellers2%Nakshatra4%I dont have a preference14%6. You use cosmetic branded jewellery athttps//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%3AYUQoFHMzFHCasual Parties38%Outings26%Formal Occasions8%Family events20%I dont use them8%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%3AqOVwYes3366%No1734%8. What kind of material would you prefer jewellery to be made of mostly?https//chart.googleapis.com/chart?cht=pchs=345150chco=d00 000chl=Gold%20%5B27%5D%7CPlatinum%20%5B14%5D%7C silverish%20%5B4%5D%7CPrecious%20s%20%5B5%5Dchd=e%3AijR6FHGZGold54%Platinum28%Silver8%Precious stones10%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%3AijQoGZGZEarrings2754%Bangles1326%Necklace510%Chains510%10. Are you involuntary 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%3Ax6OEYes3978%No1122%11. What is your awareness about hallmarked jewellery?1 no awareness0%2 little awareness30%3 moderately aware44%4 well aware26%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%3AAATMcJQo12. Would you rather wear in advance(p) cosmetic jewellery or traditional one s?Modern58%Traditional30%Depends on the occasion12%https//chart.googleapis.com/chart?cht=pchs=345150chco=0000e0chl=Modern%20%5B29%5D%7CTraditional%20%5B15%5D%7CDepends%20on%20%5B6%5Dchd=e%3AlHTMHr13. Do you consider buying an investment rather than a simple cosmetic purchase?Yes3060%No2040%https//chart.googleapis.com/chart?cht=pchs=345150chco=ff9900chl=Yes%20%5B30%5D%7CNo%20%5B20%5Dchd=e%3AmZZm14. Do you gift or are you usually gifted branded jewellery for occasions?Yes2550%No2550%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 expense24%Yes ,traditions are important76%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%3APWwo16. Have you ever taken advantage of jewellery exchange programs?https//chart.googleapis.com/chart?cht=pchs=345150chco=00d0 00chl=Yes%20%5B23%5D%7CNo%20%5B27%5Dchd=e%3AdbijYes2346%No2754%CHAPTER 4DATA ANALYSISTable AFrequency of PurchaseOnce in 3 months22%Once in 6 months34%Once a year44%Table BBrand Preference.Tanishq42%D damas24%Gitanjali jewels14%Bhima jewellers2%Nakshatra4%I dont have a preference14%Table CWilling to pay for better design and quality of jewelleryYes78%No22%Table DAwareness about hallmarked jewellery1 no awareness0%2 little awareness30%3 moderately aware44%4 well aware26%Table EModern or traditional jewelleryModern58%Traditional30%Depends on the occasion12%Table FJewellery exchange programsYes46%No54%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 jeweller y .Table F shows that 46% have taken advantage of jeweller exchange programsCHAPTER 5LIMITATIONS, CONCLUSIONS AND RECOMMENDATIONSLIMITATIONS OF STUDYBound to only Bangalore city The limitation of the study is it is limited to only the main city area of Bangalore and ignores the try outs 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 jewellerySample size- The sample size of the study is only 50 which would not give a comp 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 smallCONCLUSIONIt 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 passing essential. The branded jewellery segment o ccupied 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 quantity 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 growth 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 e specially who are working are ready to welcome the new upcoming dash 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.RECOMMENDATIONSIt 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 the likes of 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 je wellery so the branded jewellery sector must make optimum use of this fortune and enter the market.AppendixSummary of responses through online researchExcel Sheet Attached Responses.xlsQUESTIONNAIRE1) What is your monthly income?Less than 10,000 10000 5000050000 100000 More than 10000002Have you ever bought jewellery for someone or yourself?Yes No3) How often do you purchase jewellery?Once in 3 monthsOnce in 6 monthsOnce a year4) Are you aware of the various brands of cosmetic jewellery?Yes No5) Which company do you prefer when it comes to buying branded jewellery?Tanishq D damasGitanjali jewels Bhima jewellersNakshatra I dont have a preference6) You use cosmetic branded jewellery atCasual PartiesOutingsFormal OccasionsFamily eventsI dont use them7) Does your buying behaviour change as per the occasion?Yes No8) What kind of material would you prefer jewellery to be made of mostly?Gold Platinum Silver Precious stones9) Which product in jewellery you buy most?EarringsBanglesNecklac eChains10) Are you willing to pay for better design and quality of jewellery?Yes No11) What is your awareness about hallmarked jewellery?Choose any number from 1 to 4.1-no awareness2-little awareness3-moderately aware4-well aware12) Would you rather wear modern cosmetic light weight corrosion resistant jewellery or traditional ones?Modern traditional depends on the occasion13) Do you consider buying jewellery an investment rather than a simple cosmetic purchase?Yes no14) Do you gift or are you usually gifted branded jewellery for occasions?Yes no15) 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 important16) Have you ever taken advantage of jewellery exchange programs?Yes No