Consumer Perception Towards Local Branded Jewellery

Consumer learning Towards Local brand JewelleryTill the early 1990s, the average Indian bought jewelry for investment quite an than for adornment. Jewellery made of 18-karat coin was not favoured as it was considered a poor investment.Confidence in the topical anesthetic anesthetic jeweller was the hallmark of the currency jewelry trade in India. A jeweller or goldworker in a local area had a fixed and loyal clientele. The buyer had implicit trust in his jeweller. Additionally, the local jeweller catered to the local taste for conventional jewelry.However, since the late 1990s, there was a change in consumer tastes women were increasingly opting for fashionable and light burden 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. mark je wellery also gained acceptance forcing traditional jewellers to go in for branding. Given the opportunities the mark jewellery commercialize offered the number of gold retailers in the coun approximate plusd sharply. Branded players such as Tanishq, Oyzterbay, Gili and Carbon undefendable outlets in assorted parts of the country. Traditional jewellers also began to bring out lightweight jewellery, and some of them veritable(a) launched their in-house brands. However, the character of mark jewellery in the total jewellery market was becalm small ( to the highest degree 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 sole(prenominal) 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. Conse quently, the branded jewellery players tried to change the mindset of the people and woo customers with attractive tendencys at affordable prices.However branded jewellery players go forth hold open to face lot of competition from local jewellers. In order to gain market share, they will incur to come up with endeavors that customers want and win the trust and confidence of consumers by hallmarking and demonstrating the purity of the gold utilize by them.To compete with traditional players, branded players must also find some way to cross out themselves. While the success of a particular brand will depend on differentiation, affordability and step will be a key element in sustaining a brand.In addition, branded players require focussed advertising and astute salesmanship to compete with traditional jewellers. Besides the major brands- Tanishq, Carbon, Oyzterbay, Gili and Trendsmith several regional players father clear branches to leverage the trust and reputation that th ey suffer built up over the years.AIM AND OBJECTIVE OF THE speculateAIMTo corroborate the Detail Study look for on CONSUMER PERCEPTION TOWARDS LOCAL BRANDED JEWELLARY IN RECENT TRENDS with my Theoretical knowledge in a practical way and to have a accompaniment 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 correspond between the consumer preference among the branded and non branded jewellery.To know consumer perception towards jewellery.Brand wittingness of various brands in the jewellery market.To have an idea about the parameters the consumers consider while buying jewellery.CHAPTER 2RESEARCH methodologyTYPE OF RESEARCHExploratory 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, info exhibition 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 PLANThe data for this research project would be still 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. order of battle OF DATASecondary 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 good dealQuestionnaireStatistical ToolSamplingSample size 5 0 people (mostly working(a))Sampling Method restroom sampling among focus groups 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 periodical income?https// map.googleapis.com/graph?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 lakh32%More than 100000016%2. Have you ever bought jewellery for mortal 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 corrupt jewellery?https//chart.googleapis.com/chart?cht=pchs=345150chco=dcca02chl= one time%20in%203%20%5B11%5D%7COnce%20in%206%20%5B17%5D%7COnce%20a%20year%20%5B22%5Dchd=e %3AOEVwcJOnce in 3 months22%Once in 6 months34%Once a year44%4. Are you alert 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%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%7C perfunctory%20Occ%20%5B4%5D%7CFamily%20ev%20%5B10%5D%7CI%20don%E2%80%99t%20us%20%5B4%5Dchd=e%3AYUQoFHMzFHCasual Parties38%Outings26%Formal do8%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 corporeal would you prefer jewellery to be mad e 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%3AijR6FHGZGold54%Platinum28%Silver8%Precious stones10%9. Which production 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%7C set up%20%5B5%5Dchd=e%3AijQoGZGZEarrings2754%Bangles1326%Necklace510%Chains510%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%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 quite an wear modern cosmetic jewellery or traditional ones?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 master(prenominal)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%3APWwo16. Have you ever taken advantage of jewellery excha nge programs?https//chart.googleapis.com/chart?cht=pchs=345150chco=00d000chl=Yes%20%5B23%5D%7CNo%20%5B27%5Dchd=e%3AdbijYes2346%No2754%CHAPTER 4DATA ANALYSIS confuse AFrequency of PurchaseOnce in 3 months22%Once in 6 months34%Once a year44% gameboard 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 some 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 programsCHAPTER 5LIMITATIONS, CONCLUSIONS AND RECOMMENDATIONSLIMITATIONS OF STUDYBound to only Bangalore city The demarcation line of the study is it is limited to only the main city area of Bangalore and ignores the samplings from the smaller parts of the district. The buying doings 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 comprehensive result. Many important samples may not be considered at all. The conclusion of the study may not result to an correct outcome due to the sample size being smallCONCLUSIONIt has been concluded from the research that the women field especially the working women play a great role in purcha se 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 invest ment whereas 40% buy for the saki of adornment which is still a positive sign.The women today especially who are working are ready to encounter the new upcoming fashion in a large scale. If branded jewellery are cooking 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 gravel as compared to other sectors like diamond , platinum, silver etc. as the percentage of people implicated in gold is 27% which is the highest compared to the other avenues. T he research indicates that 39% are willing to pay to a greater extent for better design and quality of the jewellery so the branded jewellery sector must substantiate optimum use of this opportunity and enter the market.AppendixSummary of responses through online researchExcel winding-clothes 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?EarringsBanglesNecklaceChains10) 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