Consumer Research reveals that platinum appeal for the young, is growing and is driven by its modern image of youthful, elegant and the emotional promise of everlasting love.
November, 2014: The never-ending attraction for jewellery can certainly not be measured, as it’s always been an essential part of India’s ethos through history and culture. The relationship and need that the young consumer has with jewellery today is very strong; indicates a recent Platinum Guild International qualitative research, conducted across 7 metros in India with over 250 women to understand Indian jewellery market and gain further insight on the category. The drivers are quite different across age groups. Platinum appeals to the younger audience between 18 – 35 women, SEC B+, A, A+, single, engaged, married or living in a metro/ mini metro.
TARGET AUDIENCE & UNDERSTANDING:
The survey was conducted amongst a mini focus group that included women, broadly three different age group at diverse life stages. Each group provided different experiences and the varied interactions reflected in the attitude towards Jewellery. The common factor: “Jewellery is a woman’s adornment” and the practise of including jewellery as a part of your ensemble evolves with the natural progression of life.
ATTITUDE TO JEWELLERY & PURCHASE DRIVERS FOR PLATINUM
The young unmarried women (16-24 yrs.)pursues modernity and expresses a strong sense of self-identity. They acquire precious jewellery as gifts from parents, grandparents or other members of the family. The occasions to receive jewellery are personal milestones like 18th birthday, completing school education, college graduation and first job. The younger audience is also more educated, net savvy and aware of international trends, seeking options in jewellery metals and designs and willing to try out newer looks and experiment with styles. Design is one of the key criteria of evaluation as is quality.
Platinum has high affinity for this TG as it represents her ‘modern’ values. They see platinum as premium, upper class and exclusive and they consider themselves as ahead of the curve when choosing platinum. The metal is perceived as high quality, modern and very premium. The designs in platinum jewellery too are minimal and understated which appeal to her.
The young married women (25-35 yrs.) aspireto showcase modernity in lifestyle and thinking. They participate in financial decisions to prove their ability to manage the household. While the young married woman has acquired heavy jewellery at her wedding and hence is looking out for delicate designs across social occasions like kitty party, husband’s office party, small family get together to prove her modernity. This was extensively visible amongst women in Delhi. The perceptions of jewellery being an expression of love and commitment is prominent in Chennai, the consumer trend in Ahmedabad is evidently driven by its exemplification of a self-assured modern woman.
Platinum is seen as a symbol of everlasting love amongst young couples. The consumer mind-set strongly complies that jewellery is an establishing factor of social status and platinum is seen as metal for discerning and true upper class. They aspire for platinum and diamond, light jewellery with modern designs. She perceives platinum as premium, exclusive, modern and international, making her stand out and differentiated from her peers. Platinum love bands, rings or light jewellery is very popular.The behavior further evolves amongst Older Married Women (35-40 yrs.)as jewellery is now associated as a mark of economic stability for the present and future. In Kolkata, jewellery is acquired and acknowledged as a highly desired asset with a twofold benefit of safeguarding the future of children & self, whereas in Delhi it satisfies the need of attention and approval while one focusses on exhibiting status and confidence. Modernity was the key element to platinum appeal across age groups including this group.
Vaishali Banerjee, Country Manager India, Platinum Guild International said, “As per the survey results, 85% of platinum consumers are in the age group of 15 – 30 yrs. Today, the young India wants platinum as it is considered a metal that speaks the modern language with its contemporary design form enabling an emotion of pride to the wearer, is established as a symbol of the deepest relationships and is exclusive, unique and expensive which denotes status.Platinum is also, perceived as an expression of love, intimacy and commitment; reinforcing the consumer demand for Platinum Love Bands, a footfall driving category that grew at +35% last year. We have also witnessed a growing trend of young brides taking to platinum for their trousseau across key markets in India.”
Commenting on the favourable consumer trends for platinum jewellery in India, Mr. Suvankar Sen, Director, Senco Gold Jewellery said, “The strong appeal amongst customers for the white metal -platinum is on an upward trend as today people are seeking new designs and platinum offers exclusivity, while maintaining a perfect balance between modern and traditional. The platinum love bands category positioned as an ultimate choice to celebrate love and special occasions has grown significantly last year by 42%. PGI’s strategy is at par with the consumer demand and the sales figures are proof of the progressive growth witnessed in the 2013 and will continue this season as well.”
G. R. Ananthapadmanabhan, MD, GRT Jewellers commented, “The platinum jewellery sales have been on an upward trend and 2013 witnessed high growth for this category. Besides the couple bands, the interest amongst men for platinum jewellery is growing at a fast pace. Our focus for this year will continue to cater to this growing consumer demand with exclusive platinum designs of rings, chains and bracelets that appeal to men.”
Mr. Rajiv Popley, Managing Director, Popley Jewellers said, “The Platinum Day of Love campaign has not only built the overall brand image, but has abetted in retail sales to a large extent. The marketing initiative by PGI has definitely created recall for the designs and the instant response from the consumers has been positive. And now with an understanding of consumer trends with PGI’s support; the merchandising strategy derived allows our patrons to choose from a variety of designs in platinum jewellery at the Popley counter. The symbolic platinum love band designs have a huge potential and can take on a lead role as the premium category of Wedding rings and bands this festive season.”
PLATINUM RETAIL IN INDIA
No. of stores: From 2 manufactures and 15 retailers in 2000, the industry has today grown to 17 manufacturers and over 800+ retailers all India
Key markets for platinum jewellery: Mumbai, New Delhi, Ahmedabad, Baroda, Pune, Kolkata, Chennai, Bangalore, Hyderabad, Cochin