Consumers are willing to spend more than usual on jewellery after the Covid-19 crisis is over, says a recent global study by Platinum Guild International (PGI), India.
"Consumers will lean towards meaningful brands for positive reinforcement as they step out to reclaim their life," it adds.
IANSlife spoke to Vaishali Banerjee, Managing Director of PGI India to know about the changing dynamics of the Indian jewellery market and millennial's growing interest in Platinum. Excerpts:
What are the consumer trends you foresee this season?
Vaishali: The Covid-19 situation has caused unprecedented challenges in India. When it comes to consumer sentiment, of course, it has been impacted ï¿½ our core consumer however, being younger is more optimistic and resilient. This pandemic has given us the opportunity for self-introspection, and many are grateful for what they have ï¿½ cherishing their relationships even more. When it comes to spending, we believe that it will be more deliberate but not necessarily curtailed.
According to PGI's recent Global Study, consumers are willing to spend more than usual on jewellery after the crisis is over. Consumers will lean towards meaningful brands for positive reinforcement as they step out to reclaim their life. They will seek to celebrate meaningful relationships and milestones achieved. Also, India is one of the most promising markets for jewellery sales as the festive season sets in. While consumers have been increasingly shopping online during these times, most of them prefer visiting a physical store to finalize the buying process.
How has jewellery buying changed in 2020 and why are consumers purchasing jewellery?
Vaishali: In the present times, as COVID-19 continues to impact lives around the world, it has also influenced consumer buying behaviour. Our recently conducted Global Survey shows us that consumers will lean towards what delivers value and has meaning. Jewellery will be a means of positive reinforcement as they seek to mark meaningful relationships and milestones. In India, jewellery plays an integral role where it tends to have a store of value and serves as a marker of social and personal milestones in life. With many consumers re-evaluating their priorities in life and gaining a renewed appreciation for loved ones, spending on products that represent personal meaning is a key expression of their feelings for family and friends, thus creating an opportunity for platinum.
Today, platinum jewellery in India occupies a very distinctive space among other metals. Platinum's high quality, it's rarity and absolute preciousness makes it a serious consideration for the millennials.
Platinum's density and strength, allows it to be the most secure setting for all gemstones and diamonds. This is one of the key reasons why consumers prefer for their significant diamonds to be set in platinum.
Also, platinum's distinctive design philosophy not only makes each piece stunning and unique, but its minimalist narrative makes it extremely versatile and aesthetically appealing as well. The need to make a subtle yet significant statement without being too ostentatious as well as mark intimate personal and professional milestones have made purchasing jewellery an interesting activity amongst the consumers.
How has platinum emerged over the last decade and does it occupy a niche segment in the cluttered Indian Jewellery Market?
Vaishali: At PGI, the customer is our priority. Our focus is the younger segment and given that platinum is truly rare it feeds into a very different set of needs. It is a mark of discerning taste and has connotations of modernity, status, class and sophistication. Platinum is bought for moments of emotional significance and hence our designs are embedded with meaning. We design it as a marker of important milestones in relationships and life.
The platinum range is based on the needs of our audience, it reflects their value system and what they aspire for. We study trends in design and innovate accordingly by following what are compelling motivators for our audience and our culture. It is critical for designs to imbibe a mix of Indian and international trends ï¿½ with a minimalism that sits at the core of it, it is what differentiates our design language and lets it sit apart.
Do you feel millennials prefer platinum over other metals?
Vaishali: It starts with the metal. Platinum is rare and unique ï¿½ our audience is one that knows, aspires for, and appreciates that. It's important to remember that this consumer has a sea of options to choose from today. They are very aware and have a discerning choice, especially when it comes to jewellery.
The intrinsic value of the metal and its rarity makes it extremely valuable to this consumer. This is one of the strongest reasons why platinum is a strong consideration for them. They choose platinum as the ultimate expression of love, a marker of some very important milestones and as a symbol of discerning style.
Platinum jewellery has a differentiated design philosophy that speaks to the young ï¿½ our worldview is based on minimalism. There is meaning infused in every piece of platinum jewellery and it tells a story that elicits a deep emotion from our consumers.