Bengaluru (Karnataka) [India], May 4: Melorra, (www.melorra.com ), one of India’s largest D2C brands, undertook a first of its kind survey called ‘Gold 2.0’ to understand the changing preferences of Indians when it comes to buying gold jewellery. The survey was released ahead of Akshaya Tritiya and was conducted amongst men and women from 30+ cities in India. About 46% of the sample size comprised people in the 20-29 years age group and 41% in the 30-39 years category.
While gold jewellery is pure love for most Indians, the survey brought out great insights into how and why millennials are buying their gold. A clear picture that emerged is that buying gold is still associated with culture and festivities as evidenced by the 61% who buy jewellery on occasions such as Diwali, Akshaya Tritiya and Dhanteras.
At the same time, more than 90% consumers are of the opinion that they would prefer to buy trendier, fashionable and uniquely designed gold jewellery to be worn every day over the conventional chunky pieces that dazzle only in the dark depths of lockers. In fact, almost 3 out of 4 (close to 73%) respondents said that they missed out wearing their gold jewellery simply because they had forgotten to take it out of the lockers.
Speaking about this, Saroja Yeramilli, Founder and CEO, of Melorra, said, “Even the pandemic hasn’t dimmed India’s love for gold jewellery. However, there is a clear cultural and perception shift among the younger generations of gold jewellery buyers. They see lightweight gold jewellery as a style statement and a form of self-reward. Women are earning and going to work, and as their roles have evolved, the desire to transform their wardrobe including the jewellery stashed in the lockers has also become stronger. These aspirations are uniquely intertwined with traditions like buying gold jewellery on Akshaya Tritiya. We are witnessing a consistent surge in demand especially from metros, Tier 1 and Tier 2 cities. We want to ensure that what is auspicious today, becomes fashionable every day!”
Quality including BIS-Hallmarking stood out as the most important consideration for people while purchasing gold jewellery followed by the uniqueness of the designs. Price point continues to be another key factor with more than 76% people seeking gold jewellery priced under INR 50K. As gold prices soar, people are looking for affordable and lightweight yet trendy options.
Despite the rising prices and inflation, about 89% of Indians had bought gold jewellery for themselves before they entered their 30s. More than half of them are already wearing their gold on a daily basis and most others will follow suit if they get the right kind of lightweight gold jewellery options. Apparently, for modern Indians, bling is best when not laid to rest in a locker.
The survey found how people desire to get the ‘touch and feel’ of gold jewellery before buying it. This is where brands like Melorra offer a market winning combination in the Indian context in the form of harmonized retail. The company ensures that fashionable gold jewellery is available wherever the customer is.
Melorra offers lightweight and affordable jewellery (majority of fashionable gold jewellery demand coming from 20-50k price range). This way, they are ensuring that people can dazzle their Instagram feed and also make a style statement everyday through their exquisite gold jewellery. Only 10% prefer to buy in the 70k to 1 lakh range.
Melorra currently has a physical presence in Bengaluru, Delhi, Lucknow, Mumbai, Bhopal, and Noida with the total number of stores standing at 11. The brand will also be expanding its retail footprints throughout India in the next few years. So far, Melorra has delivered to over 3000 cities/towns/villages in the country and made its mark everywhere – from villages with a population of less than 10,000 to cities with a population above 1 million. With its recently expanded delivery capabilities to the US, UK, Singapore, and UAE, Melorra is making sure that buying gold jewellery for occasions like Akshaya Tritiya is not just auspicious today, but fashionable every day!
Vijay Singh
