With a dip in the cases of Covid and the market being open for everyone, the jewelry industry is starting to get back on its feet. Looking forward, the e-commerce market has also started to pick the pace and jewelry sales are stable again. The comfort of purchasing things online from our home continues to grow, and that also includes high-ticket purchases too. This push toward the online platform has also urged a lot of brands to come up with new and innovative options when it comes to marketing their products.
Millennials Want to Know Everything
The brands are also becoming transparent when it comes to selling jewelry now. This is true in the case of millennials who choose products and buy items with a conscience. Being inquisitive in nature, they want to know everything about the product they are planning to purchase, the store behind the product, and the brand too. This has encouraged the brands to be open with their audience and tell them everything about their products. From just considering gold as a form of investment to holding beautiful jewelry pieces and keeping them with you forever, we have really come a long way.
Growing Disposable Income
The jewelry market is also growing on the backbone of the growing disposable income of the Indian consumer. Being a country with a rich heritage and festivals, there has also been an increase in gifting jewelry items on such occasions. Not only gifts, purchasing for ourselves on festive occasions also continues to grow. Various metals like gold and silver are also considered to be auspicious and are also the symbol of growth and wealth among maximum Indian families. Various modern materials are also being utilized today like white gold, rose gold, and platinum in the making of jewelry by the manufacturers and are being rapidly accepted in the Indian market, mostly among the working female population of our country. This has also led to the rise of lightweight and daily wear jewelry. Manufacturers have been making lightweight and daily wear jewelry in different designs to attract consumers in this segment. Various gemstones like ruby and others are also playing a huge role in the shifting trends, especially among the elite class and the upper-middle class. However, gold still holds a good market share and still continues to dominate this segment.
The increase in demand for wedding jewelry and traditional jewelry has also motivated the manufacturers to use different materials and is also anticipated to become a great part of the jewelry market. The consumer of today does not look only at price points. Instead, they are on the lookout for authentic products and pure items. The growing population, launching of creative and stunning designs and various innovations in technology will help to further the growth of the jewelry industry.
Rising Demand for Men’s Jewelry
Besides this, we have over the years also seen growth in men’s jewelry. Men today are equally interested in jewelry purchases for themselves and manufacturers have left no stone unturned to create beautiful designs for men.
In the last two years, we have seen that discounts and cashback are a great way to attract customers (both old and new). With the advent of e-commerce and online platforms, the customers have the opportunity to compare the prices of the product online and go for the one that looks profitable to them. And discounts are something where the retailers and manufacturers both will have an upper hand when they are selling their products.
The digital game is always one step ahead of us. They are always there for us, 24*7 – at our service, showing us the different products that we love. Besides this, there is no pressure on the customers when it comes to buying products from online mediums with various payment options to choose from. This being a very recent trend has started to pick up and will soon turn out to be a great business deal for everyone.
The Road Ahead
It has been a really long since the jewelry brands have undergone such a drastic change. This change also gives the brands and manufacturers a very good opportunity to focus on innovation and create pieces that can appeal to the modern consumer of today.