An Empirical Study of Changing Behavior in the Jewellery Market

Abstract

JAMK, an open access journal Volume 5 • Issue 1 • 1000149 decision leads to higher demand, and the sales of the marketers increase. Therefore, marketers need to influence consumer behaviour to increase their purchases. Varies from product to product: Consumer behaviour is different for different products. There are some consumers who may buy more quantity of certain items and very low or no quantity of other items. For example, teenagers may spend heavily on products such as cell phones and branded wears for snob appeal, but may not spend on general and academic reading [6]. A middle-aged person may spend less on clothing, but may invest money in savings, insurance schemes, pension schemes, and so on. Improves standard of living: The buying behaviour of the consumers may lead to higher stan dard of living. The more a person buys the goods and services, the higher is the standard of living. But if a person spends less on goods and services, despite having a good income, they deprive themselves of higher standard of living. Reflects status: The consumer behaviour is not only influenced by the status of a consumer, but it also reflects it. The consumers who own luxury cars, watches and other items are considered belonging to a higher status. The luxury items also give a sense of pride to the owners. The need for studying consumer behaviour The key challenge faced by the retailer is creating products and services which would be successful in the market. An accurate understanding of consumer need helps the retailer create product that is likely to be successful in the market. Understanding consumer buying behavior is the starting point of strategy creation. The understanding helps in determining the channels of communication, proving consumer knowledge which can help a firm assess how well it has achieved its product positioning goals [7]. The firm with the help of studying consumer behavior tries to see how its products are perceived, whether there is a good match or not and then to consider the positioning strategy deemed a success. The retailer should know the consumers, because it is imported to know how, when and where the customers use the product or service that the retailers sell. When the retailer understands consumer behavior he is able to make an objective analysis of internal strengths and weakness. This analysis may reveal certain startling facts and provide direction for future differentiation strategies. Factors influencing the behavior of the consumer The behavior of retail consumer is a subject of study across the world. In India retailers and retail formats are evolving on a great extent. Understanding the reasons for consumer behavior is very important for retailer. Following are the factors which influence the customers' decision making process. Range of merchandise: The range of merchandise is perhaps the most important reason for customers to patronize a particular outlet. The initial curiosity of the store may draw a consumer to a retail store, but converting him into a buyer and retailing him over a period of time is largely dependent on the quality and the range of merchandise offered by the store [8]. Convenience of shopping at a particular outlet: The element of convenience is a fast gaining promises in the world of organized retail. Time to travel: The time required to reach a particular retail location is again fast becoming critical. This is very much relevant in cities or metros like Mumbai, where travel time is high. This has resulted in many local areas developing in terms of shopping to facilitate buying. Socioeconomic factors: Socio economic factors are seen as a fundamental to development. The Socioeconomic background of the consumer largely determines his lifestyle. Consumer buying behavior varies from market to market and is largely influenced by the culture of the region. The retailer needs to understand that the need hierarchy is different for each market. It is important for the retailer to consider socio economic change in a geographic region over a period of time as it is indicator of the facilities available at various levels and the quality of life of the population this would indirectly be related to the spread of organized retail.