THE FACTORS OF CUSTOMER INCLINATION TOWARDS GOLD SAVING SCHEMES OFFERED BY BRANDED JEWELLERS IN KERALA

Abstract

According to the World Gold Council, India consumed 797.3 tonnes of gold in 2021 which constitutes thirty percent of the total global supply. Within India, Kerala has the highest consumption rate even during the COVID-19 pandemic. Gold is considered auspicious and is purchased by all income groups in Kerala as it is an integral part of most occasions irrespective of religion. Due to high liquidity, it is considered to be a major investment option for people especially women. Even though gold deposit schemes have been in existence for the past seven decades, after the New Companies Act (2014), the gold savings schemes came under the category of public deposit definition and most jewellers had to withdraw or restructure the schemes. However, as the price of gold peaked in recent years, various jewellers re floated easy saving schemes through which people can invest and purchase jewellery. In this context, a systematic exploration to draw insights into the perception of customers towards various gold savings schemes instituted by jewellery brands is of interest to the customer as well as the jewellers. Gold purchase and enrolling in the gold saving schemes by the branded jewellers is a choice made by both men and women. Studies on gender perceptions in purchase of commodities including gold have been conducted globally, but an attempt to explore the underlying factors which affect the consumer intention to invest in the gold savings schemes by branded jewellers is yet to be attempted. Moreover, there is a strong notion of stereotyping women as a major gold purchaser than men and this paper also tries to analyse the gender differences in customers’ intention to invest in gold savings schemes. The findings shall contribute to better understanding of the customer preferences and to devise attributes which influences the choice of participation and satisfaction in such schemes.

Keywords:  Gold, Saving schemes, Customer preference, Brand name, Security