We all are aware that COVID came with its fair share of challenges, where we saw how the lockdown was responsible for impacting everything across the globe. We saw something that we had not seen in a really long time – from stores getting shut, cancellation of various events & shows amongst many other things. However, in the midst of all this, there was something that we saw which was common among all the sellers & manufacturers. They had become creative and started to look out for ways to attract new customers & also retain the older ones. Since customers could not reach the brand, they thought of ways to reach out to them.
There are a lot of factors that are responsible for this trend. One of the most important factors is there has been a steady rise in the number of digital buyers. In the past two years, people have started enjoying this online journey & are getting used to this. Another important factor is the rise in the female population as women tend to get more involved in this process. The increasing middle class is also an important factor that helps in the growth of the market. Milind Mathur, Creative Director & Partner, Kohinoor Jewellers & Kohgem shares insights on the future of jewellery.
The investment in high-end fashion jewellery is also growing & all the brands are rushing towards it. People today want to buy pieces that can be easily recognized or attractive while they are in the crowd, something that will also give them instant gratification of the product that they have purchased & help them build confidence.
Being transparent about what we as a manufacturer produce & what the brands are selling to their customers has become extremely important. This trend has become popular amongst the millennials as they are more into businesses/products that are true & honest to them. Millennials are always on the lookout for products that are safe for the environment, and jewellery is no exception in this case. They want to be assured that the products that they are using do not have any kind of negative impact on the environment.
Another important trend that is here to stay here for a long time is Customization. The customers are not interested in buying the pieces that they can see at the store. On the other hand, they would like to come up with a design themselves and get it made for themselves. Hence, customization rules & will continue to rule.
When we talk about equality, how can we leave jewellery behind? That time is gone when jewellery was only for women. Now, manufacturers are designing pieces for men too & brands are selling the same. Be it watches, wedding rings, or neckpieces, we can see brands targeting men & creating stunning designs for them.
With the passage of time, consumers have become comfortable shopping for jewellery online, and have also started to make big amount purchases too as compared to 3 years back and we expect this trend to grow at a fast rate. However, the mid-market jewellery brands & manufacturers are facing a lot of problems because of the fall in the footfall & trust of the consumers. They are required to work hard if they want to be part of this race.