Changes in Consumer behavior and perception towards the Precious metals

By Dr. Renisha Chainani, Head- Research, Augmont – Gold for all

India’s culture is closely linked to gold, which is associated with festivals, customs, and religious beliefs. In India, purchasing gold is not a luxury but rather a necessity. In recent years, there have been numerous changes in consumer behaviour and perceptions of precious metals.

Wedding Consumer – India is a young nation with more than half of the population under the age of 25 (and 65 per cent under the age of 35). With a market share of between 50 and 55 per cent, bridal jewellery dominates the gold jewellery industry. The country hosts an estimated 1.2 Crore weddings each year. Indian weddings typically feature two to three kilogrammes of gold, with several more kilogrammes on display in relatively wealthy homes.

Rural and Urban Consumer – Rural areas account for 65% of demand, while urban areas for 35%. Physical gold in the form of jewellery, bars, and coins is very popular with rural consumers. Rural consumers purchase physical gold from a nearby jeweller store in lump sum amounts or through gold-savings schemes. These schemes enable people to gradually save money and accumulate gold over time.

While the urban consumer enjoys purchasing gold in all of its physical and digital forms. Urban consumers generally buy 5–20 grams pieces of physical gold jewellery during festivals that they can use for daily wear or workwear. ETFs and SGB were the only two digital investment alternatives used by Urban consumers, but over the past three to four years, Digital Gold has emerged as a very good option too.

Millennial Consumer With the development of technology, younger generations are choosing to invest in gold through online platforms that provide fractional ownership or digital representations of actual gold. Real-time pricing, detailed product information, and safe payment methods are all offered by online shopping carts and mobile apps, making online transactions efficient and transparent. Because of these e-commerce platforms, gold is more easily and affordably available for purchase and sale in smaller quantities too.

Digital Gold/Silver ConsumerNew generation products like Digital Gold and Digital Silver enable Consumers to purchase precious metals for as little as Re 1. Easy access, unparalleled liquidity, no making or transaction fees, and safety through storage in bank-grade secure vaults & under independent trusteeship are all unparalleled offerings in this market. The ability to exchange digital gold or silver for cash or fully hallmarked jewellery whenever necessary has proven to be the best perk for digital gold or silver consumers. Augmont-Gold for All is an online platform, which allows you to buy Digital gold/ Digital Silver 24*7 with 999 puritythrough a simple one-click process at the best prices.




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