Post-pandemic Consumer Behaviour:
(By Akash Talesara): The Covid-19 crisis has taught us the value of things, of what is necessary versus discretionary. In lockdown mode, people made use of what they already had or was essentially needed. Will that mean moving away from over-consumption to meaningful consumption? Possibly. With This Pandemic most of the organizations will Plan the business from scratch zero. Keep an eye on the market as its going to be changing even fast time to reset business rules. See how to sustain for next 6 months. Right from competitor study, to Planning the product mix. In some cases Melt the jewellery which is in dead stock and not been sold for a long time. There is no immediate relief for the industry. Even if the shops/Stores are opened after the lockdown, buying gold jewellery won’t be a priority for people. If you notice closely this was an emerging trend, now fuelled further by the Covid-19 crisis. What does it mean for the global jewelry industry which relies on discretionary spending? One of the answers I feel is to look at how we can narrate jewelry with purpose driven, meaningful consumption and one that responds to consumer’s overall mental, physical and financial wellbeing.
E-commerce Growth:
Digital and remote buying is going to be the order of the day. Jewellery Shopping online has seen advantages, save time going to multiple stores, research and price check in the privacy of your own home, access products from stores far away, and just generally save time and money.
While fast shipping options have been able to lend online shopping almost the same instant gratification of retail shopping, there has historically been one downside: you can’t feel the product or see it on your body or in your home. With Augmented reality makes visualizing the product in your life possible, Jewellery Industry is up for bigger changes.
Sustainability:
Our jewelry industry is closely linked to nature’s bounty – metals, diamonds and gemstones. I believe this crisis is sending a strong signal to humanity. To prevent future climate catastrophe and spread of deadly diseases, we have to step up and refocus our energy in nurturing nature and in our sustainability efforts. For consumers the climate issue is going to resurface once the Covid-19 crisis starts becoming manageable. Can we as an industry urge action through meaningful engagement? One of the most effective ways to tackle climate change is through purpose-led actions coming from design thinking. People deeply care about climate and connection to the natural world. I am one of them. What we wear is a big part of our personal identity, and that’s what jewelry does so well, it lets us show who we are to the world.
Value, Meaning and Purpose:
Now, more than ever we need a connection to who we are, what we love and how we show it. With gold prices shooting up there are possibilities to see some alternative metal to be seen as intigreted part of Jewelry . Jewels are about our personal identity, celebration and dreams. Consumers will return to jewelry, but with a changed perspective. They will return and look for jewelry with meaning, purpose, positivity, joy and deep personal connection to who they are and what they value. This must reflect in our jewelry designs. It must reflect how wearing jewelry makes us.
The author Akash Talesara is Jewellery Expert, NIFT, FIT ( NY) , IIM.
