- Log In/Sign Up
- P-ISSN1738-3110
- E-ISSN2093-7717
- SCOPUS, ESCI
ISSN : 1738-3110
A Study on Spending Patterns and Buying Motives of Indian Gold Consumers
Ansari, Rizwana
Challagundla, Srilakshmi
Abstract
Purpose - The objective of this research is to be acquainted with the spending patterns and buying motives of Indian gold consumers along with the opinions of gold traders. Research design, data, and methodology - The study administers a structured questionnaire survey with 450 consumers and conducts personal interviews with 60 gold businesspersons in the Indian state of Andhra Pradesh, a leading gold consuming state in the entire country. Using Analysis of Variance, the collected data was analyzed and the hypotheses were tested. Results - Results indicate that 85 percent of Indian gold consumers are purchasing gold in the form of ornaments and jewellery as against 10 percent invested in gold coins/bars. Another 5 percent consumers is investing in gold by choosing either gold traded mutual funds or gold schemes introduced by corporate gold traders. Conclusions - Majority of the Indian gold consumers are considering occasions and festivities while buying gold and then giving preference to price as against least preference to recommendations of brand ambassadors.
- keywords
- Gold Consumers and Traders, Spending Patterns, Buying Motives, Gold Ornament Market, India
Reference
Bhattacharya, Himadri (2002), "Deregulation of a Gold Market in India", London: World Gold Council, September, Retrieved February 05, 2013, from http://www.thebulliondesk.com/content/ reports/temp/india.phf.
Eenadu (2013), "Special Article on Gold", Eenadu Sunday Special, 24 February, p. 26. Andhra Pradesh, India.
4Ps Business and Marketing (2012), "Annual Consumer Compendium: Decoding the World’s Hottest Consumer Market", VII(1), 9th February, 48.
Krishnan, Aarati (2013), "Is Increasing Import Duty on Gold a Good Move?", Business Line, The Hindu, 26 January, p.8. India.
Kumarasamy, Umanath (2012a), "Gold: A Glittering Investment Alternative?" Facts for You, 32 (7), April, p. 9.
Macquarie (2011), "Indian Households Hold over $950 billion of Gold: Macquarie", 2011-12-04 http://economictimes.indiatimes.com/markets/commodities/indian-ho useholds-hold-over-950-billion-of-gold-macquarie/articleshow/1097 8409.cms.
Marcus Grubb (2013), "2012 Sees Gold Demand hit Record Value Level: Q4 2012 up 4% year-on-year as India, China and Central Banks drive Demand". Retrieved March 14, 2013, from https://www.gold.org/media/ press_releases/archive/2013/02/gdt_q4_2012_pr/
Misra, Biswa Swarup (2013), "Is Increasing Import Duty on Gold a Good Move?", Business Line, The Hindu, 26 January, p.8, India.
Pattanaik, Devdutt (2013), "Sacred Gold", Retrieved February 5, 2013, from http://www.gold.org/investment/research/
Prasad, Vijay Durga V. (2010), "Hall Marking in India: A Major Quality Initiative in the Largest Gold Jewellery Market in the World", International Journal of Marketing Studies, 2(1), 197-212.
Ravi Raheja (2005), "Consumers Indulge in Lifestyle Spends Reveals KSA Consumer Outlook 2005," http://www.agencyfaqs.com, February 28, 2005; Retrieved March 12, 2013, from http://www.icmrindia. org/casestudies/catelogue/Business%20Reports/BREP047.htm
The Times of India (1979), "Directory and Year Book", p.278.
Vishwanathan, Sumathi (2007), "Indian Jewellery", Yojana, September.
White, T. Peter & Stanfield, James L. (1974), "The External Treasure Gold" National Geographic, 145 (1).
World Gold Council (2013a), Retrieved February 05, 2013, from www.gold.org
World Gold Council (2013b), "GoldDemand Trends Full year 2012".Retrieved March 14, 2013, from https://www.gold.org/investment/ research/regular_reports/gold_demand_trends/
World Gold Council (2011a), Retrieved March 12, 2013, from http://www.gold.org/investment/ why_how_and_where/why_invest/demand_and_supply/
- Downloaded
- Viewed
- 0KCI Citations
- 0WOS Citations