#GoldInvestment: Transforming gold jewellery from traditional to modern – Arti Saxena

In an exclusive interaction with The Retail Jeweller, Arti Saxena, Director and Head of Marketing, World Gold Council, India, speaks about the opportunity to redefine the emotional implication of gold for youth, market gold as a superior investment asset, and how jewellers can market more effectively to the youth

By Soma Bhatta

The Retail Jeweller (TRJ): What is World Gold Council’s marketing approach?

Arti Saxena (AS): The tenets of the World Gold Council’s marketing strategy are to enhance awareness, relevance, and adoption of gold in India by leveraging customer insights to evolve the narrative around gold and better connect it with the evolving mindset of Indian customers.

We are simultaneously working on generating the relevance of gold jewellery for the new generation by redefining the meaning of gold in their lives and driving the demand for gold as an investment.

“Gen Z and millennials are bold, honest and opinionated, and there is an opportunity to redefine the emotional implication of gold for Gen Z and millennials”

Arti Saxena, Director and head of marketing, world gold council, india

TRJ: What is the consumer behaviour/sentiment towards gold in the 21st century?

AS: Being one of the world’s largest holders of gold, with more than 25,000 tonnes accumulated, gold retains its intrinsic value and cultural relevance. Though in recent years, there has been a need to redefine its meaning and relevance in the lives of the youth. Gen Z and millennials are bold, honest and opinionated, and there is an opportunity to redefine the emotional implication of gold for Gen Z and millennials.

TRJ: What is the work WGC is doing to alter the youth’s imagination of gold?

AS: We launched the ‘You are gold’ campaign to increase resonance for gold amongst the youth in the country. The 360-degree campaign highlights the many qualities of millennials and Gen-Z women, making them stand out and shine like the gold jewellery they wear and how they express themselves through it.

The campaign aims to strengthen the relevance of gold jewellery through a chic showcase in the campaign film. The intent is to transform the perception of gold jewellery from traditional to something modern, in line with the mindset of today’s young consumers.

TRJ: How is World Gold Council aiming to drive demand for gold as an investment?

AS: To drive the demand for gold as an investment, World Gold Council launched a campaign titled “Power your Portfolio with Gold” to create awareness of and drive adoption amongst new-age young investors who are inundated with many choices. Unlike the previous generations, they do not view gold as a strategic advantage.

It reinforces gold’s role as a hedge in an investment portfolio and highlights its strategic advantage in a digitally connected and competitive investment market. It retains gold’s virtue of being an enabler of bold decisions without being bound by market risks and financial practicalities in an age marked with uncertainty. This campaign encourages young investors to design the life of their dreams by powering their portfolios with gold.

“Power your Portfolio with Gold” creates awareness of and drives adoption amongst new-age young investors who are inundated with many choices”

Arti Saxena, Director and head of marketing, world gold council, india

TRJ: Both campaigns target the youth. How is World Gold Council leveraging digital and influencer marketing which appeals to this audience group? What is the budget mix?

AS: We engaged with our target audience through OTT platforms like Disney Plus, Voot and Zee 5 and social media like Google display networks, YouTube, Facebook and Instagram. Our robust influencers campaign brought forth inspiring stories of challenges overcome and success celebrated with precious gold jewellery.

These included micro-influencers (500k to 1mn-plus followers) like a Paralympic player who won gold for India, who bought herself a tennis racquet-shaped pendant. As an extension to this campaign, the World Gold Council also partnered with Vogue to share and celebrate more stories of remarkable women from diverse backgrounds.

Additionally, we partnered with iDiva for video interviews with Mouni Roy, Sania Malhotra and Rakul Preet (celebrities with a following of ~25mn) on their journeys and challenges. Our overall influencer marketing spending increased from 7-8 pc of our media budget in 2021 to 12- 15 pc in 2022.

TRJ: How should retail jewellers market gold jewellery more effectively to youth?

AS: As demonstrated in our campaigns, the sentiment around gold jewellery has evolved mainly for the younger generations. Be it a minimalistic approach limiting their purchases to items that are an extension of their personalities, millennials no longer view gold as just a status symbol.

They are averse to marketing window dressing. Jewellers should do original work to demonstrate values that resonate with the youth.

When marketing to young adults, it is critical to remember that they live in a world of instant gratification. They do not enjoy jumping through hoops to purchase or gather information unless necessary. As one is developing marketing strategies for this segment, focus on customer experience and sales process so that they can quickly complete the desired action.

“When marketing to young adults, it is critical to remember that they live in a world of instant gratification. They do not enjoy jumping through hoops to purchase or gather information unless necessary”

Arti Saxena, Director and head of marketing, world gold council, india

TRJ: Are there any distinctive trends in how consumers respond to these campaigns in Tier cities vs metros?

AS: Both campaigns have received an overwhelming response from the metro and Tier cities. With the growth of internet penetration and increased smartphone sales, the young generation is exposed to the best and hence has high aspirations. We have designed our marketing approach to cater to these aspirations and drive relevance in a highly competitive world.

TRJ: What are some of the marketing trends that stood out for you in 2022? What trends do you watch in 2023, especially in this segment?

AS: Influencer marketing expanded in 2022 and will continue to soar in 2023. Since today’s audience prioritises transparency and trust, they prefer to hear the narrative from the brand through videos directly and blogs making storytelling and content equally crucial for marketers.

Data analytics and artificial intelligence (AI) are the future of marketing. AI has become critical to predicting accurate insights, customer behaviour and consumption patterns. Digital marketers can utilise cutting-edge innovation to reach the right target audience with the correct messaging.

TRJ: What are the plans for boosting gold’s investment and fashion positioning?

AS: We plan to continue focusing on both campaigns with a fresh take on our proposition. We will explore newer avenues for ‘You are gold’ to drive advocacy for gold jewellery. Whereas ‘Power your portfolio with gold’ will focus on building awareness by tapping into different media options targeting young investors.

Retail Jeweller India