India moves to online shopping but gold, silver jewellery market still obsessed with visiting stores

retail
By retail November 20, 2020 16:03

India moves to online shopping but gold, silver jewellery market still obsessed with visiting stores

The coronavirus pandemic has further enhanced consumers’ interest in online shopping across various product categories; however, the retail jewellery market is still being driven by the touch-and-feel factor. While online sales have increased, its share of revenues remains insignificant at less than 5 per cent in the retail jewellery market, said a report by rating agency ICRA. Unlike other retail products, customers prefer to see jewellery designs in person as the touch-and-feel factor took prevalence, the report added. The survey conducted to assess the impact of  Covid-19 on business, consumer sentiments post-lockdown, and their expectations on gold prices, festive / wedding demand, etc post-lockdown revealed that retailers have reopened all their showrooms and footfalls across stores have improved in the last 2-3 months despite the continuing pandemic-related uncertainties.

The demand for retail jewellery is generally strong during the festive period and the wedding seasons. Therefore, the retailers expect the demand sentiments to rebound in the second half of the current fiscal year, after a challenging first half. The expectations of a further rise in gold prices, shifting preferences towards gold as an asset class, better rural demand, etc are other factors supporting a demand revival, the report underlined.

 

Courtesy : Financial Express

retail
By retail November 20, 2020 16:03
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