We have all heard of the phrase “Consumer is King”. Consumer psychology is the study that explains why “consumer is king”. To put it in simple words, it studies factors that influence decision-making and the emotions that are associated with purchasing a product or a service. This field combines elements of psychology, sociology, marketing, and cultural anthropology to better understand the motivations and emotions that drive jewelry purchases.
In the gems and jewelry industry, the key drivers of consumer behavior include personal style & preferences, social status, cultural and symbolic meanings, and perceived value.
Authentic Louis Vuitton bags are handmade from experienced craftsmen who take pride in producing impeccable products from only the finest and highest quality materials. The brand is synonymous with luxury, exclusivity and high-quality, which create high demand in the market for its products.
Cultural and symbolic significance influence jewellery purchases. Jewelry can be viewed as a form of self-expression and additionally a way to honor cultural traditions, beliefs, and heritage. Waman Hari pethe Jewelers are an inspiration to take note from as they have dominated the market for traditional Maharashtrian jewelry. Their wedding pieces such as mangalsutra, Zodve, Nath etc. which are frequently worn as a symbol of love and commitment.
Perceived value is considered primarily when purchasing jewelry. Customers frequently spend more on jewelry that they consider to be of exceptional quality, one-of-a-kind piece, or handcrafted. This can be influenced by factors such as the materials used (for example, gold or diamonds), the design, or the brand’s reputation.
Many Cartier watches retain their value, and several will be valued greater on the preowned market than when they were purchased. It also helps with resale value if they are kept with their original box and documentation.
Less is more when it comes to exclusivity. Luxury products are frequently considered as rare and unique, and are only available to a handful number of people. Customers may be drawn to luxury products owing to the sense of exclusivity they create.
Mikimoto Pearls a Japanese company specializes in creating pearl jewelry from Akoya pearls and has pioneered culturing pearls since 1893 and is now the biggest name in luxurious, high-quality jewelry featuring cultured pearls given its exclusive nature.
To recap, understanding consumer psychology can help businesses create targeted campaigns and attractive product offerings. By considering the personal, cultural, and emotional aspects of jewelry purchases, they can understand their consumers’ needs and desires better and design products that resonate with their target population.
