This festive season, jewellery brands aren't just targeting traditional consumers, they are also eyeing to get millennials, especially women, into their fold. To cater to young and office-going women, several top brands have launched lightweight jewellery.
But as a major chunk of sales for brands come from heavier jewellery, worn more during the festive and wedding seasons, brands are also trying to get millennials to shop during the Diwali season.
Top companies, including Tanishq and Malabar, are expecting the festive season to contribute at least 30% of their total annual sales and have lined up elaborate marketing and advertising campaigns. To target millennials, the Malabar group has roped in youth icon Manushi Chillar.
“The festive season contributes to a significant percentage of our annual sales, considering our category is entrenched in the Indian festive season. Heavier jewellery is worn with traditional attire and also bought during festivals. Therefore, the festive season is very relevant for our category,” said Deepika Tiwari, Associate VP, Marketing, Jewellery Division, at Titan Company Limited.
Malabar, another brand recognised for its heavy jewellery, expects 25% to 30% of its sales to come from the festive season.
“Festivals are very important for jewellery business as 25% to 30% of our sales come from this season. These seasons vary from state to state; for Kerala it is Onam, for Tamil Nadu it is Pongal, for Karnataka and Andhra Pradesh it is Ugadi and for the rest of the country, it is Diwali. We launch a new range of jewellery for every festival to suit the requirements of our regional buyers. While Raksha Bandhan and Dhanteras contribute a little to our revenue, Akshaya Tritiya has now become a very important day for the sale of jewellery in all the states we operating in,” said K P Narayanan, Corporate Media Head, Malabar Group.
Despite emerging online stores, consumers still prefer to buy offline if they look for a heavier range. They prefer to feel, touch and wear jewellery before they make a final call. The store experience is still a driving factor for the buyers.
“Online, as a medium, has developed more as a means of discovering and identifying what kind of designs and varieties are available across the market. Most consumers continue to head to retail outlets and stores as and when they purchase jewellery, especially diamonds. Jewellery products up to around Rs 12,000 and with conventional designs still see some amount of traction online,” said Tiwari.
At Tanishq, launching new marquee collections during the festive season is a common strategy and this year will be no different.
While Malabar has the strongest foothold in Southern states, in the coming festive season, Tanishq aims to beat one of its biggest rivals.
“We have the widest store presence in the Northern and Western parts of the country and these regions contribute the most to our sales. However, this year we are betting big on Southern India. An expanded network and locally relevant collections allow us to reach out more effectively to our consumers in the region,” said Tiwari.
To offer better consumer experience, Tanishq is looking to explore tie-ups and sponsorships for the upcoming festive season.
Malabar has been consistent with its ‘Brides of India’ campaign for eight years now. However, this year, Malabar is shifting its focus to lightweight jewellery as well.
“Our aim is to cross 500 stores in three to four years. We will put up kiosks in malls and supermarkets to sell trendy and lightweight designs. Youth-centric activities will also be planned. We use the traditional mediums to reach out to women and in addition to that, we have a new brand ambassador in Miss World 2017, Manushi Chhillar. We have brought her on board to cater to the young audience,” said Narayanan.