International Journal of Contemporary Research In Multidisciplinary, 2024;3(1):90-98
A Study on Purchase Behavior of Gold Consumers of Koduvally – The Golden City in Kerala
Author Name: Fazal P, and Dr. Mohanadasan T.
Paper Type: review paper
Article Information
Abstract:
The purpose of this empirical research is to evaluate the purchase behavior of gold consumers and to explore the relationship between factors influencing the purchase behavior, both directly and indirectly, in order to validate the proposed research model in the context of gold consumers in Koduvally, the golden city. Koduvally, a place in God's own country, has a reputation as the "city of gold" and "golden city" due to its history in the gold trade in the 18th and 19th centuries. It was discovered that Koduvally is known for having more than 100 jewelers within a radius of just one km. It is based on 'perception, intention to purchase, shopping habit, and willingness to pay more in relation to'socio-economic,, personal, and cultural factors and was analyzed by the data collected from 182 gold consumers. The findings revealed that purchase intention and perception were significantly and directly driven by personal, economic, and socio-cultural factors. However, psychological factors have the most significant positive effect on the shopping habits of the gold consumers in this model. Moreover, personal and economic factors were found to have the highest significant positive effect on the willingness to pay more for purchasing gold products. Hence, the present research model provides valuable inputs to gold marketers from the perspective of the purchase behavior of consumers to design policies and strategies in order to cope with the changing environment in the gold market.
Keywords:
Gold, Jwellery, Purchasing, Behavior, Golden City
Introduction:
Gold, the universal property with no geographical, socio-economic and national boundaries is considered as a family treasure that is passed on from generation to generation-in India. It is believed that Indian families hold comparatively vast quantity of gold products. According to studies, it is calculated to be twice the gold holdings of the Central Bank of America. Indians have been one of the acute long-term investors in gold to enhance and shield wealth. Gold is the only trustworthy alternative to the dollar and euro on the decline. The per capita consumption of gold by Kerala and Tamilnadu is found to be the highest in the world. There is a quote that “Gold is next to God ‟which expose the significance of gold in any society. The possession of gold is treated as a fashion, status and it is a symbol of prestige (Rani, 2019)[30]. The people irrespective of creed, casts, religion and region, consider gold as a symbol of love, prosperity, luck and good fortune (Rani, 2019) [30]. The usage of gold has always been greatly intertwined with the financial planning goals of Indian consumers (Sangeetha, 2019)[12]. Jewelry products in the past many decades are now facing a new type of rivalry and challenges in terms of branded jewelry, which is controlling a major portion of the jewelry section (Prabakumari and Anitha, 2016). [25]. In the past couple of decades, things have changed excessively as regards individual income, lifestyle, and literacy rate to a different avenue of measurement and buying decision.
How to Cite this Article:
Fazal P, and Dr. Mohanadasan T.. A Study on Purchase Behavior of Gold Consumers of Koduvally – The Golden City in Kerala. International Journal of Contemporary Research in Multidisciplinary. 2024: 3(1):90-98
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