Consumers now want fewer, but better & more meaningful things: Richa Singh
Shrugging off the disruptions of the year gone by, businesses and agencies are looking for a strong revival in 2021. Over the next few weeks, Adgully – as part of our annual TRENDING NOW endeavour – will be presenting the strategies and views of a cross-section of industry leaders as they go about reclaiming lost time and market opportunities and build for a stronger future, armed with the lessons of 2020.
Richa Singh, Managing Director - India, Natural Diamond Council, speaks about the major changes in consumer behaviour as well as preferences due to the pandemic. She adds how consumers now want fewer, but better and more meaningful things.
Outlook for 2021
The pandemic restricted the movement of consumers as physical stores were shut so for quite some time and there was a gap in interaction with customers. Therefore, it was important to re-create the experience of buying jewellery through the digital medium, while re-establishing the trust among consumers. The lockdown redefined things for everyone and we had to reinvent our ways of understanding consumer sentiment. We spent time having long conversation with consumers and could trace that there is a rise in desire for products which demonstrate ethical and sustainability credentials and an enhanced appreciation for the natural world.
Customers wish to buy fewer, but better things that would last forever and invest in jewellery that is not only meant to be kept in a locker. They wanted pieces that held meaning for them and could be worn and enjoyed every day. In fine jewellery, we are seeing a resurgence of the timeless diamond classics.
With all the consumer insights gathered over the last few months, we are also on the verge of launching a trend reportthat predicts the year ahead in the jewellery universe.
My wish for this year is that it turns out to be a great year for all of us and as people are returning to shopping in store, reassuring them of the safety of the purchase process will be a top priority for retailer communications. We have learnt that the consumer now wants fewer, but better and more meaningful things. They are looking to express their emotions with their loved ones. They want to celebrate the key moments in life – big or small.
Natural Diamonds tick all these boxes and we believe that if we can connect with the consumer, it will be an even greater demand for fine diamond jewellery. As a start towards this, in the last quarter there was a rise in demand for diamond jewellery owing to people celebrating weddings and festivals on a small scale; we believe that this is just the beginning to a better year ahead.
Key learnings from 2020
There have been quite a few learnings from 2020, first being the power of digital and online channels. For our industry, it is the first medium of discovery of both the brand and the product. It will remain relevant in sharing insights and knowledge with the consumer and for improving the experience of purchasing diamond jewellery.
Secondly, the needs, wants and ways of making a purchase decision is changing drastically and frequently, hence staying adept to new trends and focussing on consumers purchase journey is critical to increasing demand in the sector.
This year, we have worked to develop learning platforms for the industry and we used 2020 as an opportunity to upskill ourselves as a team.