Women want Gold on V-Day!

February 09, 2009

Commodity Online
MUMBAI: With the Valentine’s Day round the corner, gold sales are set to soar if a survey by the World Gold Council’s (WGC) is any indication.

Women across the world love to get some gold jewellery as a gift on Valentine’s Day. So all Valentines can now hunt for some gold jewellery to please their heartthrobs.

Even though the world is passing through a difficult phase of economic slowdown and job cuts, the craze for gold has not diminished a bit. That is what the survey has shown.

According to the survey, women all over the world agree that a key reason for buying gold jewellery as a gift is because it is everlasting.

The survey was conducted by independent research firm, GfK, in the key gold jewellery markets of India, China, Saudi Arabia, Italy, Turkey and the USA.

Around 7,500 women aged between 15 and 65 were asked about their reasons for buying and favourite occasions for receiving gold jewellery, with 76% agreeing that it is everlasting and Valentine’s Day emerging as a key date.

The survey showed that Valentine’s Day is an important occasion for receiving gold jewellery for women in different regions around the world.

The higher gold price has added to gold jewellery’s desirability despite these challenging economic times. Gold’s perceived value and enduring emotional appeal are not mutually exclusive and set gold apart from other traditional gifts and apparently, holds the key to women’s hearts on Valentine’s Day.

With two-thirds of global gold demand coming from the jewellery sector, understanding the consumer is crucial to both the gold jewellery trade and the gold market as a whole. With retailers under severe financial pressure, unlocking the consumer purse through effective promotion of gold jewellery is critical.

Even the younger segment of those surveyed, who are typically more interested in spending money on gadgets such as mobile phones than spending their disposable income on jewellery, appreciate the romance of gold jewellery with 30% stating they wanted to receive it for Valentine’s Day.

The rising gold price over recent years has increased gold’s desirability as a gift, with women appreciating that they are being given something of lasting value.

Women in Turkey and Saudi Arabia are particularly shrewd on this point, with 65% and 70% respectively citing that gold will not lose its value as a key reason for buying gold as a gift.

In contrast to gold jewellery, which has clear financial value, other luxury consumables were viewed as having short-term aesthetic appeal and therefore lacked the investment value and the longevity of gold.

Women in the USA and China cite a more romantic sentiment behind buying gold as a gift, with 56% of those surveyed in both countries agreeing that gold is a symbol of love. In India it appears women regard gold as an indicator of emotional ties, with 81% claiming that the amount spent on gold jewellery reflects how valued someone is.

Other key occasions on which women like to receive gold are birthdays, wedding anniversaries, weddings and religious festivals, with women also buying gold jewellery for themselves on these occasions.

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