The Role of Socio-Cultural and Economic Factors in Shaping Gold Jewellery Buying Behaviour: An Empirical Study of Kolkata
Keywords:
Consumer behaviour, Economic factors, Gold jewellery buying behaviour, India, Kolkata, Socio-cultural factorsAbstract
Gold jewellery also has its own niche in Indian society, as it serves as a cultural icon, social asset, and economic investment. This paper discusses socio-cultural and economic conditions as determinants of the purchasing behaviour of gold jewellery in Kolkata, a place with a rich cultural background and dynamic consumer base. The research design equipped a descriptive and analytical study that utilised primary data in the form of a structured questionnaire with 250 respondents. Data analysis was done using descriptive statistics, correlation analysis and multiple regressions. The results indicate that the socio-cultural and economic aspects play an important role in gold jewellery purchase behaviour, though the former has a greater influence compared to the economic aspects. Traditions of the culture, family values, social status and rites of a ritual became dominant factors, whereas income level, price sensitivity and investment value became supportive but important. The research also found a strong interdependence of socio-cultural and economic variables, which shows that the decisions to buy are influenced by a combined cultural-economic construct instead of rational decisions alone. The findings are relevant to the study on consumer behaviour by supporting the fact that the consumption of gold in India is culturally entrenched and provide useful insights to jewellery marketers and policymakers who are interested in culturally sensitive policy designs.
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