Wedding Ornament Shopping To Continue In Physical Mode: Experts

Amid the rising online and digital consumption rise in the post-pandemic era, buying wedding ornaments in India will continue to be in physical mode. 

At a recent industry event, Sunil Nayak, CEO, Reliance Jewels pointed out that buying an odd ring, earring or pendant online is fine, but when it comes to weddings, Indian consumers are seen at the store. 

By rough estimates, Asia’s third-largest economy is expected to witness over 1 crore weddings annually giving 6 crore seekers out of the 50 crore unmarried people in the country. India has witnessed a rapid change in online buying during the pandemic and subsequently in the post-pandemic era – be it grocery or lifestyle. 

“Customers are more demanding as no one wants to buy me-too products. But managing inventory to churn out the maximum return on investment holds the key,” added Nayak.

Further, Rajendra Kalkar, President (Malls), The Phoenix Mills, stated, “The conflict between physical and digital consumption has evolved from the rapidly tech-savvy customer across the globe that has bought disruption to retail and real estate.” 

India’s overall consumption, estimated at USD 700 billion annually and estimated to reach USD 2 trillion by 2032, has been driving investments in real estate since 2012, with pension and sovereign funds at the forefront of it, explained Ajay Prasad, Managing Director, Taurus Investment Holdings, “With 70 per cent of India’s GDP coming from consumption, retail is the vehicle for large institutional investors to play consumption story here."