CONSUMER PERSPECTIVES ON PHYSICAL GOLD: EXPLORING HEDONIC VALUE ACROSS GENERATIONS THROUGH MULTIDIMENSIONAL SCALING

Abstract

Purpose: The study explores the perceptual differences between pre- and post-liberalization generations in India regarding the hedonic value of physical gold. The objective was to map and compare the perceptions of women from two generations regarding the hedonic value of gold.
Methodology: A survey was administered to consumers from two generations within the same household to ensure homogeneity, specifically targeting married daughters and their mothers. Participants rated various attributes of gold on a ten-point scale based on their perceived similarity to gold. The study employed the Multi-Dimensional Scaling technique for the analysis.
Results: The analysis highlights generational differences in the perception of gold. The pre-liberalization generation viewed gold as fashionable but not durable or precious, valuing its glitter but not its elegance or beauty. In contrast, the post-liberalization generation saw gold as durable and precious but not fashionable, associating it positively with glitter and elegance. Both generations agreed that gold does not enhance beauty but appreciated its glitter. The perception of the younger generation is shaped by globalization and the availability of alternatives like imitation jewelry.
Conclusion: The findings of the study highlight how cultural shifts and market changes influence generational attitudes toward a cultural good like gold in India, with implications for marketers and retailers in the jewelry and similar industries.