research paper on gold shopping in india

GLOBAL JOURNAL OF MULTIDISCIPLINARY STUDIES ISSN: - 2348-0459

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Volume-4, Issue-7 June 2015 Impact Factor: 2.389

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GOLD SHOPPING IN INDIA AN ETHNIC AND RITUAL ACQUAINTANCE

Prashant Mishra

ASST. PROF.

Pursuing Ph.D. from MGCGV

Vindhya Group Of Institutions, Satna, M.P.

Abstract: - Possessing gold is firmly entrenched in Indian society and ethnicity although a little

attention in terms of academics has been paid to its importance within the purchaser civilization. This

paper relates the gold-shopping activities described by fifteen Indian women in semi-structured

interview. They describe how, when and why they commence the activities adjoining gold shopping.

The answers position gold as an manufactured article and typify gold-buying activities as a ceremony.

This research is set in the City of marble, Jabalpur, Madhya Pradesh, India. Quantitative data

collection followed this qualitative phase in part two of the study.

Keywords: - Possessing, entrenched, academics, manufactured.

Introduction

Possessing gold is firmly embedded in Indian

customs and traditions (Dempster, 2006)

although little academic attention has been paid

to its significance within the consumer culture.

Preliminary interest in this cram developed from

observing gold-buying activities in the Gold

Market predominantly known as Sarafa

Bazaar in India interestingly where I was also

buying gold with my family for my Niece

marriage and I saw lot of ladies of almost every

age group ferociously indulged in to the process

of buying Gold. Hence, the research began with

questions whether Indians have idiosyncratic

consumer actions when it comes to buying gold.

The study narrowed to the question Is gold

buying a sacrament in India? Three aspects

framed the project:

(1) When does the Indian women buy gold,

(2) The reason behind why they buy so viciously

(3)The Purchasing Pattern - how described by

proceedings and behaviors - they buy.

This paper reports on the qualitative phase

which involved in-depth interviews with fifteen

women.

THE RESEARCH SETTING

The India demand for gold jewelry is 22% of the

global market according to research conducted

by the World Gold Council (Dempster, 2006).

Additionally, India represents 35% of the net

retail investment, including gold coins and gold

bars. India is the worlds largest consumer of

gold in tonnage terms (Ibid, p 1). Gold is a

formidable part of showcasing the Indian society

and civilization. The culture celebrates many

spiritual festivals and occasions such as

marriages when gold is worn as part of the

colorful and generous outfits. Giving gold as

gifts is also very widespread.

Shopping for gold typically requires that some

degree of haggling over price takes place. When

the customer asks how much, the gold is

usually weighed and the cost calculated

according to the world market price which

changes daily. It is the fixing, or making, part

of the price which is negotiable and subject to

discounting as the salesperson and the

customer move toward a mutually acceptable

amount that will conclude the sale.

LITERATURE REVIEW

Early seminal research about Indian consumer

culture is the Mehta and Belk (1991) study

which focused on respondents using favourite

possessions to maintain their Indian identity.

Two respondent groups provided the data one

group who had emigrated to the United States

and one group who still lived in India. Results

found that expatriate Indians use artifacts and


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rituals to sustain their culture or at least to give

the appearance that they have not lost their

heritage.

In the Mehta and Belk (1999) study, the

expatriates favoured possessions were

traditional artifacts, whether authentic or

reproduction. The items were valued for the link

that connected them to the cultural community

they had left behind. Gold, although not

specifically mentioned as an artifact, is also a

valued possession according to its significant

role in Indian culture (Dempster, 2006). Gold

is an artifact because the status it holds in the

Indian culture designates membership to that

culture (Craig and Douglas, 2006).

Gold is unique, however, because it is not

necessarily a cherished possession. Cherished

possessions carry reminiscences about life and

create a personal and durable sense of

identity (Price, Arnould and Curasi, 2000, p

187). When gold is purchased with the

intention that it will be passed to children,

daughters in particular, at some future date,

the attachment is never solidified because

arguably, it is never fully acknowledged as ones

own.

Gold possession could be said, then, to

constitute culture and the role that gold plays in

rituals sustains the culture. Rituals include

consumer behaviours as well as occasions such

as religious holidays, festivals, and marriage

(Craig and Douglas, 2006). It is the meanings

that underlie the activities and embed the

norms into behaviours that bind people into a

culture. Alternately, giving artifact status to

gold in cultures other than the Indian may not

be accurate. Within other cultures, gold does

not typically hold as much value nor is its

possession as inculcated into tradition and

cross-generational relationships. Thus,

generalization to other cultures and consumer

societies is limited without depth and accuracy

of comparison across contexts and situations

(Craig and Douglas, 2006).

The relationship of gold within the culture and

the behaviour of the consumers as they go

about their purchasing activities suggest that

gold-buying is ritualistic. It is a social action

that engages people with consumption. In turn,

cultural values are reinforced through the

meanings that gold brings to the society. Its

significance is not diminished by issues such as

price because the purpose for gold-buying, and

thus the ritual, permeates the culture to

reinforce identity (Luna and Gupta, 2001).

Lastly, rituals from one culture that are

performed within the environment of another

culture do not necessarily reflect the values of

the host culture (Ibid, 2001). In the situation

where expatriate Indians are enacting the gold-

buying ritual within the host Arab culture, the

ritual is reinforcing the Indian culture while

having little or no effect on the Arab

environment. For this reason, gold-buying can

be isolated as a ritualistic behaviour that, when

explored, furthers understanding about the

consumer society while contributing to

knowledge about how the society is constituted

and sustained.

RESEARCH METHODOLOGY

The initial phase of data collection was

qualitative. Its exploratory nature was intended

to provide descriptive information that would

contribute to the development of the study. The

relation between consumers and their buying

behavior is guided by emic methodology which

facilitates the understanding about individuals

and their cultural issues wherein the cultural

value system includes cultural elements that

individuals have in common with the group(s) to

which they belong, as well as idiosyncratic

values unique to the individual (Luna and

Gupta 2001, p 47)

Fifteen women were chosen randomly from the

market and they agreed to talk about

purchasing gold when they buy, why they buy

and how they buy in a semi-structured in-

depth interviews. The conversation with the

ladies were initiated once they have finished the


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buying process and after explaining them the

objectives of the research and obtaining their

consent, they were if they could spare some

time to meet us at their home. Review of the

data clearly reflects that the interviewer did gain

the womens confidence which added to the

richness of the information collected.

Ten statements, worded in the first person, were

used to guide the discussions. They were pre-

tested and refined before being taken into the

field. During the interviews, each statement

was read to the respondents who answered

whether it applied to them. The interviewer

probed for more in-depth comments by asking

why and encouraging discussion about basics

of behaviour that contributed to their answer

selection. Each interview was transcribed. All

the interviews were conducted in Hindi which

later were translated to English

The ten statements were grouped under three

propositions within the when, why and how

elements of interest:

P1 (when): Indian woman buy gold at specific

times - such as event happenings (festive

occasions) and/or special sales promotion

periods two statements

P2 (why): Indian women have specific intent

(reasons) when buying gold four statements

P3 (how): Indian women have specific behaviour

when buying gold four statements

FINDINGS

After the interviews were successfully conducted

and were analyzed following findings were taken

out as a part of the research study.

P1 (when):

Woman buy gold at explicit times - such as

events & festive occasions

Special sales promotion periods.

The propositions two supporting statements

used event specific situations for the

respondents common reference points.

Statement S1 measured the Indian culture and

the a range of festive occasions that are

celebrated, counting weddings, religious events

and holidays whereas statement S2 asked

whether buying takes place at out of the

ordinary times of the year, such as vacations, or

during sales promotions.

S1 - I buy gold for special occasions (weddings,

traditional festivals, etc).

S2 - I buy gold at special times of the year.

Usually, respondents agreed that it is not a

necessity to buy gold during special occasions.

Some said that if they do buy gold, it is only for

a wedding juncture. R2 stated, I agree [to buy

gold] for such special occasions like weddings or

special festivals like Diwali that we have. We

have a preference to buy during special

festivals, and we need to buy during weddings.

It is a must to buy during these occasions.

Purchasing gold during traditional or customary

festivals is not an unavoidably part of their

consumption pattern. This contradicted P1 that

women do buy gold during festivals. R1

explained, Because in India, we already have

these big sets [of jewelry], we dont have to

precisely go and buy when there is an occasion.

During weddings, we might make gold sets but

more often than not we dont go and buy them

since we previously have lot of gold jewellery

and big gold sets. We dont keep buying it all the

time. We usually buy it on one occasion and use

them over several occasions.

Two respondents said that their gold purchases

depended on the financial budget that they set

aside for the year. In discussion, these women

were very laid-back about their purchase

behavior. They said they do not buy gold when

it is an occasion-specific event. Rather, they

prefer to buy once a year and the time depended

on their frame of mind as well as their

untailored visits to gold shops.

The statement, S2, focused on whether the

purchase was a function of the yearly sales

events that take place during any shopping

festivals or any specific time of the year such as

vacations. Five respondents said sale periods

do not affect their purchasing. Two did say that

they do buy gold before going on vacations to

visit relatives. R3 stated I usually buy gold


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during the summer vacations because I have to

visit my parents back home thus, I have to buy

gold for my relatives like my sister-in-law etc.

P1: The respondents comments indicate that

traditional cultural events, celebrated away

from home where home is defined as where

they live hold significance and that gold is an

integral part of customs and traditions.

Alternately, the respondents typically do not set

out to buy gold at specific times such as during

sales promotion events when promotions are

everywhere. Two respondents mentioned

buying to give to relatives when traveling home

on vacation. This practice may be expected

within their families or it may be part of her

regional culture in India.

P2 - Why:

Indian women have specific intent when buying

gold four statements.

The propositions four supporting statements

broadly covered financial (S3), personal (S4),

religion (S5) and traditional value (S6) as the

reasons for buying gold.

S3: I buy gold because of its future investment

value.

S4: I prefer to buy gold for myself.

S5: I buy gold for religious purposes.

S6: I buy gold because of the conventional value

it holds for me.

Four respondents said that their gold purchases

are partly made with investment purposes in

mind. They characteristically buy gold biscuits

and gold coins when the purchase is financially

motivated and sporadically gold jewelry fulfills

the same objective. Interestingly, the women

who do not have daughters tend not to consider

gold as an investment instrument. On the other

hand, those with daughters said that they will

pass the gold to the daughters for her financial

security. The three women who do not buy for

investment said they want a more diversified

investment portfolio rather than one which is

made up entirely of gold. They stated that they

buy gold for wearing and gifting purpose.

Personal use was the focus of S4. Direct

reference about self-gifting was not made

although it would fall within this statement.

Three women said that they do purchase for

personal use. Additionally, they also buy for

daughters or friends. R3 said, I sense it is

important to buy gold for my cousins, relatives

and friends mainly for two reasons; one it acts

as gifts, and the other as presents on marriages

in family. One of the respondent said that

personal gold is bought to give in the form of

Zakat (donations) by Muslims. Overall,

responses indicate that gold-buying is not by

and large done for personal utilization. Rather,

gift-giving is very important in spite of whether

it is for weddings or friendship or in order to

recognize family relationships.

Open discussion about gold-buying for religious

reasons was discouraged by the respondents.

The statement was included because many of

the Hindu festivals are linked to the worshipped

Gods. Although the respondents said that their

gold-buying was not for religious purposes, they

would not elaborate on their answers. R5 did

say that religious observance is a personal

activity. The limited answers of other

respondents suggests that they do buy gold for

giving Zakat (Hindu) and Eid (Muslim) gifts or

for giving to God to show ones appreciation (by

Hindus in their temples). It was clearly visible

that buying gold for religious reasons is indeed

a very delicate activity which the respondents

chose not to speak about.

Five respondents said that buying gold as a

traditional consumer activity was not a reason

for them to purchase. Instead, they said that

tradition considerations are part of the design

selection. For example, one respondents said

that traditional designs are situation-specific

such as what is worn for weddings. Alternately,

if trendy designs are the preferred style, then

they would be purchased for day-to-day or

casual wear. R2 and R5, who are the older of

the respondents, preferred traditional style

jewelry when choosing designs. This suggests


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that age may be a reflection for traditional style

choice.

P2: The respondents' answers to each factor

suggest that specific intent does underlie gold-

buying activities. Gift giving, including giving it

to their daughters for future investment -

though paradoxically gold was not bought for

any traditional value it held for the ladies - or as

presents during weddings was an important

reason. Another was buying for self-gifts.

Buying gold for religious purposes is a private

matter.

P3 How:

Indian women have specific behaviour when

buying gold Four statements

The third proposition focused on whether Indian

women display specific buying behaviour when

purchasing gold. The statements that fit with

this proposition sought answers to specific

actions.

S7: I keep track of the market price of gold.

S7 asked about pre-purchase behaviour: I keep

track of the market price of gold had three

respondents to say yes, they often do, while four

said they do not. R6 believed that the price

does not affect her purchase. Alternately, R1

sets a budget and then keeps an eye on the gold

prices before purchasing. Those who do keep

track of market price do so usually through

word of mouth from friends, relatives, peer

groups etc. or subsequently following the prices

published in the daily newspapers. The extent

to which this information (knowing about gold

prices) drives their purchase (buying when price

points are acceptable) is unknown.

S8: I prefer to go alone when shopping for gold.

S9: I almost always to go one salesperson when

buying gold.

Respondents were asked (a) whether they are

typically go alone when shopping for gold S8,

(b) whether they frequently visit one store (or

shop around) or whether they have a preference

for dealing with the same salesperson when

repeating purchase at a particular store S 9.

For the first statement, whether they are

typically alone when shopping for gold (S8),

most respondents said that they are rarely alone

when buying gold. They said that they needed

someone to be with them to help them decide.

Some even mentioned that buying gold is a

shopping weakness for them and they want

someone with them to help with the decision

making. Most respondents consider buying

gold to be a huge purchase that involves serious

thinking and scrutiny before making a decision.

Their cultural society is one of collectivism, and

this may be one of the reasons why group

activities are integrated into the purchasing

habits which the ladies had described.

Most respondents prefer to purchase from one

shop when buying gold (S9) and they have one

favorite shop where they feel comfortable

shopping. R3 said I only go to D Damas. I like

going to that shop because I know the

salespeople really well, and mutually, they know

my taste really well. Respondents also said

that their decision to purchase is subject to

change if they go to a few more shops and look

around. R6 explained, Because the designs are

different in each shop, and so going to one is

not compulsory. We do go to 3-4 shops all the

time, and my favorite is Kothari Jewelers.

Thus, shop loyalty is evident but the loyalty may

not be strong enough to hold the respondents to

one shop.

All respondents except R2 said they prefer to

deal with one salesperson when buying gold.

Most had one favorite shop that they would

always visit. Within that store, they mentioned a

specific salesperson that they like to deal with.

They said that over time they had developed

trust and confidence in that person and he/she

would show them gold jewelry that matched

their taste. When asked about what

characterizes an ideal salesperson, they said it

is someone who is fully aware of the type of

jewelry that is appropriate to their taste also

who is well versed with the latest designs,

fashion and trends.


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S10: I usually bargain with the salesperson

when buying gold.

The final two statements under the third

proposition focused on consumer actions

bargaining (S11) and impulse buying (S12) -

within the service encounter. Four

respondents said that they do bargain with the

salesperson. They believe that the initial prices

given are always set high - especially the

making charges amounts that are included in

the tag price. Some women said that they feel

they have been fooled or cheated a few times so

now they bargain during every purchase. Three

respondents stated that the extent of their

bargaining is very limited rather than taking it

to an extreme. They use this tactic as a way of

showing the salesperson that they trust what

they are being told and expect to be given a fair

price without the need for back and forth

haggling about cost. Overall, on a personal level,

the respondents did indicate that the bargaining

process does make a difference to their decision

making. Most will bargain to some degree but

do not let it dominate the transaction to the

point that they are likely to walk away from the

purchase.

The last statement concerned whether they buy

on impulse (S12). Four respondents said that

the time it takes for them to make the decision

whether to buy is relatively short and quick.

This may be because they are familiar with the

store, the repeated shopping experiences at that

establishment and repeat purchases with one

salesperson which reduces time spent in the

encounter. The decision time also depends on

their attraction to particular jewelry. They

indicated that temptation to buy could override

price when making a purchase decision.

Regarding time, respondents said that

purchasing for themselves takes less time than

purchasing for others. R7 explained that when

buying for relatives or friends, the decision

process is prolonged because they take other

factors into account such as the other persons

choice and taste etc.

P3: The series of questions for proposition three

focused on specific actions that take place when

respondents buy gold. Each respondent

described her buying behaviour in detail -

whether they go to one shop, one salesperson,

take someone with them, bargain or buy on

impulse. Keeping track of gold prices, or not,

may be a function of gold possession being

embedded in the culture. The explanation given

by each indicates that they have specific

consumer actions when engaging in buying

activities. Overall, they do respond to situations

where they feel they can trust the shop to have

designs that they like and the salesperson to

give them a good price. Where trust was not

present, it was because the respondents felt

that they had been cheated in the past.

Discussion

It is apparent that gold is a valued possession in

Indian culture. From the evidence reported

herein, it is given artifact status by virtue of its

traditional and cross-generational significance.

Suggesting that gold-buying is a ritual in the

Indian culture is supported by respondents

comments to the when, why and how queried

through the ten research statements. Without

hesitation, every one of the fifteen ladies related

their gold-buying activities with definitive

information (see Appendix Table 1). Quantity

and frequency appeared to be influenced by the

amount of gold received at marriage. Many

respondents referred to the custom of receiving

large gold sets at marriage and as a result, they

repeat wear these items through cultural and

traditional events rather than purchase new.

Investment was mentioned as a key reason for

purchase. Respondents with daughters said

that they buy gold with the intent of passing it

to their girls which was a more relevant concern

than buying for investment.

Values provide the link between artifact and

ritual. Values underlie the reasons that gold is

purchased and at which times buying is

considered to be a must activity. Values are

described in comments about giving gold down


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the generations as being an age-old custom in

the culture. Mother to daughter, woman to

woman, very clearly positioned gold as a way

that women look after each other. Additionally,

the older respondents spoke of going back to

their roots and feeling that gold is essential.

Gold-buying activities have each of the four

components of the ritual experience described

by Rook (1985): (1) ritual artifacts, (2) ritual

script, (3) ritual performance role(s) and (4)

ritual audience. Gold is the artifact. The Indian

women indicated that they have a script. In

some cases, the script begins with keeping track

of the price of gold. In others, the script is

initiated as vacation time nears leading to

purchasing for relatives gifts. Performance

roles are evident when they are accompanied by

friends and/or family and their preference for

specific stores and/or salespeople. The ritual

audience, according to Rook (1985) may extend

to the larger consumer society. Gold

possession is significantly valued in the culture

indicating that gold-buying constitutes and

sustains the consumer society through its reach

to the ritual audience.

Vitality of the ritual experience is measured by

four criteria on a well-defined/vigourous (+),

uncertain status (?), poorly defined/weak

continuum (-). The four experience

components are assessed as: 1. The nature and

extensiveness of artifactual consumption, 2. The

presence or absence of a well-defined ritual

script, 3. The clarity of the participants ritual

role perceptions, and 4. The presence or

absence of a well-defined target audience

beyond the immediate participants (Rook,

1985, p 256)

The first criterion, the nature and extensiveness

of artifactual consumption (gold-buying) is

addressed through the when and why

propositions. When identifies weddings or

vacations that mean staying with relatives and

giving gold as gifts. Why responses are

distinctive for investment, recipient of the gold,

and that fact that religion is excluded as a

reason. All respondents knew whether it is the

traditional or their own taste that influences

selection. Arguably, the ritual vitality is well-

defined.

Criterion two is measured by the presence or

absence of a well-defined ritual script. All

respondents were clear about the way they shop

for gold. Going to one shop and/or one

salesperson may have been preferred by some

but others explained that they shop around.

The older respondents said their gold-buying

activities had diminished since they already

possess huge gold sets accumulated over the

years. The younger ladies said they are keen to

try out new designs when shopping for gold.

Regardless of age, each had a script and rarely

deviated from that script. Again, ritual vitality

is well-defined.

The clarity of respondents ritual role

perceptions, criterion three, is also well-defined.

They prefer to shop in the presence of friends or

family who would influence their selections.

They maintain the role of buyer which supports

the ritual vitality being well-defined.

Lastly, criterion four measured the presence or

absence of a well-defined target audience

beyond the immediate participants. As

previously established, gold has artifact status

within the Indian culture thereby assuring that

ritual vitality is well-defined.

Limitations and future research

The results reported herein relate to the

qualitative part of the research. Only fifteen

respondents were interviewed which leads to the

question whether their comments are truly

representative of Indian womens gold-buying

consumer culture. An argument could be made

that fifteen are sufficient given that gold

possession is embedded in the Indian culture.

What wasnt asked was the womens source of

income for making the purchases. Some of the

respondents are homemakers while others have

income from employment. A caution to

questioning the need for this information is that

previous research has shown women are the


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dominant decision makers in most Indian

households (Ganesh, 1997). Thus, an

argument could be made that the issue about

income source is not central to the findings.

India is a large and diverse country with many

subcultures. Variations in cultures across

regions were not considered when the

respondents were being interviewed and later

when the data was being analyzed. Although

respondents were asked which region they call

home, no assessment about the extent to

which gold is valued in their particular

community culture was attempted. In a larger

study, this may reflect a limitation. A

recommendation for future studies would be to

undertake a cross cultural comparison, region

by region. Such efforts would add to richness of

information about consumer culture and the

way it is constituted and sustained.

Conclusion

The conclusion drawn is that gold is an artifact

within the Indian consumer society. Social

interaction in the community is facilitated

through the linking value and the role that gold

represents in the culture. Gold possession is

embedded in the customs and the traditions

that carry significant importance to the people.

The finding from the qualitative phase of this

study support that gold-buying is a ritual

activity in the Indian culture. Gold-buying

activities have each of the four components

found in a ritual experience. The ritual vitality,

when assessed according to the four criteria, is

well-defined. Thus, when Indian women engage

in gold-buying activities, they are enacting a

ritual that is constructed of multiple

behaviors that occur in a fixed, episodic

sequence and that tend to be repeated over

time. [Their] Ritual behavior is dramatically

scripted and acted out and is performed with

formality, seriousness, and inner intensity

(Rook, 1985, p 252).

Finally, these early results indicate that Indian

women are a distinct consumer segment. The

product, in this case, is gold primarily in the

form of jewelry. However, to some extent the

women view gold as an investment vehicle

which provides some measure of financial

security for themselves and/or their daughters.

This suggests opportunities for retail and

financial establishments to use nationality when

marketing to women customers noting that

gems and precious metals have deeper

significance beyond jewelry.

References

1.Arnould, Eric J. and Thompson, Craig J.

(2005) Consumer Culture Theory (CCT): Twenty

Years of Research, Journal of Consumer

Research, 31, 868-882

2.Craig, Samuel C. and Douglas, Susan P.

(2006) Beyond national culture: implications of

cultural dynamics for consumer research,

International Marketing Review, 23(3), 322-342

3.Dempster, Natalie (2006) The Role of Gold in

India, World Gold Council, September,

www.gold.org

4.Ganesh, Gopala (1997) Spousal influence in

consumer decisions: a study of cultural

assimilation, Journal of Consumer Marketing,

14(2), 132-155

5.Luna, David and Gupta, Susan Forquer

(2001) An integrative framework for cross-

cultural consumer behavior, International

Marketing Review, 18(1), 45-69

6.Mehta, Raj and Belk, Russell W. (1991)

Artifacts, Identity, and Transition: Favorite

Possessions of Indians and Indian Immigrants

to the United States, Journal of Consumer

Research, 17, 398-411

7.Price, Linda L., Arnould, Eric J., Curasi,

Carolyn Folkman (2000) Older Consumers

Disposition of Special Possessions, Journal of

Consumer Research, 27, September, 179-201

8.Rook, Dennis W. (1985) The ritual dimension

of consumer behavior, Journal of Consumer

Research, 12(3), December, 251-264


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Appendix Table 1: Summary of positive/negative responses to ten statements

Statement Particulars Agree Disagree

S1: I buy gold for special occasions

(weddings, traditional festivals, etc)

2 buy for wedding occasions 5 do not buy for specific occasions

S2: I buy gold at special times of the year

(vacations, when there is a sale, during

Dubai Shopping Festival, etc)

1 buys when going on vacation to

visit relatives

6 do not buy at specific times of the year

S3: I buy gold because of its future

investment value.

5 buy with some investment intent

behind the purchase

2 do not buy gold for its investment or

future value

S4: I prefer to buy gold for myself. 3 buy gold for themselves 4 buy gold for others relatives,

daughters, daughters-in-law

S5: I buy gold for religious purposes. 7 said they do not buy gold for religious

reasons

S6: I buy gold because of the traditional

value it holds for me.

2 prefer to buy gold that suits their

style and taste which may or may

not be traditional

5 disagree with the concept of buying

traditional gold

S7: I keep track of the market price of

gold.

3 do keep track of the market price

of gold

4 do not keep track on a regular basis if

they are going to shop, then they watch to

familiarize themselves

S8: I prefer to go alone when shopping

for gold.

5 always go with someone when

buying gold

2 will sometimes shop alone but prefer to

have someone with them

S9: I usually go to one shop to

purchase gold and I almost always to go

one salesperson when buying gold.

2 go only to one shop where they

have been buying for some time

5 shop around typically, respondents

mentioned visiting 3 or 4 shops

S11: I usually bargain with the

salesperson when buying gold.

4 bargain 2 bargain but keep it to a minimum they

dont like to bargain; 1 does not bargain

research paper on gold shopping in india

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