Summary
Liberating Gold from the Patriarchy
Challenge
Declining gold-purchase intent among millennial women: A Precarious Trend: The study by World Gold Council revealed a troubling trend in gold purchase intent among younger women. The data pointed out that only 24% of women in the age group of 18-24 reported having an intention to buy gold in the next 12 months. (1) This shift underscored a pronounced move away from traditional gold jewelry. It was evident that this demographic was at the forefront of the industry's declining appeal. Modern Young women were stepping out of the norm and challenging the status quo Women are slowly but surely coming into their own and refusing to be held down by traditional norms. She is setting different goals for herself outside of the ones prescribed by the society. She seeks to go beyond judgment, reproach and wishes to break the shackles of age-old prejudices. (2) OUR CHALLENGE : To win the affection of the young , affluent modern Indian women for gold. Gold demand has dipped in recent years, the aim was to increase gold jewelry demand by recruiting young consumers.
Objective
When a wave of modern young women began moving toward Platinum and diamonds, our research found that the problem was rooted in the deep-seated patriarchal perceptions around Gold. With ‘You are Gold' we embarked on a multifaceted shopper journey, tapping every aspect of the commerce experience, from in-store, to billboards, magazines, social media and an extensive e-com campaign, reimagining gold in the modern context and win back the love of modern millennial women. This rekindling of Gold's allure, led to a jump in demand, driving people to buy gold, ultimately raising sales by a staggering 20% amid a global slowdown.
Strategy
INSIGHT: To change what gold represented we needed to reset what gold celebrated. Which led to our idea- Make Gold the celebratory metal that honors the independent achievements of young Indian women. The campaign line "You Are Gold," serves as a powerful and memorable statement that embodies the essence of empowerment and individual achievement. It encourages young women to recognize their worth and accomplishments, akin to the enduring value of gold. We showcased the relevance of gold through heart-warming narratives of celebratory moments that broke free from conventional boundaries. CHANGING THE CONVERSATIONS AROUND GOLD: We showcased four films, each spotlighting the modern young woman as a symbol of independence and achievement. STATICS: We also released six statics that was a departure from the traditional narratives in the gold category and showcased the new-age success stories INFLUENCER AMPLIFICATION: In addition to the four films and print media, we also rolled out an influencer-led campaign. The campaign featured inspiring women like Ritu Rathee, Bhumi Pednekar, Neeti Mohan, amongst others who have scripted their success stories and marked these special moments in their lives with a tangible marker - Gold. These women of substance told their inspiring stories of pushing the boundaries when they were expected to be within the borders, stories that resonate with the women of today and inspire them to do the same. DEMONSTRATING GOLD'S VERSATILITY THAT FIT THE MODERN MILLENNIAL LIFESTYLE – we developed content on the website that helped women style gold with their blazers, skirts and other modern workwear and casual wear Our campaign infused modern meaning to the classic narrative of gold, cementing gold as the celebratory metal that honors the independent achievements of young Indian women. Gold, once weighed down by patriarchal and parochial associations, emerged as a symbol of empowerment, choice, and celebration.
Data
World Gold Council's mandate is to maintain and increase the demand of gold in the world. In India, we needed to address the declining appeal of gold among younger women, who are increasingly favoring contemporary metals and gems like platinum and diamonds. This shift, coupled with low future intent to purchase gold, poses a significant challenge to the gold industry. To counter this trend, our efforts focused on reestablishing gold as a desirable choice.
Solution
Results
We oversaw a 17% increase in consumption of Gold Jewellery, brought demand back up to pre-pandemic levels, and rose sales by 20%. Interest in gold was evident in the astounding 400% surge in searches during the last quarter of 2022. We brought gold back in vogue, and saw a boost in our website traffic, experiencing a remarkable 730% increase in monthly website user engagement.
