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CONSUMERBEHAVIOR

2014

INFLUENCE OF CULTURE AND

BELIEF ON CONSUMER BEHAVIOR

IN INDIA

F O R E S C H O O L O F M A N A G E M E N T

SUBMITTED BY:

Group 1

SAHIL WADHWA (221123)

SHIVANI GOEL (221137)

SIMARNEET KAUR WAHI (221145)

VIDIT GARG (221164)

HIMALAYA TARANI (221173)

SUBHANSHU GUPTA (073055)

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INFLUENCE OF CULTURE AND BELIEF ON CONSUMER BEHAVIOR IN INDIA 2014

ii

ACKNOWLEDGMENT

The report has been done as a part of our End Term Project. We are really thankful to our professor

Prof. Sanjay Chandwani, FORE School of Management, New Delhi for his invaluable guidanceand assistance.

We are also grateful to him for providing us with valuable information and helping towards the

successful completion of the project. We would like to acknowledge and extend our heartfelt gratitude

for his continuous support and guidance throughout the project.

The End Term Project under his mentorship has been very enriching and informative and has been a

valuable learning experience to us.

We appreciate him for all the support and encouragement and thank him for the same.

Group 1, CB_3

FMG 22

FORE School Of Management

New Delhi

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iii

ABSTRACT

Consumer behavior is largely dependent on cultural factors consisting of mutually shared operating

procedures, unstated assumptions, tools, norms, values, standards for perceiving, believing, evaluating,and communicating. Cultural value systems have a direct effect on consumer behavior and vary by the

major cultural dimensions between countries and regions within a country. In these situations, people

are subjected to a wide variety of cultural reference groups that ultimately affect their consumer

behavior. Consequently, marketers must develop marketing communication that addresses cultural and

reference group factors from both a domestic and global perspective. Research has shown that the

strength of ethnic culture has a significant effect on consumer purchasing behavior and that the higher

their strength of ethnic identification the greater their propensity to purchase products associated with

their culture.

Objectives of this work are to study the impact of culture on consumer behavior. Basically we want to

study how culture affects consumption and usage of different products and services on marriages and

to study the buying pattern of consumers on festivals and special occasions. Also to study how

banking and investment decisions are affected by ones culture and to study the impact of food habits

on the basis of culture of different states. Hence, to study the buying pattern of consumers for clothes

and its influence from religion and culture.

The research design selected for this study is exploratory and causal. The new facts about the culture

and its relationship on the consumer purchase decision are explored. The research work is intends to

cover new facts about the practicality of the culture in consumer decision making. The chosen

qualitative method is conducting in-depth interviews. In-depth interviews canbe conducted in an

unstructured or semi-structured way.

The required quantitative data has been collected through a survey. The questions used are close-ended

(with set number of responses). It is a Group-administered questionnaire floated online for thecollection of data.

The Secondary Data has been collected from a wide array of journals, research papers, articles, and

news reports contributed as the secondary sources.Also some data has been collected from YouTube

videos of serial likeZaika India Ka and Band Baaja and Bride show casing preferences of

consumers from different region or religion.

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Findings from quantitative research are:

Men and women have equal preferences towards food, apparel and gifts

Men and women do not have equal preferences in decoration and jewelry

People from different region have equal preference towards food in marriages, food,

decoration, jewelry and gifts

Findings from quantitative research are:

It was observed that culture had a high level of impact and influence on food and eating habits

of people from different communities. Also it was noticed that the rise in western culture with

respect to the particular region that the particular community is living in, overshadows the

boundaries of religion at times.

Marriages showed a high level of correlation with culture. It was observed that level of income as well as age group has high impact on the investment

avenues of individuals as it defines their risk taking capacity rather than the religion or the

community they come from.

In case of festivals the consumption pattern differed based on the particular festival.

Clothes showed a high level of relation with culture but with growth in modernization this

trend is also changing.

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TABLE OF CONTENT

ACKNOWLEDGMENT ......................................................................................................................................... ii

ABSTRACT ........................................................................................................................................................... iii

INTRODUCTION .................................................................................................................................................. 1

1.1 CONSUMER BEHAVIOUR .................................................................................................................. 1

1.2 CULTURE .................................................................................................................................................... 2

1.3 ROLE OF CULTURE IN UNDERSTANDING THE MARKET BEHAVIOUR OF THE CONSUMER. 4

1.4 IMPORTANCE FOR MARKETERS TO UNDERSTAND THE CULTURAL IMPACT ON

CONSUMER BEHAVIOUR .............................................................................................................................. 4

1.5 AIM AND OBJECTIVES OF THE WORK................................................................................................. 6

LITERATURE REVIEW ....................................................................................................................................... 7

METHODOLOGY ............................................................................................................................................... 11

3.1 RESEARCH DESIGN ................................................................................................................................ 11

3.2 UNIVERSE OF THE STUDY.................................................................................................................. 11

3.3 LOCALE OF THE STUDY...................................................................................................................... 11

3.4 SAMPLE SIZE ......................................................................................................................................... 11

3.5 DATA COLLECTION METHOD ............................................................................................................. 11

3.5.1 PRIMARY DATA ............................................................................................................................... 11

3.5.2 SECONDARY DATA ......................................................................................................................... 12

3.6 LIMITATION OF STUDY ......................................................................................................................... 12

DATA INTERPRETATION AND ANALYSIS .................................................................................................. 13

4.1 QUANTITATIVE RESEARCH ................................................................................................................. 13

4.2. QUALITATIVE RESEARCH ................................................................................................................... 23

4.2.1 FOOD ................................................................................................................................................... 23

4.2.2 BANKING AND INVESTMENT ....................................................................................................... 30

4.2.3 MARRIAGE ........................................................................................................................................ 35

4.2.4 FESTIVALS ........................................................................................................................................ 42

4.2.5 Clothes ................................................................................................................................................. 45

4.2.6 EFFECT OF BELIEVES ON CONSUMER BEHAVIOR.................................................................. 48

FINDINGS AND CONCLUSION........................................................................................................................ 50

5.1 MAJOR FINDINGS FROM THE INTERVIEWS CONDUCTED........................................................... 51

LIMITATIONS ..................................................................................................................................................... 55

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6.1 LIMITATION OF THE STUDY ................................................................................................................ 55

6.2 FURTHER SCOPE OF THE STUDY........................................................................................................ 55

ANNEXURE............................................................................................................................................................ I

A. QUESTIONNAIRE ..................................................................................................................................... I

B. REFERENCES .........................................................................................................................................VII

TABLE OF TABLESTable 1: Black Box Model ........................................................................................................................................ 2

Table 2: Description of Hypothesis 1 .................................................................................................................... 14

Table 3: ANOVA result of Hypothesis 1 ................................................................................................................ 14


Table 5: ANOVA results of Hypothesis 2 ............................................................................................................... 18


Table 7: ANOVA Result of Hypothesis 3 ................................................................................................................ 21

Table 8: Presence of different Fast food chain in different region ....................................................................... 25

Table 9: Relationship between Investment avenues and age group .................................................................... 33

Table 10: Relationship between Income Level and Amount Invested Per Annum .............................................. 33

Table 11: Selection of Investment and their relationship with the Income level of a consumer ......................... 34

TABLE OF FIGURES

Figure 1: Cultural Framework ....................................................................................................................... 3

Figure 2: A Theoretical Model of Culture's Influence on Behaviour ............................................................. 4

Figure 3: Shariah Compliant Stocks............................................................................................................. 32

Figure 4: Religious functions during Hindu marriage.................................................................................. 35

Figure 5: Socioeconomic breakdown of Indian Youth Population ............................................................. 45

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1

INTRODUCTION

Consumer behavior is largely dependent on cultural factors consisting of mutually shared operating

procedures, unstated assumptions, tools, norms, values, standards for perceiving, believing, evaluating,

and communicating. In these situations, people are subjected to a wide variety of cultural reference

groups that ultimately affect their purchase behavior. In response, marketers must develop marketing

communication that addresses cultural and reference group factors from both a domestic and global

perspective. To this end, marketers use market segmentation and micromarketing to develop customer-

centric marketing messages with the goal of providing precisely defined marketing messages thatsatisfy consumers need for personal information regarding products and services so that consumers

should be adequately stimulated to purchase the product or service being advertised.

1.1

CONSUMER BEHAVIOUR

Consumer behavior is the study of individuals, groups, or organizations and the processes they use to

select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts

that these processes have on the consumer and society. It blends elements from

psychology,sociology,socialanthropology andeconomics. It attempts to understand the buyer

decision making process, both individually and in groups. It studies characteristics of individual

consumers such asdemographics and behavioral variables in an attempt to understand people's wants.

It also tries to assess influences on theconsumer from groups such as family, friends, reference

groups, and society in general.

ENVIRONMENTAL FACTORS BUYER'S BLACK BOX

BUYER'S

RESPONSE

Marketing Environmental BuyerDecision Process

CHAPTER 1
http://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Social_Anthropologyhttp://en.wikipedia.org/wiki/Anthropologyhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Demographichttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Demographichttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Anthropologyhttp://en.wikipedia.org/wiki/Social_Anthropologyhttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Psychology

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Stimuli Stimuli Characteristics

Product

Price

Place

Promotion

Economic

Technological

Political

Cultural

Demographic

Natural

Attitudes

Motivation

Perceptions

Personality

Lifestyle

Knowledge

Problem recognition

Information search

Alternative

evaluation

Purchase decision

Post-purchase

behavior

Product choice

Brand choice

Dealer choice

Purchase timing

Purchase amount

Table 1: Black Box Model

The black box model shows the interaction of stimuli, consumer characteristics, decision process and

consumer responses. It can be distinguished between interpersonalstimuli (between people) or

intrapersonal stimuli (within people). The black box model is related to theblack box

theory ofbehaviorism, where the focus is not set on the processes inside a consumer, but the

relation between the stimuli and the response of the consumer. Themarketing stimuli are planned and

processed by the companies, whereas the environmental stimulus is given by social factors, based on

the economical, political and cultural circumstances of a society. The buyers black box contains the

buyer characteristics and the decision process, which determines the buyers response.

1.2 CULTURE

We define culture as the sum total of learned beliefs, values, and customs that serve to direct the

consumer behavior of members of a particular society (Consumer Behavior, Shiffman and Kanuk)

In a broad sense both values and beliefs are mental images that effect a wide range of specific attitudes

that, in turn, influence the way a person uses to evaluate alternative brands in a product category (such

as Volvo versus an Audi automobile), or his or her eventual preference for one of these brands over

the other, are influenced by both a persons general values (perceptions as to what constitutes quality

and the meaning of country of origin) and specific beliefs (particular, perceptions about the quality of

Swedish made versus German made automobiles).
http://en.wikipedia.org/wiki/Stimulus_(psychology)http://en.wikipedia.org/wiki/Black_box_theoryhttp://en.wikipedia.org/wiki/Black_box_theoryhttp://en.wikipedia.org/wiki/Behaviorismhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Behaviorismhttp://en.wikipedia.org/wiki/Black_box_theoryhttp://en.wikipedia.org/wiki/Black_box_theoryhttp://en.wikipedia.org/wiki/Stimulus_(psychology)

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In contrast to beliefs and values, customs are usual and acceptable ways of behaving, where the former

are guides for behaviour.

Figure 1: Cultural Framework

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1.3 ROLE OF CULTURE IN UNDERSTANDING THE MARKET BEHAVIOUR

OF THE CONSUMER

Figure 2: A Theoretical Model of Culture's Influence on Behaviour

This model depicts the role that subjective culture plays in determining our beliefs, practices, and

values, which in turn impact our social norms, attitudes, behavioral intentions and ultimately our

behaviour. Subjective culture reflects regional character (e.g. People living in several nations in a

particular region of South America) and religious similarities or differences, or shared or different

languages, national factors, such as shared core values, customs, personalities, and group level factors

are concerned with various subdivisions of a country or society (e.g. - families, work groups, shopping

groups, friendship groups) and many more factors.

1.4 IMPORTANCE FOR MARKETERS TO UNDERSTAND THE CULTURAL

IMPACT ON CONSUMER BEHAVIOUR

Because culture satisfies needs

Culture exists to satisfy the needs of the people within a society. It offers order, direction and

guidance in all phases of human problem solving by providing tried and true methods of

satisfying physiological, personal, and social needs.

e.g.:- Culture provides standards and rules about when to eat, where to eat, what is

appropriate to eat for breakfast, lunch, dinner etc...

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Because culture is learned

Unlike innate biological characteristics, culture is learned. The three distinct forms of cultural

learning are formal learning, informal learning and technical learning.

Although a firms advertising and marketing communications can influence all three typ es of

cultural learning, it is likely that many product marketing messages enhance informal learning

by providing the audience with a model of behavior to imitate.

Because of Acculturation

Acculturation is an important concept for marketers who plan to sell their products in foreign

or multinational markets. In such cases, marketers must study the specific cultures of their

potential target markets to determine whether their products will be acceptable to its members

and if so, how they can best communicate the characteristics of their products to persuade the

target market to buy.

When using Language and Symbols

To communicate effectively with their audiences, marketers must use appropriate symbols to

convey desired product images or characteristics. These symbols can be verbal or nonverbal.

A symbol may have several, even contradictory meanings, so the advertiser must ascertain

exactly what the symbol is communicating to its intended audience.

When facilitating Rituals

Most important from the standpoint of marketers is the fact that rituals tend to be replete withritual artifacts that are associated with or somehow enhance the performance of the ritual.

Because culture is shared

Various social institutions within a society transmit the elements of culture and make the

sharing of culture a reality. Such institutions are family, educational institutions, houses of

worship and most importantly mass media. Because consumers receive important cultural

information from advertising.

Because culture is dynamic

To fulfill its need gratifying role, culture continually must evolve if it is to function in the best

interests of a society. For this reason, the marketer must carefully monitor the socio-cultural

environment in order to market an existing product more effectively.

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1.5 AIM AND OBJECTIVES OF THE WORK

To study the impact of culture on consumer behavior

To study how culture affects consumption and usages of different products and services on

marriages

To study the buying pattern of consumers on festivals and special occasions

To study how banking and investment decisions are affected by ones culture

To study the impact of food habits on the basis of culture of different states

To study the pattern of buying behavior of clothes and how that is impacted by religion and

culture.

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LITERATURE REVIEW

The Role of Culture in Consumer Behaviour, Ashish Sharma

In this paper, the author cities that many countries are now joined in the communities of nations andchances are that these diverse market will be transformed in to a single market of homogeneous group.

The multinationals are spreading the fever of similar variety in most of the nations. As more and more

consumers come in contact with the material goods and life style of people living in other parts of the

world, they have the opportunity to adopt these.

The brands are communicated to the consumers according to culture of the country. How can be a

consumer across the culture different from each other. The very important situation exist for marketers

is to understand the culture objectively. The most important situation is that consumers present their

attitude about the foreign products and how much consumers are influenced with their own culture.

Cultural effects on consumer behavior, Andrew J. Marsiglia

In this paper author states that cultural value systems have a direct effect on consumer behavior and

vary by the major cultural dimensions between countries and regions within a country. In these

situations, people are subjected to a wide variety of cultural reference groups that ultimately affect

their consumer behavior. Consequently, marketers must develop marketing communication that

addresses cultural and reference group factors from both a domestic and global perspective. Research

has shown that the strength of ethnic culture has a significant effect on consumer purchasing behavior

and that the higher their strength of ethnic identification the greater their propensity to purchase

products associated with their culture, The results of these studies suggest that the micro-segmentation

of consumers according to their cultural values would be important for marketing managers operating

in heterogeneous, multicultural markets. The marketing message, therefore, must address the cultural

characteristics that correspond to the level of acculturation.

Influence of religion on shopping behaviour of consumers-an exploratory study , mahesh patel

The author in this review makes it clear that different religions have different impacts on some aspects

of consumer behaviour. These differences are thought to result from divergent values and beliefs

concerning consumption held by different religious ideologies. This effect may be either direct, as

when consumption of specific products varies as a function of the tenets held by the religious

CHAPTER 2

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traditions, or indirectly, as a function of differences in psychological Constructs such as personality

and values. The findings give considerable support for viewing religion as an important construct in

the study of consumer behavior. Firstly, religion was found to influence the way in which people make

decisions on shopping. In the consumer behavior literature, most studies suggest that shopping in

influenced by the following factors: the nature of the product, the degree of perceived risk in the

product class, the amount of information search, store image and product assortment. It has also been

suggested that consumers are influenced by employment, social, religious, educational and

recreational activities.

The Influence of Culture on Consumer Behavior, www.freeonlineresearchpapers.com

Author has cited that both values and beliefs are mental images that affect a wide range of specific

attitudes that, in turn, influence the way a person is likely to respond in a specific situation. Behaviour

is influenced by both a person's general values (perceptions as to what constitutes quality and the

meaning of country of origin) and specific beliefs. Also customs are overt modes of behavior that

constitute culturally approved or acceptable ways of behaving in specific situations Customs consist of

everyday or routine behavior

The Influence of Culture on Consumer Behaviour, Santosh Kr. Pandey and Pankaj Kant DixitAuthor says that in a diversified country like India cultural factors exert the broadest and deepest

influence on consumer behavior. Culture influences consumers through the norms and values

established by the society in which they live. The impact of culture is automatic and almost invisible.

Culture not only influences consumer behavior but also reflects it. It is the mirror of both the values

and possessions. Marketing strategies are unlikely to change cultural values, but marketing does

influence culture. It has a broad influence on their buying and usage behavior of products and services,

and the extent of their satisfaction.

The influence of culture on consumers: exploratory and risk taking behaviour, minoo farhangmehr

andaviv shoham

The research focus evolved as the research question shifted from are consumers becoming more

similar to what makes consumers different and how does culture influence consumer behaviour.

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Following this trajectory, it was sought to identify the dimensions of consumer behaviour that would

be more susceptible to cultural influences. Risk related aspects were identified as one general trait of

behaviour that would be particularly culture-sensitive. It may be stated, however, that a fundamental

starting point for international marketers is to begin by assessing the impact of culture on consumers.

Festivals, LSiree

In this section the author has discovered the Cultural Heritage of India, Festivals and Philosophy of

Indian people. In India, festivals do not just offer people a temporary reprieve from their daily grind.

Imbued with deep inner significance, each festival is a multifaceted celebration. The day on which a

particular festival is celebrated has a special astrological significance, and certain observances on these

days yield manifold benefits. That is why Indian festivals are marked by certain observances such as

fasting, oil massages, particular pujas, abstinence, etc. In the Indian tradition all ones needs, be it at a

totally gross level or the most subtle, are sought through the Divine. Each festival is also associated

with a story from the Puranas that gives an insight into the deeper spiritual significance underlying the

celebration. Part of common folklore, these stories reach out to ordinary people in a way that dry

theological facts cannot.

Marriages in different religions, iloveindia.com

In this article the author has described the marriages in different religions in India. India is known for

its rich cultural heritage and diverse customs. Each religion has its own traditions and ritual. Different

existing religions in the country- Hinduism, Islam, Sikhism, Zoroastrianism, Jewish, Buddhism, Jain

and Christianity every religion has their own wedding customs. Though Indian wedding is mainly

associated with the Hindu marriage ceremony, actually the Indian Marriage canopies the marriages of

all the different existing religions in the country. The author goes on to describe in detail the various

events, customs and rituals of a Hindu, Christian, Sikh, Muslim, Parsi, Jewish, Buddhist wedding.

Introduction to Islamic Investing, HSBC

The demand for Islamic banking and Islamic products is increasing and these products and services are

being introduced by well-known financial institutions. As more non-Islamic markets show increased

interest in Islamic finance, a growing number of new Islamic financial institutions are being
http://www.studymode.com/profile/LSiree-75742376/http://www.studymode.com/profile/LSiree-75742376/http://www.studymode.com/profile/LSiree-75742376/

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introduced internationally. This is an industry that is still evolving, developing and growing. The

industry has also grown from retail banking to commercial banking and, more recently, into

investment banking. Its sophistication and product offering have developed along with this change.

Islamic financial institutions have taken the form of commercial banks, investment banks, investment

and finance companies, insurance companies, and financial service companies. But while continuing

growth seems likely, and a wider range of products is now available to investors, legitimate challenges

and concerns over the mechanics and regulation of Islamic finance remain. If Islamic finance is to

move deeper into mainstream global finance, the industry needs to foster innovation, with gaps across

asset classes (sector specific, fixed income, hedge funds), but also credibility by harmonising

standards and practices.

Indian food, indianfoodforever.com

In this article the author has deeply discussed the various foods prevalent in all over India. Indian

food is different from rest of the world not only in taste but also in cooking methods. It reflects a

perfect blend of various cultures and ages. Just like Indian culture, food in India has also been

influenced by various civilizations, which have contributed their share in its overall development and

the present form. The author then goes into describing the various food habits of west, east, north and

south India, the famous foods and dishes and what that region is known for.

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METHODOLOGY

A brief introduction to culture and its influence on consumer behavior has been already discussed in

previous sections. Now this chapter will tell about the methodology to be used to fulfill the purpose ofthe study. It tells the universe, locale, sample, and sources of the study.

3.1RESEARCH DESIGNThe research design selected for this study is exploratory and causal. The new facts about the culture

and its relationship on the consumer purchase decision are explored. The research work is intends to

cover new facts about the practicality of the culture in consumer decision making. We are also trying

to establish a cause and effect relationship between different culture and its impact on consumer

behavior and brand preference.

3.2 UNIVERSE OF THE STUDY

The universe of the study would cater to the consumers across the globe that may or may not base their

purchase decisions as per the cultural influence of their religion, region, social status, attitude and

beliefs.

3.3 LOCALE OF THE STUDY

We have cornered MBA students from different colleges and people of New Delhi and NCR as the

locale of the study owing to convenience and taking into view the diversity in terms of ideologies and

mix of various cultures offered by the place.

3.4 SAMPLE SIZE

For the purpose of our study we have considered 20 respondents across the age group for personal

interview. 100 responses have been collected from online survey floated. We have roped in youth for

ascertaining our objectives for there has been a substantial change in the dynamics of emerging youthas a consumer.

3.5 DATA COLLECTION METHOD

3.5.1 PRIMARY DATA

QUALITATIVE DATA

CHAPTER 3

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The chosen qualitative method is conducting in-depth interviews. In-depth interviews can be

conducted in an unstructured or semi-structured way. It is preferred to use a semi-structured interview

for this research based on the following reasons:

Firstly, semi structured interviewing gives the opportunity to ask specific topics to be covered in

the interview guide while providing flexibilityat the same time. Since this research has specific

questions to explore, semi-structured interviewing enables to cover more specific issues.

It also allows conducting a pre-test of the questions in order to be sure if the questions are

understood in the right way.

Moreover, semi-structured interviewing provides flexibility for the interviewer to come up with

new and/or follow up questions or to reformulate the questionsbased on the replies and reactions

of the interviewee.

Since six people conducted this research, the semi structured aspect of the interview ensures a way

of comparing interviewing styles.

QUANTITATIVE DATA

The required quantitative data has been collected through a survey. The questions used are close-

ended(with set number of responses). It is a Group-administered questionnaire floated online for

the collection of data.

3.5.2 SECONDARY DATA Wide array of journals, research papers, articles, and news reports contributed as the secondary

sources.

YouTube videos of serial like Zaika India Ka and Band Baaja and Bride show casing

preferences of consumers from different region or religion.

3.6 LIMITATION OF STUDY

Limited response from different region (i.e. only one from east India)

Though people from different region have been cornered (i.e. home town across India) but at

present most of them are living in New Delhi.

Due to lack of time limited people has been approached for personal interview or survey.

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Jewelery

male 59 2.892 1.2863 .2115 2.463 3.321 1.0 5.0

female 41 2.052 1.1207 .2013 2.041 2.863 1.0 5.0

Total 100 2.691 1.2248 .1485 2.395 2.988 1.0 5.0

Gifts male 59 2.784 1.3152 .2162 2.345 3.222 1.0 5.0

female 41 3.323 1.2751 .2290 2.855 3.790 1.0 5.0

Total 100 3.029 1.3155 .1595 2.711 3.348 1.0 5.0

Table 2: Description of Hypothesis 1

Sum ofSquares

df MeanSquare

F Sig.

Food

Between Groups 1.071 1 1.071 .644 .425

Within Groups 109.679 98 1.662

Total 110.750 99

Decoration

Between Groups 7.503 1 7.503 6.095 .016


Total 88.750 99

Apparels

Between Groups .358 1 .358 .354 .554


Total 66.985 99

Jewelery

Between Groups 3.270 1 3.270 2.219 .014


Total 100.515 99

Gifts

Between Groups 4.897 1 4.897 2.910 .093


Total 115.941 99

Table 3: ANOVA result of Hypothesis 1

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South 15 1.500 .7071 .5000 -4.853 7.853 1.0 2.0

Total 100 2.015 .9999 .1213 1.773 2.257 1.0 4.0

Jewelery

East 1 1.000 . . . . 1.0 1.0

West 14 2.000 .7071 .3162 1.122 2.878 1.0 3.0

North 70 2.767 1.2537 .1619 2.443 3.091 1.0 5.0

South 15 3.000 .0000 .0000 3.000 3.000 3.0 3.0

Total 100 2.691 1.2248 .1485 2.395 2.988 1.0 5.0

Gifts

East 1 2.000 . . . . 2.0 2.0

West 14 2.000 1.0000 .4472 .758 3.242 1.0 3.0

North 70 3.100 1.3110 .1692 2.761 3.439 1.0 5.0

South 15 4.000 1.4142 1.0000 -8.706 16.706 3.0 5.0

Total 100 3.029 1.3155 .1595 2.711 3.348 1.0 5.0


Sum ofSquares

df MeanSquare

F Sig.

Food

Between Groups 5.100 3 1.700 1.030 .385


Total 110.750 99

Decoration

Between Groups 6.967 3 2.322 1.817 .153


Total 88.750 99

Apparels

Between Groups 1.552 3 .517 .506 .680


Total 66.985 99

JeweleryBetween Groups 5.781 3 1.927 1.302 .282


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Total 100.515 99

Gifts

Between Groups 8.541 3 2.847 1.697 .177


Total 115.941 99

Table 5: ANOVA results of Hypothesis 2

Figure 4: Region-wise Diversification

Analysis:

Food

Significance level (p- value) = 0.385 which is greater than 0.05 .

Thus, we cannot reject null hypothesis. Hence, people from different region have equal preference

towards food in marriages.

Decoration

Significance level (p- value) = 0.153 which is greater than 0.05

Thus, we cannot reject null hypothesis

Hence, people from different region have equal preference towards decoration in marriages.

Apparels



Hence, people from different region have equal preference towards apparels in marriages.

Jewelry



15%

70%

14%1%

Diversification (Region-wise)

South North West East

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Hence, people from different region have equal preference towards jewelry in marriages.

Gifts



Hence, people from different region have equal preference towards gifts in marriages.

3)Relation between religion and preferences for spice, sweets, breads, rice, fruits, fast

food and dairy products in their food basket.

Ho: Hindu, Muslim, Sikh and Christians have same preferences spice, sweets, breads, rice,

fruits, and fast food and dairy products in their food basket.

H1: Hindu, Muslim, Sikh and Christians do not have same preferences spice, sweets, breads,

rice, fruits, fast food and dairy products in their food basket

N Mean Std.Deviation

Std.Error

95% ConfidenceInterval for Mean

Minimum

Maximum

LowerBound

UpperBound

Spice

unmarried 78 2.145 1.1614 .1566 1.831 2.459 1.0 5.0

Married 22 1.846 .8006 .2221 1.362 2.330 1.0 3.0

Total 100 2.088 1.1027 .1337 1.821 2.355 1.0 5.0

sweets

unmarried 78 2.673 1.2480 .1683 2.335 3.010 1.0 5.0

Married 22 2.308 .9473 .2627 1.735 2.880 1.0 4.0

Total 100 2.603 1.1988 .1454 2.313 2.893 1.0 5.0

Breads

unmarried 78 2.491 .9598 .1294 2.231 2.750 1.0 4.0

Married 22 2.538 1.3301 .3689 1.735 3.342 1.0 5.0

Total 100 2.500 1.0294 .1248 2.251 2.749 1.0 5.0

Riceunmarried 78 2.745 1.1741 .1583 2.428 3.063 1.0 5.0

Married 22 2.538 1.2659 .3511 1.773 3.303 1.0 5.0

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Total 100 2.706 1.1852 .1437 2.419 2.993 1.0 5.0

Fruits

unmarried 78 2.200 1.1769 .1587 1.882 2.518 1.0 5.0

Married 22 2.154 1.2142 .3368 1.420 2.888 1.0 4.0

Total 100 2.191 1.1751 .1425 1.907 2.476 1.0 5.0

FastFood

unmarried 78 3.273 1.1934 .1609 2.950 3.595 1.0 5.0

Married 22 3.462 1.3301 .3689 2.658 4.265 1.0 5.0

Total 100 3.309 1.2126 .1470 3.015 3.602 1.0 5.0

DairyProducts

unmarried 78 2.255 1.3224 .1783 1.897 2.612 1.0 5.0

Married 22 1.615 1.0439 .2895 .985 2.246 1.0 4.0

Total 100 2.132 1.2918 .1567 1.820 2.445 1.0 5.0


Sum ofSquares

df Mean Square F Sig.

Spice

Between Groups 2.373 3 .791 .640 .592


Total 81.471 99

Sweets

Between Groups 9.165 3 3.055 2.244 .042


Total 96.279 99

Breads

Between Groups 4.343 3 1.448 1.390 .254


Total 71.000 99

Rice

Between Groups .609 3 .203 .139 .936


Total 94.118 99

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Fruits

Between Groups 3.006 3 1.002 .716 .546


Total 92.515 99

Fast Food

Between Groups 11.514 3 3.838 2.823 .046


Total 98.515 99

DairyProducts

Between Groups 3.763 3 1.254 .743 .530


Total 111.809 99Table 7: ANOVA Result of Hypothesis 3

Figure 5: Food basket preferences

Analysis:

Spice



Hence, married and unmarried people have equal preference towards spices in their food basket.

Sweets

Significance level (p- value) = 0.042 which is less than 0.05

Thus, we cannot accept null hypothesis

4019 18 15

409

41

25

32 35 35

21

12

30

2527 28 23

22

43

15

713 18 18

16

13

43 9 1 9 1

2310

Spice Sweets Breads Rice Fruits Fast Food Dairy

Products

Food Basket

1(Most Preferred) 2(Preferred) 3(neutral) 4(Less Preferred) 5(Least Preferred)

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Hence, married and unmarried people do not have equal preference towards sweets in their food

basket.

From the descriptive table we can see that the mean of unmarried is more than that of married,

hence we can say that married people have more preference towards sweets.

Breads



Hence, married and unmarried people have equal preference towards breads in their food basket.

Rice



Hence, married and unmarried people have equal preference towards rice in their food basket.

Fruits



Hence, married and unmarried people have equal preference towards fruits in their food basket.

Fast Food

Significance level (p- value) = 0.046 which is less than 0.05

Thus, we cannot accept null hypothesisHence, married and unmarried people do not have equal preference towards fast food in their food

basket.

From the descriptive table we can see that the mean of unmarried is less than that of married,

hence we can say that unmarried people have more preference towards fast food.

Dairy Products



Hence, married and unmarried people have equal preference towards Dairy products in their food

basket.

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4.2. QUALITATIVE RESEARCH

4.2.1 FOOD

Based on rising disposable income, changing consumer behavior and favorable demographics, India is

witnessing a tremendous growth in its fast food and restaurant industries. Additional reasons include

exposure to western cuisine, the rising number of nuclear families and growth in the number of

employed women, which are also having a significant impact on the eating out trends and growth of

the fast food industry in the country.

For a nation that is particular about its food and significantly fond of home cooked and fresh food, this

trend is showing the globalization of India and increase of new markets not witnessed in India before.

With increasing number of people eating out the industry offers major opportunities to the players to

capture a larger consumer base. As a result of the trend, all the international food players like Pizza

Hut, Dominos, McDonalds and KFC are investing huge amount of money to grab a share of this

highly lucrative market.

Pizza Hut for example, is one of the flagship brands of Yum! Brands, Inc., which also has KFC, Taco

Bell, A&W and Long John Silvers under its umbrella. Pizza Hut has 143 stores across 34 cities in

India.

A report by Research on India has found that traditionally, the Indian consumers have been eating at

roadside eateries, dhabas and stalls which still occupy a major share of the unorganized sector, where

fast food has been eaten traditionally. However, with the changes in the economy of the country and

injection of modern employment from the West, the non-home food market has now changed.

The growing segment comprises of formats like fast food chains, cafes and fine dining restaurants.

Two sub segments of the fast food market are the Pizzas and Burgers. These have now developed into

part of the nations eating habits.Their share is continuously growing with the key global brands such

as Dominos, McDonalds and KFC making their marks quickly.

The chains have had no problems accommodating different menus for the Indian consumer. For

example, McDonalds will not sell beef burgers but instead lamb and chicken burgers and have a larger

selection of vegetarian food compared to the West.

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Another area experiencing growth is the Ready To Eat (RTE) market in India for food. RTE can be

defined as food products that constitute complete meals; require minimal processing, if any, typically

requiring re-heating to desired temperature or addition of water. They are often termed as

Convenience Food since they are positioned as value for money products that solve the issue of

time-constrains faced by consumers due to the pressures of urban life. RTEs are categorized into two

product categories Shelf stable packaged food and Frozen packaged food.

However lately, there has been a move towards expanding taste horizons as a result of the overall

lifestyle has changes. In cities such as Kolkata and Bhubaneswar, eating out is already a popular trend.

However, a similar trend to explore new cuisines and brands is emerging in other cities as well, such

as Patna, Ranchi, Guwahati etc. This has been a result of evolution of aspirations of younger

generation, increased openness to foreign culture, an increase in families disposable incomes, rise in

presence of branded retail chains and growth of entertainment as a concept with emergence of malls &

multi-screen multiplexes. All of this in turn has increased their exposure levels and started to have an

influence on the way people eat; encouraging them to venture out and try new cuisine types.

Advent of Large National and International brands It must be said that whatever considerable change

in the eating habits of the region has been to a large extent due to the influence & initiative of the

organized F&B chains. Presented below is a quick overview of the presence of some of the key

organized F&B brands in the region:

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Table 8: Presence of different Fast food chain in different region

While the region accounts for less than 10% of the all India presence for all International brands, some

of the Domestic brands have been quick to realize the growing incidence of eating out and capitalize

on the affinity for local food and Chinese cuisine in particular. Their key concern is to be able to build

enough scale in a few big cities, so that they can streamline their logistics and supply chain processesfor that region before they target other smaller areas.

The main advantages that these brands see in expanding here are that

Dining out is increasingly gaining traction

Accessibility is not an issue for them since the distances are not much and there no space

constraints which solves the problem of rental

A key component in restaurant operating expense.

North Indian Food

Food in the north India, to begin with, Kashmiri cuisines reflect strong Central Asian influences.

In Kashmir, mostly all the dishes are prepared around the main course of rice found abundantly in the

beautiful valley. Another delicious item cooked here is the 'Saag' that is prepared with a green leafy

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vegetable known as the 'Hak'. One will find the influence of Central Asian tastes and flavors in these

dishes.

But on the other hand states like the Punjab, Haryana and Uttar Pradesh show high consumption of

chapatis as staple food. Again, these chapatis are prepared with a variety of flours such as wheat, rice,

maida, besan etc. Besides chapatis other closely related breadsbaked in these regions

include Tandoori, Rumaali and Naan etc. However in the northern region impact of Mughlai food is

quite obvious. The Tandoori style of cooking of Punjab uses large earthen ovens ignited with hot coals

to cook vegetable, meat and bread. This cooking method locks in the aroma of the food items. A touch

of Mughalai cuisine is reflective from these north Indian dishes. Fresh cheese and yogurt are also part

of the Punjabi cuisine.

West Indian Food

The food items of western India are known for their unique aroma and tastes. The desert cuisine of

western India is reflected by the Gujrati and Rajasthani dishes. The people of these states love to have

different variety of pickles (achar) and pulses.

Thali meal is very popular in Gujrat. When all the food items of a meal are served on a large plate it is

called a Thali. A light meal prepared with lentil and rice is known as khichdi. Often Kadhi prepared

from spiced yogurt is served with it.

Portuguese influence is seen in the cooking style of Goa. Sweet and sour tastes are typical of the

culinary style of the state. Duck baffad, egg molie and vindaloo are the favorite dishes of the localpeople.

East Indian Food

East Indian dishes are primarily dominated by Bengali style of culinary. Rice and fish are the favorite

dishes of the Bengalis. Fish is a primary dish in Bengali cuisine of which Hilsa is the most popular and

loved side dish to rice. Rice is the staple food. Mustard oil and ghee are extensively used in cooking.

Paanch Phorona mix of 5 assorted spices are mostly used in Bengali cooking, specially in fish curry

(Machcher Jhol). Among desserts, cham-cham, rosogolla and sandesh are the loved ones among

Bengalis.

The culinary style of the other eastern states of India like Sikkim, Manipur, Meghalaya, Assam,

Arunachal Pradesh etc includes steamed and fried dishes. Most of the dishes of the eastern region of

India are characterized with simplicity and their cooking process are not elaborate. In the coastal areas,

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fish is the most popular non vegetarian item. Momo and thukpa are extensively prepared in the hilly

regions of eastern India.

South Indian Food

In the southern India, the states make great use of spices, fishes and coconuts, as most of them have

coastal kitchens. In the foods of Tamil Nadu use of tamarind is frequently made in order to impart

sourness to the dishes. It simply distinguishes the Tamil Food from other cuisines. The cooking style

of Andhra Pradesh is supposed to make excessive use of chilies, which is obviously to improve the

taste of the dishes. In Kerala, some of the delicious dishes are the lamb stew and appams, Malabar

fried prawns, Idlis, Dosas, fish molie and rice puttu. Another famous item of this region is the

sweetened coconut milk. Yet another dish is Puttu, which is glutinous rice powder steamed like a

pudding in a bamboo shoot.

DELHIITE

Truly Cosmopolitan

One thing that you will definitely notice about the people in Delhi is their love & passion for food.

Delhi is a melting pot of cultures & traditions and this is reflected in their eagerness to try cuisines

from the world over. Here in Delhi you will find a Punjabi gorging on Sambar, Idlis & Dosas & a

South Indian enjoying a plate of Chole Bhature. With globalization & improvements in lifestyle,

Delhiites today have come to embrace the best of the Indian & International cuisines. So if you are in

Delhi, you will have no trouble in finding an authentic Chinese, Thai, Japanese, Spanish, Italian,

Mediterranean, French, or American restaurant.

Love for Mughlai Food

Though you can find all types of cuisines in Delhi, Mughlai dishes are definitely one of the most

favourite foods of the locals. The Mughals ruled Delhi for many centuries & although the Mughal rule

ended centuries ago, their food still rules Delhi.

Kababs, Naans, Kormas, Pilafs & Nihari are just some of the Mughlai dishes that are as popular today

as they were during the Mughal era. If you want to try some real good ones, thenOld Delhi is your

best bet. Many of the small restaurants in Old Delhi that serve Mughlai food are run by people whose

forefathers used to serve in the Mughal royal kitchen.

Fan of the Punjabi Fare
http://www.sodelhi.com/present-regions/602-old-delhihttp://www.sodelhi.com/present-regions/602-old-delhi

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Delhiites love Punjabi food - Butter Chicken, Chole Bhature, Rajma Chawal, Saag & Makai Ki Roti,

Tandoori Roti & Tandoori Chicken etc are some of the all-time favourites found in Delhi. Ever since

Punjabis made Delhi their home post-partition in 1947, Punjabi food has grown to be a part & parcel

of Delhi food culture. Such is the popularity of Punjabi dishes that they are served in almost all private

parties, marriages & literally at every occasion where food is served. Even the Chinese served here has

a new form called Chinjabi (which is the Punjabi version of the Chinese cuisine).

Street Food Runs in Delhi's Veins

The locals definitely love their street food - Bread Pakoras, Gol Gappas, Dahi Bhallas, Chaat Papri,

Samosas, Fruit Chaat, Bhel Puri & Aloo Tikkis, et al. Every shopping area and nook & corner has

shops or street vendors selling street food items. In fact vendors selling street food can be found in

practically every locality in Delhi. The surprising fact it that there are always hordes of people

surrounding these vendors who patiently await their turn to try some delicious & spicy Delhi street

food. If you are thinking about trying some street food, again, the best place to go to is Old Delhi.

GUJARAT

The traditional Gujarati food is primarily vegetarian and has a high nutritional value. The typical

Gujarati thali consists of varied kinds of lip smacking dishes. Gujarati cuisine has so much to offer and

each dish has an absolutely different cooking style. Some of the dishes are stir fry, while others are

boiled. Gujarati food is more often served on a silver platter. Gujaratis use a combination of different

spices and flavors to cook their meals and this is what makes their food truly exotic. The traditionalGujarati thali mostly encompasses rotli, dal or kadhi, sabzi also known as shaak and rice. People in

Gujarat eat one or the other type of curry along with rice and roti in almost every meal Gujarati dishes

usually have a very subtle taste that makes it truly distinct from other Indian cuisines. Lot of emphasis

is laid on maintaining hygiene while cooking. Most of the Gujarati dishes are sweet, while others have

a quite larger concentration of sugar as compared to salt and spices. Sometimes, jaggery is used as an

alternative to sugar. Gujarati food is highly energy efficient and thus do not cause much of fuel

wastage. The staple food o Gujarat consists of homemade pickles, chhaas (buttermilk), salad etc. main

course includes vegetables which are usually steamed and dal. Vaghaar is a blend of spices, which is

purified in hot oil and then added to the dal.

RAJASTHAN

The cuisine of Rajasthan is primarily vegetarian and offers a fabulous variety of mouthwatering

dishes. The spice content is quite high in comparison to other Indian cuisines, but the food is

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absolutely scrumptious. Rajasthanis use ghee for cooking most of the dishes. Rajasthani food is well

known for its spicy curries and delicious sweets.

There is an enormous variety of sweets in Rajasthan, which are relished and savored by all. In

Rajasthan, the sweet dishes are had before the meal, with the main course and after the meal unlike

other desserts. Therefore, sweet dish is never called dessert in Rajasthan. When a guest arrives in the

house of a Rajasthani, he/she is served food in a proper manner. Self service concept is considered

rude and thus it does not form part of the etiquettes of Rajasthanis.

Dried lentils and beans obtained from native plants like sangria are used extensively in the preparation

of Rajasthani dishes. Gram flour is the major ingredient in the making of a couple of delicacies such as

"pakodi" and "gatte ki sabzi". Powdered lentils are liberally used in the preparation of papad.

Rajasthanis are quite fond of chutneys, which are prepared using different spices such as coriander,

turmeric, garlic and mint. Out of all the Rajasthani dishes, dal bati churma is perhaps the best known.

For those who are in a lookout for variety, Rajasthan has a lot to offer.

KERELA

The Kerala population consists of three major religions such as Hinduism, Islam and Christianity. The

majority Hindus mostly favoured vegetarian food till recently. But due to the co-existence with the

Muslims and Christians, their food choice has turned to non-veg dishes. They always had a love for

fishes. But the shift to meat is thanks to their living together with other religious groups, who are so

fond of Chicken, Mutton and Beef items. When a society comprising of multi-religious groups, it is

but natural and appreciable.

When Muslims mostly favored Beef, the choice of Christians was Beef and Pork. They also consumed

large quantities of fishes. The Keralites' main meal is rice with two curries preferably one veg and one

non veg. Though traditionally Malayalees preferred fish thanks to the large coastal line Kerala has. But

the present status of the food culture shows that Malayalees has now turned towards meat, especiallyChicken. If the food choice of Keralites go in the current way and pace, 'Chicken Biriyani' can be

named as Keralites' national food soon.

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4.2.2 BANKING AND INVESTMENT

To understand the consumer behavior regarding banking and investment we first classified consumers

into two categories i.e.

1) Muslims and

2)

Non-Muslims

The basic idea behind this categorization was to study how the Banking and Investment pattern of

Muslimssdiffer majorly because of usury and Shariah, the Islamic law.

As per Surah al Baqarah, verse 275-280.

Thosewho devour usury will not stand except as stands one whom the devil by his touch has driven

to madness. That is because they say: Trade is like usury: but Allah has permitted trade and forbidden

usury. Allah will deprive usury of all blessing, but will give increase for deeds of charity, for He loves

not any ungrateful sinner. O you who believe, fear Allah and give up what remains of your demand forusury, if you are indeed believers. If you do it not, take notice of war from Allah and His messenger,

but if you repent you shall have your capital sums; deal not unjustly, and you shall not be dealt with

unjustly. And if the debtor is in difficulty, grant him time till it is easy for him to repay. But if you

remit it by way of charity, that is best for you if you only knew.

The Six key principles that govern banking for Muslimsare

Predetermined loan repayments as interest(riba)is prohibited;

Profit and loss sharing is at the heart of the Islamic system;

Making money out of money is unacceptable; all financial transactions must be asset-backed;

Speculative behavior is prohibited;

Only sharias-approved contracts are acceptable;

Contracts are sacred.

Shariah Compliant Investments

Islamic finance is an equitable mode of finance that derives its principles from the Shariah, the Islamiclaw. The Shariah is based on the Quran, the sacred text of Islam, and it governs all aspects of personal

and collective life of Muslims. The most distinctive element of Islamic finance is the prohibition of

interest, whether nominal or excessive, simple or compound, fixed or floating. To comply with

Shariah, investment must not involve interest (also known as Riba).

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Islamic financial institutions work on a philosophy of prohibiting transactions considered immoral and

promoting greater social justice by sharing risk and reward. The customer and the Islamic bank share

the risk of any investment on agreed terms, and divide any profits between them. Islamic finance does

not allow creating new financial risks in order to gain profit; it is about protecting society from

trickery, fraud and social tensions. Shariah products also stress accountability, fairness and

transparency.

In addition to risk sharing and the prohibition of interest, under the principles of Shariah, investment is

also disallowed in businesses that deal with alcohol, pork, gambling, weapons, tobacco, media,

conventional financial institutions, pornography and anything else which it deems Haraam

(unlawful).

It is also ensured that not only the underlying investments but also the contractual terms agreed

between the investors and the investment manager conform to Islamic principles. Islam also disallows

certain contracts due to inherent elements which render them Haraam (unlawful).

When Shariah compliant investments receive company dividends generated as part of a companys

normal business operations, a purification process takes place. A large diversified corporation may be

Shariah compliant but may own a small finance subsidiary deemed non-compliant so any proportion

of income received from non-compliant activities are paid to Charity and thereby purified.

Taqwaa Advisory and Shariah Investment Solutions (TASIS) Pvt Ltdis the leading Shariah advisory

institution in India.

TASIS Screening Norms

In the first step of the screening process, companies which are involved in prohibited business

activities are screened out. The prohibited sectors include interest based financial institutions such as

banking, insurance, brokerage financial products and provision of fund based financial services,

manufacture, distribution and sale of potable alcoholic beverages and narcotics, processing,

distribution and sale of pork and pork related products, meat and products of other animals killed in a

non-halal manner, gambling and tobacco.

The companies which pass the business screening test are termed as Businesscompliantand they are

put through financial screening by further applying the following norms:

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1. Their total interest-bearing debt (including from banks, financial institutions, public deposits and

inter-corporate deposits) and issued preference capital should not be greater than 25% of their total

assets,

2. Their interest income from all sources and 8% of interest-based investments should not exceed 3%

of their total income,

3. Their receivables and cash & bank balance should not be greater than 90% of their total assets

The business compliant companies or stocks which qualify on the above three financial screening

criteria are termed as Shariah compliant companies. Investment in such Shariah compliant stocks is

called Shariah compliant investment. Few of the Shariah compliant stocks are:

Figure 6: Shariah Compliant Stocks

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Table 9: Relationship between Investment avenues and age group

From the above tables we can conclude that, all the age groups give more preference on investing in

equity, except those who are above 40 years of age. The age group, which is more than 40 years, gives

more preference to invest in Debenture, Tax saving bonds and then bank deposits. The people who are

40 years and above prefer secured investments that generate fixed and secured return. Also the people

those who are in the age group of 20-30 prefer more of equity than any other investment opportunity

because of their risk taking behavior.

Relationship between Income Level and Amount Invested Per Annum:

Annual Income

Investment per

annum

Below 2 Lacs Below 15,000

2-5 Lacs 15,001-25,000

5-7 Lacs 25,001-40,000

7-9 Lacs 40,001-55,000

9 Lacs and Above 55,001-70,000Table 10: Relationship between Income Level and Amount Invested Per Annum

From the above data we can see that people with higher income invest more money as compared to

people with lower income. This is mainly because people with lower income have little surplus fund to

invest as compared to people with higher level of income. Also the risk taking capacity of people with

higher income is high as compared to people with low level of income.

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Selection of Investment and their relationship with the Income level of a consumer:

Investment

Avenues

Income Group

Below 2

lacs 2-5 lacs 5-7 Lacs 7-9 Lacs

Above 9

Lacs

Equity 3 16% 4 20% 5 26% 5 26% 5 30%

Debentures/ Bonds 1 6% 1 6% 1 8% 1 7% 2 8%

Bank Deposits 6 32% 5 24% 4 20% 4 18% 3 14%

Insurance 3 14% 3 16% 4 18% 4 20% 4 20%

Mutual Funds 3 14% 3 16% 4 18% 3 15% 3 16%

Gold & Real

Estate 1 2% 1 4% 1 6% 2 8% 2 8%

Others 3 16% 3 14% 1 4% 1 6% 1 4%

Total 20 100% 20 100% 20 100% 20 100% 20 100%

Table 11: Selection of Investment and their relationship with the Income level of a consumer

The above table reveals that higher income levels are giving more preference to invest in equity

whereas lower income levels given more preference to invest in bank deposits. It implies that the

higher income level groups are preferred to take more risk in investment rather than lower income

level. And those who are taken more risk in investment are preferred to invest in equity rather than any

investment avenues. We can see that as the level of income increases the investment in equity also

increases.

Investment pattern and their relationship with different communities

As per the interviews conducted by the group we could see that people from Baniya community likes

to invest more on gold and real estate rather than stocks or any other investment avenues and similar

was the culture seen in people from South India. Gold has the highest weightage in the portfolio ofpeople from Southern India.

In baniya community people generally invest in gold because it is believed that higher the reserve of

gold you have, higher is the status of the family. And also if a baniya family has a daughter, they

invest in gold so as to accumulate it for the wedding of the girl in the family.

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When we interacted with people from West Bengal and Karnataka, it was observed that they prefer to

invest more in stocks as compared to other avenues. This could be because of high literacy rate in the

states. Similar was the case with people of Christian religion as they were more inclined to investment

towards stocks and equity.

People from sikh community generally likes to park their money majorly in real estate and their

second preference for investment is gold.

4.2.3 MARRIAGE

Consumer behavior is affected by religion, culture, sub culture, income, believes etc.

We have analyzed what all is consumed and used in various marriages across religions and cultures

on the basis of one to one interviews. The usage and consumption in a marriage is of food, cloths, gifts

and jewelry.

MARRIAGE IN HINDUS

Marriage across various Hindus is similar in some kind or the other. We have tried to find out how

consumption pattern differs across various Hindus with differences because of food, clothing,

decoration, gifts etc.

Figure 7: Religious functions during Hindu marriage

Punjabi wedding

Punjabis are large hearted people who love splendor and grandeur. They are also keen on festivals and

celebrations. This nature of Punjabis also reflects in their marriage celebrations. Like other Indianweddings, a Punjabi marriage ceremony is very ritualistic but also full of fun and frolic. It is in fact

one of the most colorful and musical marriage ceremonies in the country. Each ceremony is like an

excuse for merriment. A Punjabi Wedding is very vibrant and celebrated like a big carnival, exhibiting

splendid grandeur. Usually a Punjabi wedding consists of pre wedding, wedding and post wedding

functions.

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Pre wedding functions include roka, sagan, mehndi, sagai, cocktail etc. A family may combine 2

functions or more and conduct them on the same date and place. Usually all functions are held in

banquets or farm houses leading to booking of banquets and tents. Dhol is a must in every function of

Punjabis.

Usually Punjabis believe in show off and they love grandeur, so every member of the family buys

dresses for each and every function. A large number of clothes, shoes, accessories are bought i.e. a

huge amount of money is spent in clothing and other accessories. Boys or men of the family usually

purchase sherwani, suits, kurtas, indo western etc. Girls or women buy sarees, suits, lehengas etc. One

important thing to note is that Punjabis usually prefer loud or bold cloths for functions.

One thing to note is every function of a Punjabi wedding will normally include alcohol and non -veg

food. Punjabis love non veg food. Alcohol is consumed on a large scale. At the door step, wherewedding is arranged, a milni ceremony is held . It includes gifts given to relatives of groom. These

gifts generally include blankets, gold coins. Cash etc

So, we see how a Punjabi wedding leads to consumption and usage of various items due to their

religion and culture likecloths, gold, band, dhol, DJ, alcohol, non-veg food, invitation cards, haldi,

chuda, banquets, crackers etc. Another thing to note is marriage is held on the date decided by the

pundit. A PUNJABI wedding is incomplete without a Pundit.

Various services have grown due to large number of marriages (tent, caters, photographers, mehandiwalas, band, dhol, decoration)

Baniya wedding

Baniyas are usually considered as misers. But Baniyas spend the most as compared to other

communities on marriages.

As in Punjabis, baniyas also have pre wedding functions. wedding functions and post wedding

functions which are similar to Punjabis, but there are some differences in consumption pattern because

of differences in believes and culture. The differences:-

Baniyas usually prefer ladoos in sweets because it is the favorite dessert of Lord Ganesha. Another

intresting thing to see in a roka in a baniya family is that they present gifts to every person present on

the roka ceremony. These gifts may include gold coins, sliver coins, sweets, cash etc. Gold coins and

gold jewellary is bought at a large scale.

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alliance between the two families and the consent of the bride and groom to come together in holy

matrimony.

Other functions involve the garba dance. Girls usuaaly wear lehngas . The food served in various

functions is also vegetarian. The baarat inloves playing of shenai unlike Punjabis. On the wedding

day, the arrival of the groom and his family is called Ponkvu. It is actually the official beginning of the

Gujarati wedding.

Bengali wedding

A Bengali wedding includes many rituals and ceremonies that can span several days. In most cases, it

starts with the Kabin ceremony (the official registration of the wedding and presenting Denmohor or

Mahr) and ends with theBou Bhat ceremony (the wedding reception, a day after the marriage, usually

arranged by the groom's family). A bengali wedding will usually have fish and rasgulla in the food

menu. The bride's family gifts the groom with the wedding attire,which includes a 'jore' (silk shawl),

'dhoti' and 'topor , a head-dress made of pith and zari. The groom has to wear these clothes throughout

the wedding rituals. Bride usually wears a red saree. There is no dhol or loud music in a Bengali

wedding.

Tamil wedding

All the rituals are simply carried out in the day light. Usually a large Wedding Hall is booked for the

Marriage and most of the rituals are carried out in the hall.

The Tamil Weddings have a heavy feast. Tamil people take lot of pains in preparing the Wedding

Feasts. All sorts of Gourmands are places while the wedding feast is there - it includes vegetarian and

non - vegetarian south Indian delicacies. Various types of Coffee are something to try out in a Tamil

Wedding.

Usually the bride wears a red colored saree with lot of gold ornaments. Her forehead is studded with

ornaments made out of flowers. Rings and the Golden bangles add to her beauty. The Groom on theother hand wears a plain white dhoti and a white patta on his shoulder. The Groom has a plan wedding

dress. A ritual which is all different from other religions is that the parents of bride send a cosmetic kit

to the groom.

**Hindus do not wear white on occasions. It is against Hindu culture to wear white on

occasions. Hindus wear white on death. A large no of Hindus bride wear red.

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MUSLIM WEDDING

Muslim marriage and Islamic wedding customs are traditions and practices that relate

to wedding ceremonies and marriage rituals prevailing within the Muslim world. Although Islamic

marriage customs and relations vary depending on country of origin and government regulations, both

Muslim men and women from around the world are guided by Islamic laws and practices specified in

the Quran. Muslims in India normally follow marriage customs that are similar to those practiced by

Muslims of the Middle-East, which are based on Islamic convention.

Legan Chir

When the date of marriage is finalized, cash present is sent to the bride's father by the groom's father.

The ceremony is known as Legan Chir. Day 1 and Day 2 Ceremonies

On days one and two, first the bride's people and then the groom's go to the other party's house,

carrying mehendi paste in a plate. The children carry candles, which are lit before entering the

respective houses. Dinner is served and songs teasing both the boy and girl are sung.

The marriage contract includes a meher -- a formal statement specifying the monetary amount the

groom will give the bride. There are two parts to the meher: a prompt due before the marriage is

consummated and a deferred amount given to the bride throughout her life.

On the eve of the wedding day, a bridal service known as the Mehndi ritual or henna ceremony is held

at the brides home. This ritual is sometimes done two days before the actual wedding day. During thisbridal preparation ritual, turmeric paste is placed on the brides skin for the purpose of improving and

brightening her complexion , The Indian Islamic wedding ceremony is also preceded by a marriage

procession known as the groomsbaraat . From this convoy arrives the groom, who will share

a sherbet drink with a brother of his bride at the place of the marriage ceremony.

Muslims Weddings take place with a lot of pomp and Show. But this show is only for the people who

are attending the wedding. The Muslim Weddings are generally held either in the Girls house or the

Boys House as per the convenience of both the parties. All the rituals or ceremonies related to theWedding are done in the home only. It is this from where the Rukhsati of the Bride takes place. There

is dominance of red and Green Color in the Muslim Weddings.

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The Wedding feast is a list of Non - Vegetarian Indian Delicacies like Mughlai Chicken, Dahi Gosht ,

Aachari Murg, Rumali Roti, Biryani and Rogan Josh. Sharbats (Indian Cold Drink) and Pans are a

must in any Muslim Wedding.

Brighly colored red dress called Ghaghra Choli with a lot of Gold Ornaments are worn by the Bride..The Groom on the other hands wear the Sherwani - long designer shirt with trousers. He also wears a

Pagdi ( Cap) and Duppata with Sherwani. There are special Shoes called Jootis/ Mojaris which are

worn along the Sherwani.

We note that consumption pattern in marriages of Muslims is bit different from that of Hindus. Their

food includes all those things which they eat or which they like. Mutton is the favorite food for

Muslims which is a must in every Muslim marriage. Gold ornaments are bought and used in every

religion. Another difference is that weddings Of Muslims are held in houses whereas wedding ofHindus are held in banquets, hotels, farm houses, community halls etc . The number of rituals are less

as compared to baniyas or gujratis. Number of functions held are also less. A tent is fixed usually

outside the home. The tradition of giving gifts to the daughter is also very less as compared to Hindus.

CHRISTIAN WEDDING

A Christian Wedding includes an engagement and wedding.

A priest officiates at the ceremony. The groom's family arrives at the bride's home with gifts for her,

which include a sari, some jewellery and green glass bangles. The couple exchange rings, while the

priest recites prayers. Unlike Hindus, the girl s face is applied with jasmine oil with powdered

sandalwood.

The groom's family brings gifts in the form of clothes, jewellery and green glass bangles for the bride;

and the bride's family in turn presents the groom with a gift of clothes and perhaps a watch or gold

chain.

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The wedding takes place at a church. The bride wears a white dress and the groom wears a black suit.

No Christian wedding is complete without the reception, hosted usually by the bride's parents and

sometimes jointly with the groom's parents. It is often held immediately after the wedding. The bride

may choose to change her attire for this celebration.

The couple cuts the rich plum cake, so common to Christian weddings. The wedding reception is

replete with the services of a live band playing music and Western style dancing. The dinner menu

rarely deviates from the traditional 'yakhni pulao' (cooked lamb served with rice), chicken curry and

fish!

Fish and rice are main items in the food menu. Wine (both red and white) are always present.

Generally every man is wearing a suit. The consumer behavior depicted by Christians is different from

that of Hindus and Muslims. They do not indulge in buying bold colours or red and green. They preferto buy black suits. This is because they want to look sober and simple. They prefer to eat fish and rice.

A banquet is usually booked for the reception.

SIKH WEDDING

The customs that the Sikhs follow during their wedding ceremonies are similar to those practiced by

the Hindus. One important difference is that while the Hindus use Vedic texts the Sikhs use their holy

book, Adi Grantha (also called Guru Granth Sahib).

The consumption pattern in a sikh wedding is similar to that of a Punjabi wedding with minor

differences. A Sikh wedding takes place in the day time in the Gurudwara.

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So, It may be concluded that consumption of various items is done because of customs practiced.

However, consumption and usage of various items and services is common to every religion and

community- gold, cloths, tents, etc., But the quantity and type is different. The consumption on

marriages is because of culture, sub culture, rituals etc.

4.2.4 FESTIVALS

Diwali

Before Diwali night, people clean, renovate and decorate their homes. On Diwali night, Hindus dress

up in new clothes or their best outfit, light updiyas inside and outside their home, participate in family

puja typically toLakshmi - the goddess of wealth and prosperity. After puja, fireworks follow, then a

family feast including mithai, and an exchange of gifts between family members and close friends.

Diwali also marks a major shopping period in nations where it is celebrated. Diwali is one of the

biggest shopping seasons in India; people buy new clothes for themselves and their families, gifts,

appliances, kitchen utensils, small to big ticket items such as cars and gold jewellery. People also buy

gifts for family members and friends which typically includes sweets, dry fruits and seasonal

specialities depending on regional harvest and customs.

The festival celebrates Lakshmi, the goddess of wealth and prosperity, and investment, spending and

purchases are considered auspicious. Diwali is a peak buying season for gold and jewelr

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