Indian consumers are more attached to their brands than their global counterparts and its food and technology sectors are spawning the most meaningful brands, according to a survey by Havas Media. In 2015 Amul, the food and dairy brand, dethrones iconic life insurance brand, LIC at the top, Cadbury climbs a rank to take the number two spot and Google makes its entry at third place, six years after the survey was instituted.
“New brands are being added to it each year both at a country level as well as global level and hence in some cases the brand data might not be available for the older waves. However the same will be available going forward for sure,” said Mohit Joshi, managing director of Havas Media. This explains the entry of both Google and Amul.
The survey released earlier this month has seen quite a few upsets with some of India’s most trusted and valuable brands such as Tata and Unilever yielding their place to Microsoft, Samsung, HP and Google, which could be the result of new brands being considered for the study in 2015.
Interestingly the top spot in 2013 and 2015 has gone to homegrown brands, LIC in 2013 and Amul this year, which is in line with several other surveys including the IMRB-Kantar Brand Footprint Survey earlier this year that hinted at the growing influence of national brands all over the world. However LIC has dropped down to fifth position indicating, perhaps, a growing national fascination for food brands. Three of the top five are food brands. Additionally, the IT companies (Intel, Microsoft and HP) have also seen increased traction. And Samsung which leads the global list takes the tenth spot in India.
Meaningfulness as a metric of brand strength “is meant to show how quality of life and wellbeing connects with brands at both a human and business level,” the report says. It matters because, the report says, on an average such brands gain 46 per cent more share of the consumer’s wallet and outperform the stock market by 133 per cent as compared to others. And hence this list, the outcome of the largest ever survey of meaningful brands in India according to Anita Nayyar, CEO,Havas Media India & South Asia, is a significant indicator of what people think matters the most to their lives. The India leg covered 100 brands, 13,000 people, 11 sectors, across the country.
Indian consumers, the study shows, believe that brands have a large role to play in their lives. In India, brands have a high level of meaningfulness and are seen as providers of personal and collective well-being; they are viewed as much more than functional products. Brands here are also held to higher expectations in India as compared to the rest of Asia and globally; 75 per cent believe brands should play a role in improving the quality of life and wellbeing, the Asia Pacific the average is 69 per cent and globally, 67 per cent.
Speaking about the study, Anita Nayyar said, “Marketers will be encouraged to know that India once again stands out as the number one country, globally, where consumers have the closest relationship with brands. People here believe brands can play a meaningful role in their lives.”