Indians are ‘new’ brand enjoyers who look for variety and give importance to experience, according to the latest ‘Eye on Asia Study’ released by Grey Group Asia Pacific, a leading marketing communication company.
Now in its fourth year, the study is conducted on 33,000 people from Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam to gauge consumer behaviour and the trends that will shape branding and communication in the region. In India, 500 individuals were polled, equally from Delhi and Mumbai.
Because of the early stages of the brand boom in nations like India, China, Bangladesh and Vietnam, the tribe of ‘new’ brand enjoyers are not sticklers for top brands or functionalities. They look out for the experience a brand provides, not just through its communication but also the products, their pricing and unique features. As a result, 85 per cent of the Indian respondents are willing to pay more for products that are new or unique and as many as 78 per cent are influenced by current trends. Sixty-seven per cent of 'new' brand enjoyers feel the shopping experience is all about the hunt and discovery. Hence, engaging them at retail spaces such as malls has immense scope.
Indians are mostly happy with the marketing in the country. As many as 84 per cent felt marketers were doing a good job, while 83 per cent opined that advertising in the country is exciting. However, they might not be getting their fill, as the question on how satisfied the respondents are with their lives showed that 56 per cent from India felt 'somewhat satisfied'. While the overall satisfaction rate was high, at 71 per cent, the majority was not highly satisfied, which Bindu Sethi, the company's National Planning Director, feels is an opportunity for marketers to ask questions. "It shows consumers are not quite there with their brands, that they would still want more out of them. One of the biggest advantages of a study like this is the chance to understand if there is a conflict or a need gap and then try to come up with a solution."
The overall sentiment in Asia is just as positive. As many as 76 per cent of Asians agree strongly or somewhat that the future is likely to be better than the past. India scored 85 per cent on that count. The only nation that beat the trend was Japan, where only 39 per cent of the population felt the future is likely to be better than the past.
