India among the most brand conscious countries:survey
Date: Thursday , June 26, 2008
India has entered the league of the most brand conscious countries globally. The survey ‘Nielsen Global Luxury Brands Study’ conducted by the global information entity Nielsen Company notes that India was at the third position after Greece and Hong Kong due to the fast growing nature of its economy and the rising number of affluent consumers.
The survey revealed that 35 percent respondents in India, 38 percent in Hong Kong, and about 46 percent in Greece buy designer apparel brands. The study found that despite the prevalence of a large amount of fake designer-branded goods, more than three-fourth of Indians do not believe that spurious products match up to the original one.
On the brand preference, while 34 percent of respondents were found to have spent on Calvin Klein brand, 25 percent preferred Gucci, 24 percent spent money on Diesel, 16 percent spent on Christian Dior, and 10 percent on DKNY.
About 26,312 Internet users in 48 markets across Europe, Asia Pacific, North America, and the Middle East were surveyed and about 500 interviews were conducted in India in November 2007.
“Foreign brands are synonymous to status and our survey finds that 57 percent of Indians surveyed buy designer brands as a status symbol,” said Vatsala Pant, Associate Director (Client Solutions), Nielsen Company.
However, the survey said if money was not an issue, Gucci (41 percent), Calvin Klein (31 percent), Christian Dior (26 percent), Versace (25 percent), Diesel, and Giorgio Armani (22 percent each) are the ‘most coveted’ brands among the Indian consumers.
Pointing out that local brands are popular among Indian consumers, the study said that 40 percent of respondents in the country are buying these brands. 45 percent Indian consumers think that only fashion conscious people consider buying designer brands.