Brand Preference Index: Gathering Insights for Understanding Consumer Choices

In today's dynamic and competitive marketplace, understanding consumer preferences is paramount for businesses striving to create impactful strategies and maintain a competitive edge. Brands are constantly vying for consumers' attention, loyalty, and trust, making it crucial to discern the factors that drive individuals to choose one brand over another. To unravel the intricate web of consumer preferences, we are proud to present the Brand Preference Index Survey—a comprehensive exploration into the minds of consumers to unearth the why behind their brand choices. This report is based on 2 surveys conducted over the last 6 months(Dec 2022 - June 2023) with 2500+ responses received from Pan India.

The consumer preference index covers multiple sectors like skincare and makeup, automobile, fashion, electronics (mobile phones, laptops, speakers, television), and food chains.

New trend of chemical free skincare products is continuously increasing with product customization being the key factor of choice

Himalaya is the most preferred choice for skincare products in India, followed by Mamaearth. It implies that chemical free products, with some innovation are attracting the Indians. Also, these brands have a wide range of products available in different categories and appeal to the customers emotionally by establishing themselves as socially conscious brands.
Hence, the future lies in innovation, which must be built after understanding the consumer preferences.

Automobile preference is driven by focus on safety and brand value

• Four-wheelers:

  
  

  Maruti Suzuki four-wheelers have the highest preference in India. It can be attributed to its affordable prices and brand value. As shown, brand value and safety are the most desirable factors, thus Maruti Suzuki and Tata’s strong commitment to ensuring safety and creating good customer value make them the most desirable brands. Even the luxury car brand Mercedes is in the list, which shows that Indians are increasingly moving towards luxury and status.

  The analysis underscores the dynamic nature of consumer preferences in the automotive sector. Maruti's consistent leadership and Tata Motors' rise demonstrate the importance of understanding and catering to evolving consumer needs.





• Two-wheelers:

  In two-wheelers, Honda took the first spot, followed by Hero. Although the margin of difference between Honda and Hero is wide, there is tough competition among the brands for reaching the 2nd spot.

  In the two-wheeler segment, Bajaj and Suzuki's entry into the top 5 highlights the significance of innovation, competitive pricing, and a customer-centric approach. Automotive brands must continue to monitor consumer preferences, adapt their strategies, and focus on delivering products that align with market trends to maintain a competitive edge.

Quick Service Restaurants are becoming popular in India: Haldiram’s makes it to the first spot

Nothing shocking to see that Haldiram’s, KFC, and McD are competing so closely to get to the first spot. These choices also vary from place to place. This success of Haldiram’s can be attributed to the vast menu that it serves, including Indian fast food too while other players like KFC, McD miss on that. Understanding the consumer preference and adding a local touch makes a brand more acceptable.

Fashion and clothing choice is a highly talked about topic, so let’s see which brands are the most preferred ones:

• For Men:

  Park Avenue	15.4%
  Van Heusen	13.1%
  U.S. Polo ASSN	10.6%
  Raymond	10.2%
  Allen Solly	9.7%

  Park Avenue and Van Heusen are competing closely for the top spot. Brands that can balance classic and contemporary designs, cater to different occasions, and offer high-quality products stand a better chance of maintaining and expanding their market share. Furthermore, understanding the evolving trends and adapting strategies accordingly will be crucial for sustained success in the competitive men's apparel industry.

  Comparing the data from the last wave, it can be inferred that Park Avenue is the clear choice in men’s apparel. Van Heusen is making a stronger place in the market, giving a hard competition to Allen Solly and US Polo ASSN.



• For Woman:

  Biba	13.9%
  Zara	12.6%
  Fab India	11.2%
  Levi’s	9.9%
  Libas	6.4%

  Biba, catering to ethnic wear, has become the most loved brand for women. All these brands provide very trendy designs, patterns and colours. Thus, making good quality clothes with catchy and trendy designs is the key to success for fashion brands.

  Comparing Fashion Brands from last wave, In Women’s category, Biba has moved from 2nd position to the most preferred brand, while Levi’s beating Fab India is now the 3rd most preferred choice.

Electronics: The Brands That Dominate the Market

• Television:

  SONY	22.6%
  Samsung	22.3%
  LG	13.1%
  Amazon	6.1%
  Mi	6.0%

  Sony and Samsung are the top leaders with a negligible difference. Both the brands focus on cutting-edge technology and innovation. Hence, continuous improvement and different offerings can lead to a better market presence.

• Laptops:

  Lenovo	25.1%
  Hp	14.7%
  Dell	14.7%
  Apple	10.3%
  Samsung	10.0%

• Mobile Phones:

  Samsung	24.1%
  Realme	14.7%
  OPPO	12.1%
  Xiaomi	11.0%
  Vivo	10.5%

• Speakers:

  BoAt	39.5%
  JBL	13.4%
  Sony	7.7%
  Bose	6.7%
  Zebronics	5.4%

  BoAt became the leading speaker brand, owing to its innovative high sound quality and reasonable pricing. Thus, the established brands need to focus on improving their quality in order to thrive in future.

Overall analysis shows that Samsung made its place in 3 categories, making it the top preferred electronic brand in India. It is followed by Sony which made its place in 2 categories. Thus, multifacet presence is a factor that is pushing up the image of brands in the electronics industry

Conclusion:

In light of the insights provided, it is evident that businesses that prioritize a consumer-centric approach are better positioned to build lasting relationships with their customers, foster brand loyalty, and drive innovation. The report serves as a roadmap for enterprises to navigate the intricate landscape of consumer preferences, guiding them toward strategies that resonate and engage with their target audience effectively. As markets continue to evolve, this report stands as a valuable resource to empower organizations to make informed decisions that drive growth and prosperity in the dynamic world of consumer preference

Unlock consumer preferences and predict purchasing patterns with our CPI solution. Leverage insights from ongoing quarterly surveys across industries like Food, Beverages, Lifestyle, and Automobiles to enhance your strategic decisions.