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Exploring Consumer minds with year end analysis from Brand Preference Index

In today's consumer-driven markets, understanding the details of brand preferences is crucial for businesses aiming to stay ahead of the curve. Brands continuously strive to capture consumers' attention, loyalty, and trust, necessitating a thorough examination of the factors influencing brand choices.

Dhruv Research’s The Brand Preference Index Survey, conducted in the last quarter of 2023 with 2500+ responses from across India, delves into skincare, automobiles, fashion, electronics, and food. Based on surveys in Quarter 3 (Q3) and Quarter 4 (Q4), this report captures consumer trends and behaviors in key sectors, offering businesses valuable insights as we approach the end of 2023.

In 2022, the consumer industry witnessed dynamic shifts, with changes in market shares across various sectors. Honda's initial dominance in the market, holding a 37.37% share, experienced a substantial decline in 2023. This downturn provided opportunities for competitors like Hero and TVS to capitalize on Honda's retreat. In the four-wheeler sector, Maruti Suzuki encountered a significant drop in market share, falling from 39.89% in 2022 to 13.0% in 2023, indicating a concerning trend for the brand. In contrast, Honda and TATA Motors maintained good stability, showcasing a resilient performance in the face of challenging market conditions. The Automotive category experienced quantifiable growth, highlighting the adaptability of India's automotive brands to changing consumer needs and signaling opportunities for expansion in the domestic market.

The mobile phone sector also demonstrated changes, as Samsung, while retaining its leading position, underwent a slight dip from 24.9%. The company's relentless focus on innovation, customer-centricity, and diversification has allowed it to outperform competitors and maintain strong market positioning. Meanwhile, Vivo experienced an increase in market share. In the fashion industry, Raymond and Peter England emerged as dominant players in men's fashion, surpassing Allen Solly. In recent years, Raymond has enhanced its marketing strategy by implementing diverse campaigns, forging strategic collaborations, and bolstering its digital presence, showcasing significant improvements in effective communication and consumer connection. In women's fashion, Biba rose to prominence in 2023, surpassing competitors like Libas being top performer in 2022. Biba’s story is about empowering women, initiating change, and offering comfortable and stylish clothing options.

The decline in market shares was particularly impacting brands with significant international market presence. These brands quantitatively struggled with global pressures, recession threats, and geopolitical instability, leading to a notable decline.


In light of the insights provided, businesses must adopt a consumer-centric approach to build lasting relationships, foster brand loyalty, and drive innovation. This report serves as a roadmap for enterprises, offering valuable insights to make informed decisions in the world of consumer preferences.

Predict consumer trends with our advanced CPI solution, fueled by real-time data from quarterly surveys across sectors like Food, Beverages, Lifestyle, and Automobiles to enhance your strategic decisions.

Nikita Sohi

Sr. Executive
People & Culture

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