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.
| Industry | Most loved brand 2023 Q3 | Most loved brand 2023 Q4 |
|---|---|---|
| Skincare | Himalaya | Himalaya |
| Automobile (4 wheeler) | Maruti Suzuki | Maruti Suzuki |
| Automobile (2 wheeler) | Honda | Honda |
| Clothing/Fashion (Men) | Park Avenue | Raymond |
| Clothing/Fashion (Women) | Biba | Biba |
| Electronics (Television) | SONY | Samsung |
| Electronics (Laptop) | Lenovo | Dell |
| Electronics (Mobile Phones) | Samsung | Samsung |
| Electronics (Speaker) | BoAt | BoAt |
| Retained its Position | Lost its Position |
Himalaya has emerged as the top choice, symbolizing a discernible consumer shift towards chemical-free and innovative skincare solutions. Within the skincare sector, it highlights the escalating trend of favoring chemical-free products, with consumers expressing a significant preference for skincare products devoid of harmful chemicals. Brand value, constituting 19.9% of the total, plays a substantial role by encompassing trust in a brand's reputation and overall value.
Maruti Suzuki's retention of its top position further accentuates an important role of brand value and safety in consumer decision-making, providing insights into the nature of preferences within the automotive sector. Brand Value, constituting 19.5%, plays an important role, indicating the significance of trust in a brand. Safety emerges as a paramount concern for consumers, reflecting the growing emphasis on security.
In the world of two-wheelers, Honda leads with a big 24.8% market share. The competition for the second spot is tough, involving key players like Hero, TVS, Bajaj Auto, and Royal Enfield. This competition reflects changes in what consumers prefer for two-wheelers. Notably, Bajaj and Suzuki have maintained a stable position in the top five for the last six months, showing how important innovation and good prices are in influencing what consumers choose in this competitive market.
| Amazon | 23.6% |
| Flipkart | 14.8% |
| Myntra | 11.5% |
| Meesho | 8.0% |
| Ajio | 6.3% |
Amazon leads the e-commerce market with 23.6% share outpacing all other competitors. Following closely, Myntra secures its position with a notable market share, highlighting the growing popularity of its platform for fashion enthusiasts. Meesho, known for its unique social commerce model, maintains a solid presence backed by a diverse range of offerings, contributes to the vibrant and competitive online retail scenario.
| Raymond | 15.81% |
| Peter England | 14.37% |
| Park Avenue | 9.15% |
| Indian Terrain | 6.87% |
| Allen Solly | 5.51% |
Note: The data and rankings are based on consumer choice and is not exact representation of the market share
Raymond maintains its top-tier status in men's fashion, securing a formidable 15.8% market share. Notably, Peter England is on the ascent, making significant strides in the industry. Consumer preferences come to the forefront, with quality being a key consideration in fashion choices. Comfort, brand value, unique design, and affordability are highlighted as important factors. These sustained dominance emphasize the value of brands adept at striking a balance between classic and contemporary designs to meet the ever-evolving preferences of consumers.
| Biba | 13.2% |
| Levi’s | 10.5% |
| Libas | 9.9% |
| Pantaloons | 7.2% |
| Fab India | 6.0% |
Biba takes the lead with a notable 13.2% market share, showcasing the increasing popularity of ethnic wear. Following closely are Levi’s, Libas and Pantaloons. The results underline the industry's dynamic nature, where adapting to trends and providing quality products with captivating designs are must for success.
| Samsung | 15.2% |
| LG | 14.1% |
| SONY | 13.7% |
| Mi | 9.5% |
| OnePlus | 6.5% |
Samsung and LG emerge as the top contenders in the television market, securing impressive market shares.The close competition between LG and SONY highlights the importance of cutting-edge technology and innovation in captivating the audience, while LG maintains its second position as a trusted choice.
| Dell | 25.7% |
| HP | 24.1% |
| Lenovo | 13.0% |
| Apple | 8.1% |
| Asus | 7.4% |
Dell takes the lead with an impressive 25.7% market share, highlighting its prominence in meeting consumer needs. The presence of Lenovo and Apple in the landscape underscores the variety of choices available to consumers. Dell's dominance in this sector suggests a preference for its offerings, possibly due to a winning combination of innovation, functionality, and reliability.
| Samsung | 22.1% |
| Vivo | 15.0% |
| Realme | 11.6% |
| Xiaomi | 11.3% |
| OnePlus | 9.2% |
Samsung takes the lead in the mobile phone market with an impressive 22.1% share, showcasing its stronghold in meeting consumer demands. These results indicate the varied preferences of consumers, where Samsung's dominance suggests a preference for its offerings, possibly attributed to a blend of innovation, functionality, and reliability.
| BoAt | 32.4% |
| JBL | 12.1% |
| Sony | 9.2% |
| Zebronics | 5.8% |
| Amazon Echo | 5.3% |
| Lenovo | 4.3% |
BoAt commands the speaker market with an impressive 32.4% share, establishing itself as the preferred choice for consumers seeking high-quality sound at reasonable prices. BoAt's success highlights the growing demand for affordable and innovative audio solutions. As the competition in the speaker industry intensifies, brands need to focus on improving quality and staying ahead of technological trends to thrive in the evolving preferences of audio enthusiasts.
Overall Analysis indicates that Samsung emerges as the top electronic brand, securing positions across televisions, laptops, and mobile phones. BoAt's success in speakers emphasizes the importance of competitive pricing.
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.
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