8 minutes read

Understanding the Changing Preferences of Indian Consumers - BrandXcel 2024 Insights

Explore the key findings from BrandXcel's 2024 Consumer Brand Connect report, highlighting the evolving preferences and behaviors of Indian consumers across different economic segments.

Dheeraj Kumar
22/01/2024

The Indian consumer landscape is undergoing significant transformations, as revealed in the findings from BrandXcel's third annual conclave on March 1. The event, which was a hub for vibrant discussions, aimed to unravel the complex and sometimes contradictory behaviors of Indian consumers. A highlight of the conclave was the unveiling of the BrandXcel 2024 Consumer Brand Connect research report. This comprehensive study delves into consumption patterns across 'Three Indias' based on economic segmentation: the affluent India One, the moderate-income middle-class India Two, and the economically challenged India Three.

The research, which surveyed 32,000 consumers from various demographics, sheds light on several key trends. A notable shift towards embracing 'Indianness' and a preference for domestically produced goods are among the top findings. This trend is attributed to advancements in technology, the expansion of the internet, and the development of e-commerce infrastructure, making it easier for consumers to access and discover new Indian brands.

Another significant observation is the rise in individualism, influencing consumption patterns. Decision-making within families has become more democratic, with women and children playing a more significant role, especially in rural areas. This shift has led to a diverse range of brands catering to individual preferences within households.

The report also highlights a trend towards premiumisation, with consumers aspiring for higher-quality products, even if it means starting with smaller, sachet-sized offerings. This aspiration is evident across all segments, driven by the desire for better quality and brand prestige.

Among the top brands favored by Indian consumers are Amazon, Amul, WhatsApp, Samsung, and Flipkart, with variations in preference between urban and rural areas. Jio, Tata, Parle, Amul, and Colgate emerge as the top five in rural regions, indicating distinct consumer preferences based on geographic and economic factors.

Conclusion: The BrandXcel 2024 report offers valuable insights into the evolving preferences of Indian consumers, highlighting a shift towards more individualistic choices, a growing pride in Indian products, and an aspiration for premium goods. These trends reflect the dynamic nature of the Indian market and the diverse needs of its consumers. In this context, platforms like Probz.ai, an AI-powered tool for collecting qualitative and quantitative insights, become invaluable for brands aiming to navigate the complexities of consumer preferences and behaviors effectively.

Tags:
Marketing
Development
HR & Recruiting
Design
Management
Share:

Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

Latest Posts

08 Apr 20248 minutes read
Exploring the Surge in India's Two-Wheeler Market: Trends and Forecasts
Dheeraj Kumar
View All

Get Free
Product Feedback

hello@probz.in
Bangalore, India 560066

Sign Up For Newsletter

Receive 50% discount on first project after the Launch