A fast growing economy and a rising number of affluent consumers have pushed India into the league of most brand conscious countries globally, says a survey.
In the ‘Nielsen Global Luxury Brands Study’, India was placed at the third position after Greece and Hong Kong.
According to the survey, 35 per cent Indian respondents agreed to buying designer brands. On the other hand, about 46 per cent people in Greece and another 38 per cent in Hong Kong responded positively to having bought such brands.
Interestingly, the study conducted by global information entity Nielsen Company found that despite the prevalence of imitated designer-branded goods, more than three-fourth of Indians do not believe that imitation products match up to the real one.
While 34 per cent of respondents were found to have spent on Calvin Klein brand, 25 per cent preferred Gucci and another 24 per cent spend money on Diesel. About 16 per cent Indian consumers spent on Christian Dior and 10 per cent on DKNY.
About 26,312 internet users in 48 markets across Europe, Asia Pacific, North America and Middle East were surveyed in November 2007. About 500 interviews were conducted in India.
“Foreign brands are synonymous to status and our survey finds that 57 per cent of Indians surveyed buys designer brands as a status symbol,” The Nielsen Company Associate Director (Client Solutions) Vatsala Pant said in a statement.
In terms of brands, 41 per cent Indians prefer to buy the products of Italian brand Gucci, making it the top country for this brand in the Asia Pacific region, followed by Philippines (39 per cent) and Indonesia (37 per cent.
Meanwhile, the survey said if money was not an issue, Gucci (41 per cent), Calvin Klein (31 per cent), Christian Dior (26 per cent), Versace (25 per cent), Diesel and Giorgio Armani (both 22 per cent each) are the “most coveted” brands for the Indian consumers.
Pointing out that local brands are popular among Indian consumers, the study said 40 per cent of respondents in the country are buying these brands.
“This is the sixth highest percentage globally for a country that buys local brands,” it added.
Even though 73 per cent Indians feel that designer brands are usually overpriced for what they are, 35 per cent also believe that these brands are having a higher quality.
However, 45 per cent Indian consumers think that only fashion conscious people consider buying designer brands.
Another interesting fact is that consumers in the country approved the potential of a crossover product between a designer fashion brand and a new technology gadget.“...56 per cent Indians surveyed would buy a mobile phone that was co-branded with a luxury brand... 40 per cent said they would buy a co-branded designer laptop computer, 32 per cent a ‘designer’ flat screen TV...,” the statement added.