India 40th Most Competitive Economy

Nearly half of Indian consumers are preferring to own domestic brands over the international
ones, a survey conducted by a US-headquartered consultancy firm has said.

The preference is more pronounced in food and personal care categories, the survey of 3,000 Indians by the consultancy BCG has said.

The survey findings come at a time when nationalism is the dominant theme politically and repeated appeals are made to buy local goods over various media platforms.

The survey said Indian consumers are “consciously” seek out Indian brands in at least one category.

“This is a far cry from the day when an Indian travelling abroad would be besieged with requests from family and friends to bring back international products,” it said.

It also said that more than a third are willing to forgo product purchases in order to be able to afford experiences that they find personally enriching.

The survey, which comes at a time when a fall in consumption has led to a dip in economic growth, also revealed that and almost a fifth prefer to rent something that they previously would have bought.

It said that consumer behaviour is agnostic of the place in which she resides, adding that people in tier-II and III cities are likely to exhibit the same behaviour as those in tier-I cities.

Similarly, income levels are also least likely to have influence on consumer behaviour, it said.

It also said that “social recognition” is the key motivation for half of the consumer behaviour.

“People in India are making no secret of the satisfaction they get by publicising their activities via
social network postings,” said Kanika Sanghi, a BCG partner.

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