India optimistic about economic growth: Havas study

Havas India has rolled out the Meaningful Brands: Covid-19 edition study that was run across five countries which included India, Indonesia, Singapore, South Korea and The Philippines.

26 Oct 2020 | By PrintWeek Team

The study, which reached out to 2,900 respondents, concluded that India is one of the most optimistic countries in Apac

The study, which reached out to 2,900 respondents concluded that India is one of the most optimistic countries in Apac with 53.3% consumers showing overwhelming optimism towards the country's economic growth in the future.

This is just .2% behind the Philippines. South Korea is most pessimistic with 16.33% of the consumers optimistic about economic growth. Indonesia is 37.5% and Singapore is 30.8%.  

Contrary to the anticipated mass mindset, India is experiencing a state of extreme optimism. Many consumers believe that the future is optimistic, and the slowdown that started due to Covid-19 is temporary. They have faith in the future of the economy and the country.  

According to the study, consumers are demanding more from brands and are giving the highest weightage to the collective benefits that brands have to offer. At 34.5% this is more than functional benefits (32.8%) and personal benefits (32.6%). Last year, maximum weightage was give to functional at 38%.  

Brands need to keep employee relations at the core as 59% of the consumers have started to use brand relationship with their employees as an evaluation parameter.  

Total 61% of the consumers expect brands to innovate to look after their health and safety. There’s also the matter of honesty with 58% of the consumers wanting brands to become more transparent about their processes and products.  

Empathy is another aspect as 55% of the respondents stated that they want more empathy from brands and want them to contribute to their mental and emotional well-being.   

Following Prime Minister Modi’s #VocalForLocal statement, 52% of the consumers are ready to go local. Consumers are realising the importance of boosting the country’s manufacturing muscle in the scheme of overall economic growth.  

Neeraj Bassi, chief strategy officer, Havas Group India, said, “Meaningful Brands by Havas Group is the first global framework that not only connects brands with human well-being but also ensures business returns. This proprietary study gives us a depth of understanding of brands across the globe. The India edition attempted to find the recalibration of expectation due to lockdown and how can brands navigate the new normal to stay meaningful to their franchise. The true differentiator of this Covid edition is actionability.”

The study measured meaningful criteria across seven key categories in India — automobiles, consumer durables, FMCG, eCommerce, beauty and wellness, retail and telco and identified four meaningful shifts that can help brands close the expectation gap created due to the pandemic.

“We hope brands leverage these shifts and move forward on their meaningful journey,” Bassi added.

(Source: Campaign India)