The Market Research Society of India (MRSI) held its sixth season of Wednesday Webinar for December 2023 on the topic of “Trends Amongst Indian Consumers - What Changed And What Remained Same”. The session was hosted by Amitabh Mishra, Head-Insights and Analytics - India, Dr. Reddy’s Laboratories; Sunder Muthuraman, CEO - SL Ventures, (Marketing ROI Consulting); Mukul Gautam, VP & Chief Of Capacity Building, Purple Audacity; and Jayesh K Menon, Global Director Insights, Entropik Tech, including speakers Anshu Yardi, Vice President of Business Partnerships and Communications at TAM Media; Ashish Karnad, Executive Vice President, Media and Digital at Hansa Research Group; Prem Narayan, Chief Strategy Officer at Ogilvy India; and Shivanjali Phatak, Associate Partner at Quantum Consumer Solution, India.
Diving deep into the dynamic landscape of Indian consumer trends, the concluding webinar of 2023 discusses the ever-changing preferences and steadfast constants in the world of consumers, setting the stage for marketing strategies for the year 2024.
Discussing the evolution of India, Shivanjali Phatak, Associate Partner at Quantum Consumer Solution, India, expressed, “Indians prefer to view themselves not as citizens of a third-world country, but as members of a global superpower. We take custodianship of this image of India and protect fiercely from any reproach. How we represent India and our local identity holds significant importance. Today, India is not just represented by Hindi or Punjabi, but by a plethora of regional languages”.
She further went on to highlight, “The appetite for realism is skewed towards what consumers watch and appreciate. Today, consumers are adopting a more realistic lens to view the world, appreciating authenticity and drawing inspiration from real journeys. Moreover, brands and businesses are tapping into the consumer need for effortless living. There is a significant shift in value orientation because these brands provide transformative experience and champion slow living. The experiences that brands are crafting are not just about physical effort but also mental effort. Making choices has become challenging, and, for instance, in the financial sector, the most difficult thing for any consumer is making the right choice. Therefore, aggregator players become very handy in helping consumers make a more effortless choice."
Prem Narayan, Chief Strategy Officer at Ogilvy India, discussed the evolving landscape of beauty, emphasizing the pivotal role of social platforms as the contemporary gateway to culture, particularly in the realm of beauty. He noted a significant shift from airbrushed perfection to authenticity within beauty content. He stated, “The emphasis has moved away from an obsession with looking flawless to celebrating imperfections. Influencers play a crucial role in dispelling beauty insecurities, fostering a community that embraces shared vulnerability. Trust in influencers has grown as they openly discuss their own frailties and vulnerabilities.”
He further quoted a recent study on how beauty is now associated with 'hedonistic well-being’ that stated that women actively contribute to each other's appearance, marking a departure from the traditional notion of beauty as women-centric. Additionally, beauty has transformed into a form of entertainment, appealing to both men and women alike.
Anshu Yardi, Vice President of Business Partnerships and Communications at TAM Media shared insights on television advertising trends. When comparing ad volumes from 2019 to 2023, there was a substantial growth rate, with a 27% increase that stabilized over the last two years. However, there was a 4% drop observed in 2023. Genres such as General Entertainment Channels (GEC), movies, and sports have successfully maintained a balance, while news and kids’ genres experienced a decline. Notably, hyperlocal categories have witnessed an upswing in advertising, indicating increased funding and interest that was lacking pre-COVID. Post-pandemic, there has been a shift towards healthier lifestyle choices, contributing to the growth of categories like makeup and retail. Some categories that reduced TV advertising may have opted for alternative communication channels. In the year 2023, among 500 categories, over 220 are experiencing growth. The top-growing sectors include Auto, Personal Care, Banking, Financial Services, and Insurance (BFSI), as well as Hygiene and Household products. Specific products like bathing bars, namkeen, energy drinks, and sauces/ketchup have shown a two-fold growth. In sports advertising, the live telecast programming hours saw an 8% increase in 2023, with the sports genre's share reflecting a 1% growth. Interestingly, 140+ advertisers chose to exclusively advertise during sports programs in 2023, a notable increase from the 111 advertisers in 2022.
In discussing trends in celebrity endorsements, Ashish Karnad, Executive Vice President of Media and Digital at Hansa Research Group, highlighted data from the TAM Report, revealing a notable increase in the share of celebrity ads on television from 21% in 2021 to 28% in 2023. The endorsement of celebrities continues to be a growing trend in India. The Hansa Brand Endorser study further emphasized this trend, indicating that 10 out of 15 celebrities have been consistently featured across four years, demonstrating their enduring presence in the endorsement landscape. Similarly, the KROLL report noted that 8 out of the top 10 celebrities, based on valuation, remain consistent. Consumers, when evaluating celebrities, consider various factors, including recognition, likability, following, clutter, perception, category fit, interest to see, and price.
Karnad also addressed the topic of cord-cutting and its potential impact on the future. According to the Chrome Subscriber Establishment Survey (2019-2022), there has been a decline in Cable and Satellite (C&S) households since the COVID-19 period. Factors contributing to this decline include the new tariff order, the growth of Over-The-Top (OTT) platforms, and the emergence of ‘cord nevers’ – individuals who have never subscribed to C&S services. However, Karnad expressed that cord-cutting is not a major concern for the television industry. People tend to adapt to price hikes, OTT platforms also incur costs, and their popularity is limited, particularly beyond metro areas and upmarket homes. Additionally, cord nevers are predominantly observed in metro areas. Karnad concluded by asserting that television is here to stay.
To watch the recorded session, click
here.