Indians' love for new brands is the highest in the world as only 2 percent of consumers in the country prefer to stay loyal to brands compared to 8 percent globally, according to a Nielsen study.
An increase in the number of brands available to people is aiding brand disloyalty. “A good majority of them (Indians) said they are looking forward and they love trying new products,” Patrick Dodd, global president and chief commercial officer of Nielsen, told BloombergQuint in an interview.
Dodd further explained that a few Indian consumers also said they like to try new products, but they need to be swayed a little bit, thus implying that there is a big battle out there for “share of mind and share of stomach or share of wallet”.
India's fast-moving consumer goods industry grew by 10 percent in the April-June quarter, Dodd said. “It's a very healthy growth rate relative to what we're seeing in other markets around the world, and even emerging markets that are in the high single-digit range, 10 is still a very strong number for the FMCG industry.”
Watch the full interview here:
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