New Delhi: A growing economy and the resultant increase in purchasing power has made Indians more fashion conscious. In a luxury brands survey conducted by The Nielsen Company, a global information and media research company, India ranked third after Greece and Hong Kong in the list of most brand conscious countries in the world. Over 35% of Indian respondents agreed they spend money on luxury brands.
The survey found that while the most bought luxury brand was Calvin Klein with over 34% surveyed having purchased it at some point, Gucci ranked as the most coveted brand for Indians, if money was not the constricting factor. Other brands that Indian consumers spend most on are Gucci, Diesel, Christian Dior and DKNY.
The survey shows that India is among the top ten markets for some of these brands. The country ranks as the third most important market for Gucci. Similarly, India shows up as the sixth most important market globally for Calvin Klein, ninth for Diesel, and tenth for Fendi.
Vatsala Pant, associate director, client solutions, The Nielsen Company, says that the overall awareness about designer brands has been aided by people travelling overseas. “The number of outlets that these brands have opened up in the country in recent times is a testimony in itself of the increasing fashion consciousness amongst Indians,” says Pant.
The increased brand consciousness among Indians is not reserved for foreign brands alone as over 40% of respondents confirmed that they also purchase Indian designer brands, putting India among the top six countries that buy local brands.
Although 73% of Indians still perceive designer brands to be overpriced, the study found that Indians are among the top eight countries to believe that designer brands are of a better quality than unbranded ones.
The survey was conducted in November 2007, polling about 26,312 internet users in 48 markets in Europe, Asia Pacific, North America and the Middle East. In India, 500 people took part in the survey.