Indiantelevision.com Team

(25 August 2007 2:48 pm)

MUMBAI: Consumer empowerment in India is happening at a much faster pace, than it did in America. The recent case of Nokia going into damage control mode over its 100 defective batteries is a fine example of the Indian market, since brand communication needs constant dialogue rather than launch campaigns and advertisements, said CNBC Awaaz editor-in-chief Sanjay Pugalia at the CNBC Awaaz Consumer Awards 2007.

The news channel, which positions itself as India's first 'consumer channel' felicitated winners in over 42 product and service categories at the ceremony held on 24 August.

Research organisation The Nielsen Company' conducted the research spanning in the categories - consumer durables, telecom, FMCG, financial services, travel and hospitality, retail and automobiles - across 34 centres with about 10,000 respondents covering various strata of society, who gave their opinion about their most preferred brands. The locations were spread over metros, mini-metros and class I towns.

The event kicked off with McKinsey partner Renee Thomas presenting a report on the Indian consumer market - 'The Bird of Gold Consumer report: The Rise of India's consumer market.'

Said Thomas elaborating on the report, "India's household income growth is much faster at 5.3 per cent compared to the US (1.2 per cent) and Japan (1.25 per cent). Our incomes will triple over the next two decades while the aggregate consumption will quadruple in the same time period. So by 2025, India will become the fifth largest consumer market. In this, urban India will account for about two-thirds of this growth. But the large share of spending on necessities will come down and new spending categories will emerge."

However, Thomas cautioned marketers to pull up their socks to combat with the changes. He said, "The report poses several questions for marketers who will have to adapt their marketing techniques with the changing consumer landscape. Several consumers will face choice of using product categories on a first time basis.

"Hence, marketers will have to create awareness regarding the same. Also, they need to develop price points lower than the existing developed models, thus making room for new business models. The beauty of it, though, is that are so early in this game."

While LG Electronics won maximum awards in the consumer durables category, BSNL emerged victorious in the landline and broadband service categories. State Bank of India and ICICI ruled the roost in financial services with the former awarded 'Best bank' and the latter as the 'Best credit card'. Big Bazaar was crowned 'Best Large Food and Grocery Supermarket. Maruti 800 and Hero Honda, meanwhile led in the automobiles category.

The detailed list of winners in each category is given below: