HDFC Bank named as the most valuable brand as demand for local products drive brand revenues in India
HDFC is named as the most valuable Indian brand as an increase in demand for local products continues to benefit the local brands, according to Brandz top 50 most valuable Indian brands.
Followed by HDFC is Airtel, State Bank of India, Asian Paints, ICICI bank, Kotak Mahindra bank, Maruti Suzuki, Bajaj Auto, Hero and Axis Bank.
HDFC current value stands at $17,965m value after a 24% increase year-on-year in the annual report by WPP and Kantar Millward Brown.
It falls in line a report from The Drum last year about how Indian FMCG brand Patanjali is beating global giants by empowering local confidence.
It doesn’t spell doom and gloom for global business, however, particularly those that are keeping abreast of local trends.
Colgate, ranked 28, saw an increase of 2% and launched a toothpaste with ayurvedic properties to meet the local demand.
Noodle brand Maggi, ranked 32, saw a 66% increase over last year, making it the second-fastest riser as it turned to nostalgia to sell its products. It saw a massive growth, although it is still some way below its peak brand value of $1.1bn in 2014. Health food brand Saffola, ranked 36, saw a 24% increase as a result of introducing oats in new localised flavours.
Vishikh Talwar, managing director, Kantar Millward Brown, South Asia, said: “There are now ‘multiple Indias’. Consumers continue to love the brands they’ve loved for generations, while equally embracing the brands of the future. Brands must be completely in rhythm with the pulse of the market.”
Those that can accurately interpret Indian sensibilities, while ensuring smart pricing, are likely to be most successful. This is easier for local brands, but people will relate just as positively to a global brand if it uses insight to understand and meet their needs, and communicate in a way that builds trust.”
David Roth, CEO EMEA and Asia, The Store WPP, said: “Indian consumers seek authenticity and value for money, and the meaning of those things is being constantly redefined. As consumers become wealthier, they look beyond price to factors like extra features, innovation and a personalised experience.”
“As reflected in this year’s ranking the most agile Indian brands have recognised the complexity in the market, and achieved just the right balance between aspirational and affordable.”
Source: New feed