MUMBAI: Brand trust is significantly higher than the global average among Asian consumers, who are also far more likely to be care about brands disappearing new research has found.
The 2015 Meaningful Brands study from Havas Media – which covers 1,000 brands, 300,000 people, 34 countries and 12 industry sectors – involves assessing the impact of brands on collective and personal wellbeing as well as marketplace factors relating to product performance such as quality and price.
This year's study reported that people in Asia Pacific trusted 83% of brands compared to just 50% globally. And they would be bothered by the disappearance of 60% of brands, a figure that falls to just 26% globally.
Overall, Havas said that Asia Pacific people's connection with brands was stronger than in Western regions and other emerging economies, with ten times higher attachment.
In a country like India, brands are viewed as much more than functional products. The study showed that 75% of Indian consumers, for example, believe brands should play a role in improving quality of life and wellbeing (the Asia Pacific average is 69% the global average 67%).
And two thirds (67%) feel that brands are working hard at improving quality of life and wellbeing, compared to an Asia Pacific average of 55% and a global average of 38%.
"People in India are happy to have brands as partners and as enablers to help them improve their quality of life and wellbeing," said Mohit Joshi, managing director, Havas Media Group India.
He added that this "throws open exciting possibilities for marketers and brands to interact with their customers".
Dairy brand Amul emerged as India's Most Meaningful Brand in the study – food is one of the most meaningful sectors in the country – followed by snack brand Cadbury and internet giant Google.
Indians had the highest attachment towards Life Insurance Corporation of India (LIC), the state-owned insurance group: 86% of people would care if LIC disappeared tomorrow (globally most people would not care if 74% of brands disappeared the next day).
Data sourced from Havas Media; additional content by Warc staff