Lodestar UM Digs Consumer Trends in India

Conducts Econocurious Consumer Survey which is a resource offering unique consumer insights exclusively to UM clients.

BestMediaInfo Bureau | Delhi | October 4, 2010

Lodestar UM has released the findings of its Econocurious Consumer Survey, which gauges consumer sentiment on the domestic economy and the effect this has on consumption patterns.  Conducted for the first time in India, the survey is a one-of-a-kind resource offering unique consumer insights exclusively to UM clients.

“The Econocurious Consumer Survey is a great tool for measuring how people view the current economic environment in India,” said Shashi Sinha, CEO, Lodestar UM. “Having this information at hand allows us at UM to better serve our clients by understanding what consumers are looking for, how they behave, and what kinds of messages resonate domestically.”

More than 1,000 adults participated in this year's survey, which sought to explain the differences in the Indian economic mindset compared to either more developed or Western economies.  The results, tabulated by UM's research and analytics team and interpreted by a team of professional psychologists, reveal that India by far has the most optimistic and upbeat economic outlook of all countries surveyed. 69% of respondents are highly positive about the future, compared to a mere 23% in Britain and the United States.

Among the most interesting – and perhaps surprising – findings is that compared to Indians, more Americans felt they lacked sufficient money to cover basic needs.

Savings and investment was the largest category among Indian consumers, even surpassing China's already high 52%.  When buying, Indian consumer choices are driven by tangible and practical considerations.  Home purchases are the priority, followed by investing in the stock market and purchasing a car.

India showed a propensity to be brand loyal, with Indians in particular valuing intrinsic elements of a brand and quality, with consumers willing to spend more on brands they trust.  Indians also place an emphasis on purchases for family and friends.

“The Econocurious Consumer Survey is a one-of-a-kind tool that is tremendously helpful for UM and its clients,” continued Shashi Sinha. “Our clients can achieve success only if they armed with insightful information about how best to reach their targeted audience.  Econocurious provides us with that data.  We're excited to see how this space develops and how consumer purchasing patterns change going forward.”

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