Indian brands remain resilient during global slowdown: Kantar

Tata Consultancy Services (TCS) has retained its number one position in terms of brand value according to Kantar BrandZ's 'Top 75 Most Valuable Brands' report. Tata holds the position for the second consecutive year, with a brand value of USD 43 billion. HDFC Bank, Infosys and Airtel also hold on to their top four positions, while State Bank of India (SBI) rises one place to enter the top 5.

India’s Top 75 brands have a combined brand value of $379 billion, a decline of 4% from 2022 – a modest decrease given the ongoing economic volatility across most of the world.

This is a testament to Indian brands’ resilience, stability and consistency. The decline has been driven by brands in the business technology and services platforms category, which have a major presence in international markets, and therefore have been impacted by global pressures, recession threats and geopolitical instabilityThe automotive category produced the top 75’s two fastest risers: TVS (51) and Mahindra (47) and achieved the second-highest category growth at 19%. According to Kantar, India’s automotive brands have quickly responded to changing consumer needs, notably the shift in preference from hatchbacks to SUVs, and the demand for electric vehicles.

The ranking’s 16 financial services brands contribute the biggest chunk of its total value. They grew 6%, thanks to the boom in digital banking, led by Axis Bank (17; +28%) and ICICI Bank (6; +18%).

Telecom providers also performed strongly, resulting in a 17% rise in total brand value.

There are four newcomers to the 2023 Indian brand ranking, plus two re-entrants. PhonePe – the highest entry at 21, fintech brand Cred (48), photo and video sharing app ShareChat (67) and entertainment platform Star (71).

Deepender Rana, executive managing director- South Asia, Insights Division, Kantar says: “It has been India’s decade. Our GDP has almost doubled with an 82% growth, while the world GDP has grown at 30%. This delta is even more when it comes to the most valuable Indian brands, which have almost quintupled in value (4.9 times), compared to the most valuable global brands, which have grown by 2.4 times. So Indian brands are significant value creators for our economy.”

He continued, “We expect this trend to accelerate in the next decade as Indian brands don’t just thrive in India, but also explore growth overseas in their quest to become true multinational giants. Our IT services brands have already done that, with TCS and Infosys already featuring in the Top 100 Most Valuable Global Brand list. The strongest Indian brands have forged powerful connections by consistently adding value to people’s lives, and consumers see them as different to their rivals in ways that really matter. Brands must keep investing in building equity to create future demand, even as they capture existing demand which requires a better balance between short- and long-term strategy.”

Soumya Mohanty, managing director and chief client officer, South Asia, insights division, Kantar, added, “There is great diversity within the India top 75: they are a combination of established names and dynamic young brands, both global and local in footprint. What they have in common is their ability to be essentially Indian. Through a deep and detailed understanding of consumers in the market, and adopting the local culture and ethos, even huge international brands are seen and cherished as ‘homegrown’. The trust and loyalty this engenders has helped Indian brands to suffer less and recover more quickly from the storms that have buffeted them over the past 10 years.”