Consumers in key Asia-Pacific markets are demanding more from brands and are giving the highest weight to the collective benefits that they have to offer, according to the latest 'Meaningful Brands' study from Havas. At 34.5% this factor comes in higher than functional benefits (32.8%) and personal benefits (32.6%) these labels offer.
Last year, maximum weight was give to the functional measure, at 38%.
The new Covid-19 edition of the study surveyed 2,900 respondents across five markets: India, Indonesia, Singapore, South Korea and Philippines.
Brands need to keep employee relations at the core, as 59% of the consumers have started to use brand relationship with their employees as an evaluation parameter. Nearly two third (61%) of consumers expect brands to innovate to look after their health and safety. There's also the matter of honesty, with well over half of the consumers wanting brands to become more transparent about their processes and products.
The study concluded that consumers in The Philippines are most optimistic about the future, followed by those in India. South Koreans are the most pesimistic with 16.33% optimistic about economic growth.
Empathy is another aspect, as 55% of the respondents stated that they want more empathy from brands and want them to contribute to their mental and emotional well-being.
In India, Following prime minister Narendra Modi's #VocalForLocal statement, over half of consumers surveyed were willing to buy and back local brands. Consumers comprehend the importance of supporting the country's manufacturing muscle to boost economic growth.
Neeraj Bassi, chief strategy officer, Havas Group India, said, “Meaningful Brands by Havas Group is the first global framework that not only connects brands with human well-being but also ensures business returns. This proprietary study giving us a depth of understanding of meaningful journey of brands across the globe."