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Tag: spending

  • 97% Indians have increased their monthly spends on content: Dolby

    97% Indians have increased their monthly spends on content: Dolby

    New-Delhi: Today, Dolby Laboratories, Inc. (NYSE: DLB), a leader in immersive entertainment experiences, released findings from a new global study illustrating a significant shift in consumer entertainment behaviour in India. The new homebound work and leisure economy has led to a sky-rocketing demand for new and quality content and for better devices. As per a new global consumer study by Wakefield Research conducted in four countries for Dolby, Indian consumers are now prioritizing and seeking better experiences possibly driven by long hours spent at home. Indian consumers are spending more on quality in order to better connect with content—and to connect with each other.

    “Despite all of the challenges of this past year, this study has illustrated the power of entertainment in bringing us together with those that are most important to us,” Dolby Laboratories MD emerging markets Pankaj Kedia “We take great pride in creating more immersive experiences through our technologies and see the significant growth of Dolby Vision and Dolby Atmos as proof that consumers are seeking these experiences as well.”

    Wakefield Research senior partner Nathan Richter said, “We are all confined and what better way to use this time than to bond with friends and family, both in-person and virtually. People love entertainment and there is an exponential rise in demand for quality content that can be enjoyed in the comfort of one’s home. People recognize that high quality sound and visual experiences have a huge impact and make viewing more exciting. More than that, it enhances the entertainment experience and helps people to better connect during these challenging times.”

    The Wakefield study on ‘Quality Time is Quality Picture and Sound’ highlights shifting consumer patterns for content consumption. It throws light on their preferences and the willingness to invest in premium quality content and in devices andto be able to have an enhanced audio and visual experience that is helping increase family bonding time.

    The India leg of the study conducted across six cities, including New-Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Ahmedabad, was aimed at understanding the changing content consumption habits during the pandemic. The study cuts across generational breaks and includes the voice of Gen Z, Millennials, Gen X & Boomers.

    Here are some of the most interesting study findings:

    · Contented by Content-COVID-19 has driven many Indians to use entertainment as a way of unwinding, including 66 per cent of Indian respondents saying they use it as an opportunity to relax and 60 per cent saying they find it as a good social experience of watching with others.

    · Ripped from the Headlines-Current events can drive viewers to entertainment and even alter their choices. This includes 92 per cent respondents in India, who said the news impacts what they watch.

    ·Investing in the Experience-. The study shows that consumers are spending more on quality in order to better connect with content—and connect with each other.Compared to the start of the year-

    • 97 per cent of Indian respondents have increased their monthly spends on content by 48 per cent on an average compared to the start of the year

    • 88 per cent of Indians respondents have in the past six months already invested in upgrading their streaming services

    • 96 per cent Indian respondents plan to upgradetheir entertainment equipment in the next 6 months

    • Equipment upgrades include better mobile devices. In India, 61 per cent respondents plan to upgrade their mobile device to improve their viewing experience

    · Worth It- Consumers connect with their content better with enhanced picture and sound quality. 94 per cent Indian respondents would pay more for a premium subscription to receive enhanced picture and sound quality

    · Broadened Horizons- As consumers stayed at home with more time to watch, many consumers got into a genre of content they had not consumed before

    • 95 per cent Indian respondents got into new types of content they didn’t watch before

    • Those engaging with new types of content had a wide variety to pick from. In India, streaming live music events lead popular new content (50 per cent), followed by comedy (48 per cent), video game streaming (46 per cent) & DIY videos (45 per cent).

    · Multiple ways to Watch- In India, 29 per cent say their smartphone is their primary entertainment device. This is followed by 22 per cent who say television and 20 per cent who say computer.

    · Smaller Screens, Higher Quality- Consumers are particularly interested in enhanced picture and sound quality for watching movies and TV shows. In India, 49 per cent respondents rank movies as one of their top-two forms of entertainment that merit enhanced quality.

    · Work Hard, Play Hard- With work now requiring video conferencing, many are “borrowing” that tech for personal purposes. In India, 92 per cent respondents are using work video applications for social purposes, including 80 per cent who do so often or all the time.

    · First Time for Everything- In India, 65 per cent respondents of those who engaged in live-chat while watching streaming videos did so for the first time.

    At Dolby, we are committed to bringing premium, immersive experiences to as many people as possible. Just in the last year, the adoption of Dolby Vision and Dolby Atmos in the home has been widespread. There are hundredsof millions of Dolby Vision and Dolby Atmos enabled devices in market from the world’s leading devicemanufacturers.

    As this study shows, the drive for better experiences doesn’t stop at devices. Content adoption is also growing rapidly, completing the ecosystem that we have been building through global partnerships with leading streaming services that continue to release their top shows and films in Dolby technology every month.

    “Ultimately, we expect the desire for more human connection to continue in the future and immersive experiences can help fulfil this demand,” added Kedia. “Just as entertainment drives cultural conversation, that same conversation drives the connection across the globe, and we are seeing connections grow stronger every day through elevated entertainment experiences.”

  • Kantar reveals consumer trends for 2020

    Kantar reveals consumer trends for 2020

    MUMBAI: How are consumers going to behave in  2020? The economy is in a bind, consumer spending has been cautious. Will they be a little more prone to reach into their pockets to make purchases? Well, market research firm  Kantar has drawn up the top 10  key trends that will impact consumer behavior in India in the year 2020. The trends touch upon a range of categories including FMCG, durables, home buying, transportation, loans, infrastructure, online engagements, entertainment, imported goods and much more.

    Speaking about the trends, Kantar insights division South Asia CEO Preeti Reddy stated, “If the consumer behavior in 2019 was driven by the desire to seek stability, the over-riding sentiment is one of ‘wait and watch’ in 2020 amongst Indian consumers. Meanwhile, with their wallets squeezed and aspirations intact, a large-scale reprioritization of spending is underway across the board”.

    Kantar- Consumer Trends for 2020

    Waiting for the economy to recover

    Declining household saving is forcing shoppers to buy smaller packs, and cheaper variants of household consumables. Apart from millennials reluctant to own homes, tighter budgets and job uncertainty mean that families will put off purchasing homes. And yet the affordability and accessibility of credit, particularly with the entry of digital lending players that offer instant loans, will ease this scenario. Lenders have seen a 50 per cent surge in loan applications for holidays.

    Waiting for deals

    97 per cent of Indian households in 2019 bought at least one CPG (consumer packaged goods) product on promotion, with overall promotion volumes up by 6.4 per cent. Brands have no option but to find new ways of rewarding smart, well-informed, deal-seeking consumers, as information gathering becomes an integral part of the shopping experience. 85 per cent of consumers check at least two data points other than prices and discounts when purchasing.

    But not waiting to sell

    Social commerce platforms like Meesho, GlowRoad, Dealshare, Mall18 will tap into the next wave of online shoppers, that is,  200 million from smaller cities of India with very different behaviour and needs vs the current group. Their transactions are hyperlocal in nature and work by sharing deals over WhatsApp. New platforms are enabling sellers to find buyers by leveraging their social networks. Bulbul and Simsim users interact with sellers during live video streaming and make their purchases immediately.

    Waiting for infrastructure

    Tired waiting for roads, consumers have embraced technological solutions such as car pooling and shared bus rides. The shared transportation market will grow to Rs 35,000 crores by 2025. Cities plagued by congestion and infrastructure troubles, such as Mumbai and Bengaluru, are quick adopters. The lack of action towards improving the abysmal quality of air is encouraging people to work from home, even as solutions such as air purifiers and oxygen bars emerge to give them a breather.

    Not waiting to deal with waste

    22 per cent of Indians say that plastic wastage is the top concern for them environmentally – significantly higher than the global average of 15 per cent. 53 per cent of Indian consumers will pay more for environment friendly products. A similar proportion is prepared to make changes to their lifestyle for the environment. Expect greater awareness and action around food waste, and trends such as up cycling to take off, spurred by conscious business and activist youth.

    Won’t wait for the experience

    Tighter control overspending does not necessarily mean that consumers are cutting back on experiences. 37 percent of urban Indians say that they finance experiences by trading down in certain product categories including jewelry, mobile phones, apparel, and home furnishings. Some consumers are optimizing their spends by renting kitchen appliances, clothes, and furniture; 25 per cent of consumers would consider renting in the future. 

    Won’t shy away from risk

    Uncertainty in the social and economic environment has propelled Indian consumers to embrace new opportunities and create alternative futures for themselves. India is now witnessing reverse migration, as two-tier cities and state capitals emerge as attractive places due to lower land and home prices, cleaner air and availability of quality education. Consumption-wise, there is rising experimentation with an array of offerings on e-commerce platforms, even as consumers seek ways to mitigate risk of redundancy by reskilling themselves through online courses. [93 per cent of Indian learners are in the 18-39 age bracket]

    Won’t wait for rcep

    Despite the political reluctance to leverage trade opportunities within Asian, Chinese, Japanese and Korean consumer brands – which have won the hearts and wallets of Indian consumers – they will continue to do well. Expect an integration of technology and content in many of these products. From home appliances to automobiles to social platforms such as TikTok. While Korean pop culture will capture the imagination of youth across campuses and small-town India, Tokyo’s hosting the Olympics will create greater engagement with Japanese brands.

    Will watch and play/relax

    Our mobile gaming study reveals that 76 per cent of the gamers indulge in playing games on their mobile phone more than twice a day; and 31per cent play four to five times a day. 70 per cent of gamers spend more than half an hour and 42 per cent spend more than an hour playing mobile games. In-app purchases in online and mobile games present developers with financial opportunity. Some brands will deploy ASMR (autonomous sensory meridian response) – videos using audio stimuli like sounds of nature, mellow music, people whispering – to relax, soothe or invigorate viewers.

    Will watch local

    An average Indian spends 6.2 hours consuming online content daily. Going forward, spending per month on digital media content is expected to grow by 2.5 times. 95 per cent of online video consumption is in Indian languages. Bengali content growing more than 100 per cent year-on-year in watch time. Marketers will look towards online publishers and media companies to build engagement by learning techniques like transmedia storytelling, where single narrative cuts across multiple platforms and formats using available digital technologies.