The top five most-consumed categories for post-pandemic consumers include food, personal care, mobile phones, e-commerce, and hair care.
OTT is ranked 11th among the 29 most popular categories, followed by retail (19th), apparel and footwear (28th), and tobacco (29th).
While numerous incumbent brands struggled in the post-pandemic disruptive environment, the study showed the growth of certain significant digital-first businesses that were able to quickly adjust to changing dynamics.
With digital being the primary channel, millennials have emerged as major brand influencers. A ‘BrandXcel’ study conducted by Market Xcel, a research and insights firm, also found that with ‘super apps’ that sell a wide variety of goods and services, the concept of brand loyalty underwent a sea change.
Food, personal care, mobile phones, e-commerce, and automobiles were deemed to have high relevance and population size, according to the study. These are the categories with the most touch points in daily consumer life, and customers can choose from a variety of brands in these categories. As a result, this is a big, competitive market. These categories include a number of top-100 brands.
The majority of beverage brands were placed in the next category. These brands, too, have a lot of touch points in the daily lives of their customers. The fraction of consumers who believe they have a good impact on their life, on the other hand, is lower. In this market, there are far too many companies competing for a limited amount of demand.
Fintech has evolved as a category that must grow its customer relevance, necessitating the need for brands in this category to increase their resonance and connect. IT and electronics, as well as BFSI, must re-orient their offerings in order to remain relevant, as well as considerably refresh their offerings.