Home, clothes and kids’ school are important status symbols for Indian parents
• Home is the No. 1 important status symbol for Indian parents. The clothes they wear and the neighbourhood they live in are also strong symbols for parents to express their status in society.
• Intuitively, more than half of Indian parents (56%) think that the schools their children attend are extremely important to express their status.
• Holiday destinations, cars, frequently visited places and club memberships are relatively less important status indicators for Indian parents.
WHAT THIS MEANS TO BUSINESS
• It has been well researched that consumers from emerging markets buy for status. But before everything else, personal backgrounds are still strong indicators of socioeconomic standing.
• In emerging markets like China and India, where education is the best way to move up in the society, admission to top-tier schools not only flags a bright future for the kids but also signifies an honor for the entire family.