In the consumer market of today, divergent thoughts pop up in the consumers’ mindsets in their product choices; local brands or global brands. While a segment of the market gravitates towards local brands, another fragment is drawn to global brands, making a clear dichotomy of the market in terms of product origin. Factors like age, gender, social class, and purchasing power among others are clear leading determinants of the final product category selection.
Regardless of the choice outcome, identifying the distinctive advantages the presence of both local and global brands bring to market dynamics is worth a quick check:
- Global brands boast of universal acceptance while local brands shine by staying true to their roots, offering products and experiences that are rooted in local culture.
- Global brands employ cutting-edge technology to ensure magnificent products. Local brands have modernized conventional methods to deliver impressive products.
- Global brands are ubiquitous and readily available for consumers on the run while local brands cater for the resident market, without having to cross borders.
As the world is rapidly evolving, it is important to understand the interplay between global and local brands, and how it enriches the market, fuels product innovation, and strengthens brand positioning. Local brands and global brands are not a competing duet, but a duo for excellence.
