To Target Millennials, Builders Bet On Celebrities
Celebrity endorsements have been the 'it' formula to sell a brand to consumers. In a recent report by Duff & Phelps, Rise of the Millennials: India's Most Valuable Celebrity Brands, the total value of the top 15 celebrity brands in the country was estimated to be $712 million in 2017. According to the report, the rising incomes of India's millennials offer unprecedented opportunities for celebrity endorsements in consumer industries such as auto, real estate, telecom, finance and luxury products.
This shift towards the celebrities popular among millennials can be seen, too. It is observed that more and more young millennials, in their late 20s or early 30s, are now making home a priority purchase. So, hiring young celebrities as brand ambassadors is the new strategy to give developer brands a fresh new look that would appeal this young segment.
PropGuide lists six Indian celebrities that are endorsing some of the leading real estate developers or their specific projects:
Virat Kohli
According to the report, Indian cricket team captain Virat Kohli is the most valuable celebrity brand in the country. He surpassed Bollywood actor Shah Rukh Khan who topped the list last year. Among the many top brands, Kohli, whose brand value stands at $144 million registering a growth of 56 per cent from last year, is also the ambassador of Nitesh Estates. The multi-segment group, based in Bengaluru, signed up the cricketer in January 2016 and since then runs a campaign, #WinningTheFuture.
Shah Rukh Khan
Second on the list, Shah Rukh Khan has a brand value of $106 million, down by nearly 20 per cent as compared to 2016. The actor endorses Mahagun Group, a Noida-based real estate developer. Khan has been the brand ambassador for Mahagun since November 2012.
Deepika Padukone
Bollywood actress Deepika Padukone, valued at $93 million, retained her third rank. The actress at present is the brand ambassador for the real estate brand, Ace Group and also, endorses Lodha Group's project Belmonde.
Akshay Kumar
Akshay Kumar, who stood at the fourth rank in 2017, added seven new product brands to his portfolio this year. These additions took his brand value to $47 million in 2017, up 97 per cent when compared to the previous year. The actor endorses two of the projects of Lodha Group. His actor-turned-author wife Twinkle Khanna also features with him in these endorsements. The couple endorses Lodha Amara and Lodha Casa Celeste. The two were roped in for endorsement in 2016.
Anuskha Sharma
Bollywood actor and producer Anushka Sharma stood at the 14th rank in the Duff and Phelps' report with a total brand value of $16 million. Among the many brands the actor endorses is real estate developer Ruparel Realty.
Should brand endorsements impress you?
Think again. There have been instances in the past when celebrity endorsers have been taken to the court along with the developers by the aggrieved homebuyers. Celebrities have been allegedly accused of giving misleading information through advertisements. One such instance was when a first information report (FIR) was registered against actress Genelia D'souza along with the developer she was endorsing for allegedly cheating a customer. According to the FIR, while the developer failed to construct a duplex house while D'souza being the brand ambassador, made false promises through advertisements and brochures.
According to a PTI report, the Cabinet has approved introduction of the Consumer Protection Bill, 2017, leading to withdrawal of the 2015 Bill. Under the new Bill, celebrities will be held accountable for misleading advertisements calling for a fine and a ban. A Central Consumer Protection Authority (CCPA) will also be formed under the new Bill to promote, protect and enforce consumer rights.