Men’s brand portfolio in India saw a 46 per cent growth in 2021 compared to 2019, while for women, it was 14 per cent, according to the Atlas of Affluence (AOA) 2022 whitepaper created by daily digital magazine The Voice of Fashion (TVOF) and a division of Reliance Brands.
This whitepaper, a one of its kind from India, dissects consumer behaviour studied through the prism of luxury and a collective reflection on what affluence means in India during the two years of the pandemic.
Men’s brand portfolio in India saw a 46 per cent growth in 2021 compared to 2019, while for women, it was 14 per cent, according to the Atlas of Affluence (AOA) 2022 whitepaper created by The Voice of Fashion (TVOF), the daily digital magazine and a division of Reliance Brands. This whitepaper dissects consumer behaviour studied through the prism of luxury.
Over 57 per cent men in India claim that their fashion spend has increased. About 76 per cent of the respondents said they invest in luxury brands that depict their sense of style over 26 per cent who still see luxury as a means of social assertion, the whitepaper said.
The AOA further added that 65 per cent of non-metro residents buy luxury on a regular basis against 53 per cent in metros. As many as 2 out of 3 among the affluent had shopped luxury online for the first time during COVID-19 restrictions. Close to 65 per cent of those shopping online mention that they are eagerly waiting for stores to open.
Talking about Gen Z, about 26 per cent of them spontaneously associate luxury with travel and hospitality followed by 21 per cent who associate luxury with fashion and apparel. Close to 52 per cent respondents keep celebrity endorsements and influencers in top 2 ranks for key drivers behind brand affinity.
Plotting the post-pandemic market and the clearly altered consumer mind-set through a specially commissioned study across six cities and markets of India, AOA 2022 has been published as a book with exclusively commissioned artworks. The study used the time graph of ‘pre-pandemic’ and ‘post-pandemic’ months to specify a comparative matrix while also debunking long-held ideas about what affluence and luxury have meant to Indians. The extensive study was formulated over the last several months through scientifically designed consumer research to understand metro and non-metro differences among buyers, brands and behavioural ideas behind consumption.
“In finance and business studies affluence is about assets compared to liabilities. But for an evolved luxury market – which includes aesthetic finesse, awareness, aspiration, affordability and distinction as well as trend-defining choices – affluence brings a new set of affirmations. It is a combination of wealth, assets and high disposable incomes, with socio-cultural awareness, self-knowledge, and a response-able outlook. This comes out clearly in this white paper as the rise of the individual,” said Shefalee Vasudev, editor, The Voice of Fashion.
An RBL spokesperson said: “Reliance Brands is happy to support the creation of the Atlas of Affluence, which will become the definitive document for understanding the luxury market in India not just for businesses already operating in this sector but for global businesses looking to invest in the India story. This is the largest exercise ever to decode the affluent consumer across various consumption categories and this will build our own strategic views as we continue to expand in the luxury sector.”
Fibre2Fashion News Desk (KD)