This white paper, one of its kind from India, dissects researched consumer behavior through the lens of luxury and collective reflection on what it means to be affluent in India during two pandemic years. .
The brand category for men in India has grown by 46% in 2021 compared to 2019, while for women it is 14%, according to the Atlas of Affluence (AOA) 2022 Whitepaper created by The Voice of Fashion ( TVOF), daily newspaper. digital magazine and a division of Reliance Brands. This white paper analyzes researched consumer behavior through the lens of luxury.
More than 57% of men in India say their fashion spending has increased. Some 76% of respondents said they invest in luxury brands that express their style, with more than 26% still seeing luxury as a means of social affirmation, the report said.
The AOA adds that 65% of residents who don’t use the subway regularly buy luxury items compared to 53% in major cities. Up to 2 out of 3 of the wealthy have shopped for luxury goods online for the first time during COVID-19 restrictions. Nearly 65% of online shoppers said they eagerly waited for stores to open.
Speaking of Generation Z, about 26% of them spontaneously associate luxury with travel and hospitality, followed by 21% associating luxury with fashion and clothing. Nearly 52% of respondents hold celebrities and influencers in the top 2 rankings because of the important drivers of brand relationships.
Mapping the post-pandemic market and clearly changing consumer mindset through a specially commissioned study across six Indian cities and markets, AOA 2022 has been published in book form. with exclusive authorized artwork. The study used time charts of the ‘pre-pandemic’ and ‘post-pandemic’ months to define a comparison matrix while also dispelling long-held ideas about what wealth and distance mean. slag for Indians. Extensive research built over the past several months through scientifically designed consumer research to understand the buyer and non-buyer difference between buyers, brands, and behavioral ideas behind consumption.
“In financial and business studies, affluence is about assets versus liabilities. But for a burgeoning luxury market – encompassing aesthetic craftsmanship, perception, aspiration, affordability and differentiation as well as trend-defining options – affluence offers a new set of assertions. It is a combination of wealth, assets and high disposable income, with sociocultural awareness, self-knowledge, and a resilient outlook. This is clearly expressed in this white paper as personal ascent,” Shefalee Vasudev, editor, The Voice of Fashion.
A spokesperson for RBL said: “Reliance Brands is delighted to support the creation of the Atlas of Affluence, which will become the ultimate document to understand the luxury market in India not only for businesses already in the industry. sector but also for global businesses looking to invest in the India story. This is the largest exercise ever to decipher the affluent consumer across a variety of consumer categories, and this will build our own strategic perspective as we continue to expand in luxury sector. ”
Fiber2 Fashion News Desk (KD)