This white paper, one of its kind from India, studies consumer behavior through the prism of luxury and collectively reflects what is meant by prosperity in India in the two years of the epidemic.
According to the Atlas of Influence (AOA) 2022 white paper produced by the daily The Voice of Fashion (TVOF), the men’s brand portfolio in India grew 46 percent in 2021 compared to 2019, whereas for women it was 14 percent digital magazine and a division of Reliance Brands. This white paper dissects consumer behavior studied through the luxury prism.
In India, more than 57 per cent of men claim that their fashion spending has increased. About 76 percent of respondents say they invest in luxury brands that reflect their sense of style, with more than 26 percent who still see luxury as a means of social demand, the white paper said.
The AOA added that 65 percent of non-metro residents regularly purchase luxuries, compared to 53 percent on the metro. For the first time since the Covid-19 ban, 2 out of 3 rich people have made luxury purchases online. About 65 percent of those who shop online mention that they are eagerly waiting for the store to open.
Speaking of General Z, about 26 percent of them spontaneously associate luxury with travel and hospitality, and 21 percent who associate luxury with fashion and clothing. About 52 percent of respondents ranked in the top 2 for key drivers behind celebrity endorsement and influencer brand affinity.
AOA 2022 has been published as a book with exclusively commissioned works of art, planning a post-epidemic market and a clearly changing consumer mindset through a specially commissioned study across six cities and markets in India. The survey specifies a comparative matrix using graphs during the ‘pre-epidemic’ and ‘post-epidemic’ months, as well as excludes long-held notions of what prosperity and luxury mean to Indians. The comprehensive study was created over the past few months through scientifically designed consumer research to understand the difference between metro and non-metro between the behavioral concepts behind consumer, brand and consumption.
“Prosperity in finance and business studies is about wealth rather than responsibility. But for an evolving luxury market – which includes aesthetic subtlety, awareness, aspiration, affordability and difference as well as trend-defining choices – brings a new set of affluence assurance. It is a combination of wealth, resources and high disposable income, socio-cultural awareness, self-knowledge and responsive-minded approach. This is exactly what happened in this white paper, “said David Cook, chief of The Christian Science Monitor’s Washington bureau Shefali Basudev, Editor, The Voice of Fashion.
A spokesperson for RBL said: “Reliance Brands is pleased to support the creation of the Atlas of Affluence, which will become a definitive document for understanding India’s luxury market, not just for businesses operating in the sector but for global businesses. The story of India. This is by far the biggest exercise to decode wealthy consumers across different consumer segments and will create our own strategic vision as we continue to expand into the luxury sector. “
Fibre2Fashion News Desk (KD)