Amidst leading luminaries of industries spanning the business of luxury, the Atlas of Affluence (AOA) 2022 was launched in Mumbai yesterday (May 20, 2022). Created by The Voice of Fashion (TVOF), a division of Reliance Brands Limited, the daily digital magazine that tracks and leads conversations on Indian fashion, design, crafts, and retail, AOA 2022, is that the first such wide and deep report from India that dissects consumer behaviour studied through the prism of luxury.
A collective reflection on what affluence means in India spiked during the 2 years of the pandemic. Charting the post-pandemic market and then the 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.
As the largest luxury operator within the country, Reliance Brands Limited (RBL) also strengthened the report by providing significant consumer insights. This might be the foremost important exercise ever to decode the affluent consumer across various consumption categories and this might help build our strategic views as we still expand within the luxurious sector.”
With this first edition, the Atlas of Affluence is on the brink of become an annual feature.
Some key takeaways of AOA 2022:
· 57% of Men claim that their fashion spend has increased. For women, it was 14%.
· 76% Invest in luxury brands that depict their sense of fashion over 26% still see luxury as a way of social assertion.
· 65% of non-metro residents buy luxury regularly vs 53% in metros.
· 2 out of three among the affluent had shopped luxury online for the primary time during COVID-19 restrictions.
· 65% of this shopping online mention that they’re eagerly looking ahead to stores to open.
· 26% of Gen Z spontaneously associates luxury with travel and hospitality followed by 21% who associate luxury with fashion and apparel.
· 52% of Respondents keep celebrity endorsements and influencers within the very best 2 ranks for key drivers behind brand affinity.
· 58% agree that they need spent more on tech products to curate a futuristic entertainment experience while being stuck reception.