Men's luxury brand portfolio witnessed a 46 per cent growth in 2021 compared to the pre-pandemic year of 2019, while for women, it was only 14 per cent, a report released on Friday said.
According to the 2022 edition of Atlas of Affluence (AOA), a white paper on luxury brand from Reliance Brand Ltd (RBL), 57 per cent of men claimed that their fashion spending has increased.
"Sixty-five per cent of non-metro residents buy luxury on a regular basis versus 53 per cent in metros" and 52 per cent of respondents keep celebrity endorsements and influencers in the top two ranks for key drivers behind brand affinity, said AOA 2022 created by The Voice of Fashion (TVOF) -- a division of RBL, a daily digital magazine that tracks and leads conversations on Indian fashion, design, crafts and retail.
It said: "Two out of three among the affluent had shopped luxury online for the first time during COVID-19 restrictions."
Moreover, 65 per cent of those shopping online mention that they are eagerly waiting for stores to open, said the findings of AOA 2022.
"Fifty-eight per cent agree that they have spent more on tech products to curate a futuristic entertainment experience while being stuck at home," it said.
The findings are based on a specially commissioned study across six cities and markets of India.
"The 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," it said.
The Voice of Fashion editor Shefalee Vasudev said 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," she said.
AOA is a strategy document for all those who create in India or for India, who make or market here and must have a finger on the pulse of the consumer.
"RBL 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 help build our own strategic views as we continue to expand in the luxury sector," said RBL spokesperson.
RBL, a subsidiary of Reliance Retail Ventures Ltd, began operations in 2007.Â
