Reliance Brands Limited’s The Voice of Fashion has rolled out the Atlas of Affluence (AOA) 2022 magazine. Launched as an yearly digital magazine, AOA will track and lead conversations on Indian fashion, design, crafts and retail. Furthermore, it will dissect consumer behaviour studied through the prism of luxury.
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, Shefalee Vasudev, editor, The Voice of Fashion, stated. “Affluence is a combination of wealth, assets and high disposable incomes, with socio-cultural awareness, self-knowledge, and a responsible outlook. This comes out clearly in this white paper as the rise of the individual,” she added.
Charting the post-pandemic market and the altered consumer mindset through a specially commissioned study across six cities and markets of India, AOA 2022 has been published as a book with exclusively commissioned artworks. This study uses the time graph of “pre-pandemic” and “post-pandemic” months to specify a comparative matrix. It also helps debunk long-held ideas about what affluence and luxury have meant to Indians. 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. The other sections of this white paper move beyond luxury as a product to explore granularities of affluence.
As per AOA, 57% men claim that their fashion spend has increased. Men’s brand portfolio saw 46% growth in 2021 compared to 2019 while women saw 14% rise. Furthermore, 76% of people invest in luxury brands that depict their sense of style while 26% still see luxury as a means of social assertion. Interestingly, 65% of non-metro residents buy luxury on a regular basis as opposed to 53% in metros.
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. Beyond business strategy and numbers there are a series of columns, interviews, ground reports and features stories on architecture, personal style, the ascendance of India in South Asian design and global luxury, the emergence of the gold collar consumer and the growing market for beauty and wellness. This study is a consortium, a melting pot of topical, relevant, ready-to-use creative and commercial insights.