Men’s luxury brands grow by 46% in 2021: Report
23 May 2022, Mumbai:
The portfolio of men's luxury brandsgrew by 46 per cent in 2021 compared to the pre-pandemic year of 2019, while that of women’s luxury brands grew by only 14 per cent, shows the 2022 edition of Atlas of Affluence (AOA), a white paper on luxury brand from Reliance Brands (RBL).
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Fifty-seven percent of men claimed that their fashion spending has increased.
Sixty-five percent of non-metro residents buy luxury on a regular basis versus 53 percent in metros and 52 percent 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.
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.
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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 behavioral ideas behind consumption.
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CREDITS:*The Voice of Fashion (TVOF)
