India's first ever White Paper on Luxury launched as a yearly feature
New Delhi, May 22: The Atlas of Affluence (AOA) 2022 was launched in Mumbai among leading luminaries from industries spanning the business of luxury. AOA 2022 is the first such wide and deep white paper from India that dissects consumer behaviour studied through the prism of luxury, 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.
During the two years of the pandemic, India experienced a surge in collective reflection on what affluence means. AOA 2022 is a book with specially commissioned artworks that charts the post-pandemic market and the clearly altered consumer mindset through a specially commissioned study across six cities and markets in India. The time graph of "pre-pandemic" and "post-pandemic" months is used to specify a comparative matrix in this study. It also contributes to the debunking of long-held beliefs about what affluence and luxury have meant to Indians.
The study was developed over several months through scientifically designed consumer research to understand the differences between metro and non-metro buyers, brands, and behavioural ideas behind consumption. The remaining sections of this white paper go beyond luxury as a product to investigate the granularities of affluence.
"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. This comes out clearly in this white paper as the rise of the individual," says Shefalee Vasudev, editor, The Voice of Fashion.
AOA is a strategy document for all those who create in or for India, make or market here, and must have their finger on the consumer's pulse. Aside from business strategy and numbers, there are columns, interviews, field reports, and feature stories on architecture, personal style, India's ascendance in South Asian design and global luxury, the emergence of the gold collar consumer, and the growing market for beauty and wellness. This research is a collaboration, a mash-up of timely, relevant, ready-to-use creative and commercial insights.
As the largest luxury operator in the country, Reliance Brands Limited (RBL) also strengthened the report by providing significant consumer insights. An RBL spokesperson said: "Reliance Brands 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."
Guest columns by The Oberoi Group's Vikram Oberoi, American Express' Manoj Adlakha, couturier Tarun Tahiliani, and DLF Retail's Pushpa Bector, among others, can be found in AOA. Designers Anamika Khanna, Manish Malhotra, Hanut Singh, and PVR founder Ajay Bijli also contribute their voices. In addition, leaders such as Gildo Zegna and Stefano Canali are featured in the Report's "Global Voices" section.
The Atlas of Affluence is set to become an annual feature with this first edition. Aside from a yearly study examined from various perspectives, AOA will evolve into a series of market-related deep dives that will appear on a regular basis. With the pie of cuisine-led luxury only getting bigger, The Atlas of Affluence will trace India's Eat Map in its next sub-category volume later this year.