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Women go for Luxury Brands due to their Social Circle: Survey

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New Delhi, April 29, 2017: When it comes to buying high-end bags, most of the old-school shoppers go for luxury products because of their social circle, a survey has revealed.

My Luxury Bargain, a portal for buying and selling of pre-owned luxury, conducted a survey to understand the mindset of the old school and the new school female luxury shoppers.

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The sample size was 300 women within age group 18 to 45. The classification was – users from 18 to 32 years were considered new school and 33 to 45 years old school, read a statement.

According to the survey, as many as 63 per cent of old school shopper buy luxury products because of their social circle, and 37 per cent new school shopper buys luxury products because of the feel good factor.

It also showed that 52 per cent of old school shopper said they will stick to brands like Louis Vuitton, Chanel, Gucci and, while 48 per cent of new school shopper said they will try new brands like Saint Laurent, Miu Miu, Givenchy and Balenciaga.

According to 57 per cent of old school shoppers price of the bag has to be justified by the size of the bag and the brand name whereas 43 per cent of new school shopper buys what they like without any justification.

As many as 68 per cent of old school shoppers preferred to shop abroad and 32 per cent of new school shoppers shops through reputed foreign as well as domestic website

When it comes to accessories by high-end brands, 28 per cent of old school shoppers said that they will not buy luxury designer accessories but 72 per cent of new school shoppers were willing to buy them and use them in an innovative way. (IANS)

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IMF: Empowering Women Is Smart Economics

IMF says, Getting more women into formal workforce is priority for India

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Ken Kang
Ken Kang. IANS

India must focus as a priority on ensuring that more women work in the formal sector as it continues with labour reforms, according to Ken Kang, the deputy director in International Monetary Fund (IMF) Asia Pacific Department.

While “in recent years India has made very impressive progress in reforms,” he said that “looking ahead there are important policy priorities” and listed three among them.

“One, is to continue improvements in product and labour market reforms with a focus on increasing formal female labour participation to improve the business environment, and reduce complex regulations, but also to address supply bottlenecks, particularly in the agricultural sector and distribution networks,” Kang said at a news conference on Friday in Washington.

As one of India’s major reform achievements, he mentioned the “introduction of flexible inflation targeting and of a statutory monetary policy which has helped to strengthen the monetary policy framework.”

Working woman
Working woman. Pixabay

The Reserve Bank of India Act was amended in 2016, to provide for a Monetary Policy Committee that decides on the interest rate required for achieving the inflation target set by the government in consultation with the bank.

The other achievements include the Goods and Services Tax (GST) and the “major recapitalisation plan for the public-sector banks in order to accelerate the work out of nonperforming loans, as well as made some important legal improvements through a new insolvency and bankruptcy law,” Kang said.

“We expect and hope that the reform momentum continues,” he added.

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“We are not saying that India’s structural reform speed will slow down because of elections,” Changyong Rhee, the IMF director of the Asia Pacific Department said.

“What we are saying is that the growth momentum and the structural reform momentum should continue despite the election period. So there is something misquoted,” he added.

On Thursday, IMF Managing Director Christine Lagarde had said at a news conference on Thursday, according to the IMF transcript: “We have seen and we are seeing — I am not sure that we will be seeing in the next few months given the elections that are coming up — major reforms that we had recommended and advocated for a long time.”  IANS

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