An aspirational brand is a brand that people are more likely to purchase as their income rises. In other words, many potential customers find the brand attractive but are put off by its price. As such, aspirational brands are a symbol of wealth. It is common for brands to seek to maintain this status by charging a premium price and refraining from offering discounts. The following are common types of aspirational brand.
DesignWell designed products may attract positive reviews that allow the brand to establish a reputation and ability to charge premium prices.
QualityGiven their high price point, aspirational brands are typically high quality. For example, the interior of a luxury hotel may use high quality fixtures, furniture and materials.
PerformanceProducts and services that offer superior performance to the competition such as a brand of super-light bicycles that are a desired item amongst cyclists.
ExperienceIntangible elements of a product or service such as a restaurant that is always filled with interesting people.
StatusSocial status based on elements such as brand legacy and customer base.
Brand IdentityA brand identity that appeals to people on an individual basis. This can occur for a variety of reasons such as values, style and brand culture. For example, a brand that takes great care not to damage the environment may become an aspirational brand amongst people concerned with the impact of their purchases.
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