In the world of luxury brands, there are three main tiers that are used to categorize the level of luxury they offer: High-End Luxury, Accessible Luxury, and Aspirational Luxury. Here's a brief explanation of each:
- High-End Luxury: These are the most prestigious and high-priced brands, often considered the pinnacle of luxury. They focus on offering exclusive and personalized products or services, often handcrafted, to cater to an elite clientele. Examples include: Hermès, Chanel, Louis Vuitton, Gucci, Cartier, Tiffany's, Rolls-Royce, and Aston Martin.
- Accessible Luxury: Accessible luxury brands offer high-quality products at a relatively more accessible price point. They typically target a broader clientele who appreciate luxury goods but may be more sensitive to price. Examples include: Coach, Michael Kors, Tory Burch, and Marc Jacobs.
- Aspirational Luxury: These brands largely target aspirational consumers - those who desire to own luxury goods/device but may not necessarily be able to afford them. A significant part of their marketing strategy revolves around brand image and popularity. Examples include: Tommy Hilfiger, Ralph Lauren, and Calvin Klein.
Learn more:
- Luxury Brand Segments | Qrator
- Tiered Markets: What Consumers Say About Differentiated Luxury Brands
- Luxury Brands Can No Longer Ignore Sustainability | Business of Fashion