" Luxury carmakers like BMW, Audi plan more 'Made in India' products in sub-Rs 25-lakh category "
An aspirational brand means a large segment of its exposure audience wishes to own it, but for economical reasons cannot. An aspirational product implies certain positive characteristics to the user, but the supply appears limited due to limited production quantities.
An important characteristic of an aspirational product is that the part of its exposure audience that is at present economically unable to purchase it, thinks of itself as having a fair probability of at a certain point in the future being able to do so. This part of the exposure audience is referred to as the aspirational audience, whereas the part of the exposure audience that already can afford the product is called the consumption audience. Consumption audience and aspirational audience together form the aspirational product's target audience.
The larger the ratio of aspirational to consumption consumers in the target audience, the higher the brand's premium.
Therefore,it would be challenging for these Premium brands to maintain its aspirational value in the long run.