" 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.
