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Affordable luxury refers to indulgent goods and services accessible to middle and working-class consumers, often affiliated with high-end brands sold at lower prices. Companies market affordable luxuries to increase social prestige and pamper consumers. Some high-end makers create affordable luxury lines to expand their market segment, such as designer handbags. Affordable luxuries can also include gourmet food, fine wine, and professional services. Retailers may rebrand certain products as luxury items to tap into consumers’ desire for affordable luxuries.
The term affordable luxury can be used to describe consumer goods that can be considered indulgences, yet still accessible to middle-class and working-class consumers. In some cases, an affordable luxury is a product affiliated with a high-end brand that is sold at a lower price than some of the brand’s other offerings. The term can also be used to describe goods and services that are not essential, such as food, housing, and clothing, but which make life more enjoyable and enjoyable. Many companies use this concept of affordable luxury when marketing their products and services, trying to encourage consumers to spend money on things that can increase the consumer’s social prestige and make the consumer feel pampered and cared for.
Some makers of high-end products recognize that there is money to be made outside their normal market segment, which, because it tends to cater to the wealthy, may be relatively small. These companies produce affordable luxuries that allow middle class consumers to purchase items with a luxury brand label. A good example of this sort of thing is the designer handbag. Many famous fashion designers create and sell clothes that are simply inaccessible to everyone, except those who are looking very good. They can, however, create a line of bags that are expensive but affordable for someone able to save up and spend a few hundred dollars. Because handbags are typically more durable and stay in style longer than many garments, a consumer can justify purchasing the bag while still enjoying the status that owning and showing off affordable luxuries can bring.
An affordable luxury can also simply be an item or service that enhances the buyer’s life and is paid for by a consumer’s disposable income. For example, items like gourmet coffee, loose leaf tea, and fine wine often sell at a higher price than regular brands, but are still priced so that many people can buy them regularly. Services that could be considered affordable luxuries include things like professional manicures, laundry service and massages. Some analysts have noted that there is a tendency among some retailers to try to rebrand certain brands as luxury items in order to tap into consumers’ desire for affordable luxuries. This type of branding may not involve improving the product, but changing the image of the product in the minds of consumers.
Asset Smart.
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