Aspirational consumers: Who they are and what they buy

Aspirational customers occupy a unique space in the retail consumer market. They make purchasing decisions based on their desire to be a part of a particular lifestyle usually associated with luxury brands. They want to bridge the gap between their everyday life and an ideal self-image that they can share with the world. They focus more on deeper desires and social status rather than things like quality, dependability, and efficiency in the products they choose.

Retailers who cater to more affluent customers offer a variety of luxury items and services that people with higher levels of disposable income can afford. When it comes to aspirational shoppers, however, different marketing tactics lead to higher value sales. Don’t focus only on the more expensive, premium options. Instead, create a truly luxe customer service strategy that makes this market segment feel as high-class and important as they desire.

We’ll get into exactly how luxury retailers can cater to aspirational consumers in this article. 

The aspirational consumer profile

The first step in any marketing strategy creation process involves identifying your target market. Aspirational brands who want to become the talk of the town—or the popular social media influencers and publications—must qualify into the group based on demographic information first.

These consumers are younger than many might expect. The largest chunk is from Gen Z, with shoppers under twenty-five years old and mostly likely raised by successful parents who exist within higher income brackets. About 25% of them are over fifty-five. This widespread age range gives companies that cater to different age groups a considerably large audience to focus on.

The Latin American, Middle Eastern, and African markets have a slightly higher percentage of aspirational shoppers than European and North American regions. Most work full-time, and very few are self-employed or students. It makes sense. Those groups tend to have less disposable income to spend on bolstering their social status. Annual incomes range from $150,000 to $400,000. These are not the super wealthy, but they want to look like them.

This target audience values perceived social status of luxury products

Consumers that fall into this category make purchasing decisions based on how well the outcome will make them look and feel. Labels like stylish, successful, sophisticated, and trendsetting are ones they hunger for. This may stem from personal aspirations, societal pressures, or psychological need for recognition and external validation. Whatever the reason, they are ready to pay good money for not only the best products but the right experience.

Everyone understands that some brand names carry a lot of clout. They raise how many people see someone else. A man who wears a Rolex is obviously a more discerning gentleman than one who bought a no-name watch at a discount shop. A woman who drives a Mercedes SUV outranks a Honda compact car driver in social standing.

This status becomes the primary focus of aspirational shoppers. It not only affects how brands choose to market their merchandise and interact with high-end targets, but it also affects the entire luxury industry itself. Before diving into how your company can cater to these specific needs, understand how they shop to get the items that fulfill their interests.

The shopping behaviors of aspirational consumers explained

So, these shoppers aspire to give the impression of higher status and luxurious consumption. That is something that retailers have recognized and catered to throughout the decades. However, the meaning of those things has shifted somewhat in recent years and will undoubtedly continue in the near future.

Luxury and status doesn’t always mean big bling, huge brand names emblazoned on everything, or ostentatious displays like stacks of solid gold and platinum chains, fur coats, or diamond-encrusted phone cases. After all, post-COVID market shifts and global economic struggles have made overblown displays of wealth less enticing for many people—and the rise of trends like stealth wealth more popular. 

An aspirational purchase focuses more on exclusivity and a personal touch

True luxury and social status transcend the items on a shelf or clothing rack. Yes, men and women in this targeted consumer group will reach for a more expensive option. They will make an additional purchase cleverly upsold to them by a skilled sales associate. These things may not give them the results they hunger for, however.

Anyone with enough money can buy a diamond necklace or a high-end sports car. Aspirational consumers desire for things that transcend the ordinary, even if their ordinary is much more costly than the average shopper. Luxury comes from substance and a timeless quality that seems custom-made for the individual. This is why limited-edition items and handcrafted goods are sought after by those who aspire to greatness through acquisition.

The experience of shopping itself becomes part of the focus, especially for those who prefer to document their retail interactions on social media. These platforms can build their personal brand as influencers or folks with the type of status that deserves following and adoration. When they can share an impressive shopping experience that makes them look elite and catered to, it elevates the overall results.

Retailers succeed with an aspirational brand strategy

Offering high-quality products from well-respected brands is an important first step in attracting aspirational customers. However, it’s not enough to make your company stand out from other retailers. Instead, focus on customer journeys that truly make these people feel catered to and cared for. 

More often than not, today’s aspirational shoppers also value things like sustainability and meaningful causes that exist behind the brands they buy from. They want to stay relevant and make an impact on the world that elevates both their own sense of self and public perception. This is where your brand story and mission come in. Create an identity that offers this type of meaning and connection to the types of things only high-end consumers can afford to care about.

Conclusion

These are not your average customers. They want special treatment and customized services. Why not give it to them? With software like Clientbook that can collect and analyze extensive amounts of data about individuals, you have everything you need to cater to aspirational consumers. It’s the personalized recommendations and the unique, one-on-one services that will elevate their experience enough to meet their expectations. When a large, high-income market segment wants to elevate their social status, luxury brands must forge meaningful connections that last. Take a free look at our software today.