There’s a word I’d like to strike from business jargon: aspirational. It’s a dreadful neologism, about as bad as incentivize, and only slightly better than incent. But more to the point: I’d like to kill it because it’s on the verge of irrelevance. As typically defined, a brand is “aspirational”…
It is not that the market overall is set to shrink—far from it. The number of luxury consumers has more than tripled in under 20 years,
But it will be harder to attract and keep an increasingly diverse and sophisticated consumer base.