Running ads to "luxury buyers" became meaningless. The targeting was too loose. Everyone thinks they're luxury. Nobody admits they're aspirational.

So we shifted the frame. Targeted ultra-lux instead. Built lookalikes based on: private school enrollment, second citizenship holders, charter aviation membership activity.

CPMs jumped 22%. CAC dropped 34%.

What changed wasn't the product. It was the filter. Ultra-lux buyers aren't sold to -- they're selected. They respond better to quieter creative, fewer options, more confidence in message.

Luxury is a market. Ultra-lux is a mindset. And once you aim for the latter, you realize it's not about income. It's about clarity of intent.