I first heard about this “affordable luxury” term when I bought my Nissan Altima GLE, with sun roof and leather seat, about 6 years ago. The Nissan salesman told me Altima is an “affordable luxury” car. By that he meant the car has the features I mentioned above, plus alloy wheel (looking good), and the price is affordable (MSRP $22015, I got it for $18789 after $1400 rebate).
In recent years I feel this affordable luxury concept has penetrated the consumer markets very well. Here are just a list of things I think can be applied this flag (I may update this list from time to time).
Youth Apparel: Abercrombie & Fitch, American Eagle Outfitters, Aéropostale, and Urban Outfitters. To be honest, I can not tell too much difference among the “A” stores, but Urban is more for college kids because I felt back to fraternity once I visited store.