wordpress tagging taxonomy

/* Approach 1 - create a taxonomy for each tag attribute and for each tag create an array value */

wp_set_object_terms(123, array('dress','shoes'), tag_t1)
wp_set_object_terms(123, array('high-waisted','high-heel'), tag_t2)
wp_set_object_terms(123, array('topshop','next'), tag_brand)
wp_set_object_terms(123, array('red','blue'), tag_colour)
wp_set_object_terms(123, array('leather','suede'), tag_material)
wp_set_object_terms(123, array('gingham','plain'), tag_pattern)
wp_set_object_terms(123, array('42.00','50.00'), tag_price)
wp_set_object_terms(123, array('56,79','89,84'), tag_xy)

/* Approach 2 - create a tags taxonomy and includes a nested array of each tag and corresponding attributes  */

$tags = array(
        array(
            't1'=>'dress',
            't2'=>'high-waisted',
            'brand'=>'topshop',
            'colour'=>'red',
            'material' => 'leather',
            'pattern' => 'gingham',
            'price' => '42.00',
            'xy' => '56,79'
        ),
        array(
            't1'=>'shoes',
            't2'=>'high-heel',
            'brand'=>'next',
            'colour'=>'blue',
            'material' => 'suede',
            'pattern' => 'plain',
            'price' => '50.00',
            'xy' => '89,84'
        )
)


wp_set_object_terms(123,$tags,tag);