I love all the news that’s out there that offers insight into the consumer marketplace. It makes for more informed decisions for retailers about how to position themselves in challenging times.
In a recent article on Forbes.com, the writer identifies a number of qualities that luxury consumers will look for in their purchases this year. The author based her predictions on her own insights into the luxury market and on the insights of the people she talks with. She thinks:
- Consumers will seek exclusivity, quality and dependability over quantity
- Consumers will seek authenticity over novelty
- Consumers will demand socially and ecologically produced goods.
- Consumers will employ conspicuous consumption
- Sales of luxury goods will decrease 7% this year after three years of growth
THE REAL WORLD RETAILING TAKEAWAY
Value rules, even in luxury.
We’re in a strange place — a place where people who’ve gone from $1 billion to $700 million in their personal financial portfolios have pulled back.
But value rules, even among the super-rich.
As small retailers, you already know that you’re not going to be able to compete on discounts with everyone out there. But you can give your customers other things that have a perceived value.
Not sure what that means? Just ask your customers. Or try some things and see what works. The harm only comes in not doing something to create value for your customers.
Regardless of whether you’re selling toothpaste or $2000 handbags, value rules this year.