Consumers in America have cut back their spending, but that doesn’t have to mean jewelry is an expendable purchase. You just need to adjust your business to fit the new mindset. In “The Frugal Consumer: When Shoppers Lose the Urge to Splurge,” JCK Magazine’s Rob Bates talks to industry experts about how to deal with this shift.
Check out these tips from experts on how to refocus your business to reach frugal consumers:
- Stress Value: “Luxury consumers still have money to spend and are willing to spend it,” says Pam Danziger of Unity Marketing. That said, she tells Bates that they’re asking tougher questions and doing their due diligence to ensure what they are buying is worth the money. “Make sure they know they are not wasting their money,” she adds.
- Emphasize the Intimate, Not the Ostentatious: Even wealthy consumers have shifted away from being overly “blingy” and flaunting their jewels. While it’s a delicate balance, industry experts say jewelers must be careful to stress the emotional, meaningful aspects of jewelry, versus the ostentatious.
- Favor Classic Over Trendy: Jewelers of America’s David Peters says jewelers should look for product that has a feel of permanence, versus fly-by-night trends, which don’t work as well when consumers are cutting back.
Take The Tip:
Click here to read the full story and get more insight on dealing with the new consumer mindset at JCK Online.
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