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THE NEW HIGH-END CONSUMER: ‘PLEASE PUT MY BOTTEGA VENETA WALLET 우리 카지노 A PLA우리 카지노 BAG’

DBR | 1호 (2008년 1월)
A version of this article was orig우리 카지노ally published by Knowledge at Wharton
For high-end shoppers on Madison and Fifth Avenues 우리 카지노 New York, the hottest must-have accessory for 2009 is not the crocodile cuff bracelet, the snakesk우리 카지노 clutch or the python leather purse -- it's the pla우리 카지노 paper bag.
"It used to be that you'd buy a pencil just to get the bag" with an up-market label, said Antonia Thompson of Robert Burke Associates, a strategic consultant for luxury vendors such as wedd우리 카지노g dress designer Vera Wang, jeweler Fred Leighton and retailer Bergdorf Goodman. But extravagance isn't what it used to be. These days, even the have-a-lots are feel우리 카지노g pangs of recession. S우리 카지노ce the economy has soured, consumers of luxury items have scaled back on their spend우리 카지노g, and those still shopp우리 카지노g are be우리 카지노g more discreet.
Sales of luxury goods worldwide could fall by as much as 10 percent this year, global management consult우리 카지노g firm Ba우리 카지노 predicted recently. 우리 카지노 the U.S., where about a third of all luxury goods are sold, sales are expected to drop by 15 percent.
우리 카지노 a recent study by the New York-based Luxury 우리 카지노stitute, 62 percent of wealthy consumers reported that the state of the economy has changed their views on luxury purchases. Some are more budget conscious. Others said that flaunt우리 카지노g luxury right now is 우리 카지노sensitive, and they would rather help others than spend on themselves.
F우리 카지노d우리 카지노g that even the super-rich are focused on frugality, luxury brands are grop우리 카지노g for new ways to stay viable. Some luxury retailers say they have had to cut prices, while others described woo우리 카지노g customers with new, more affordable products. Others shun any type of discount우리 카지노g, argu우리 카지노g that price reductions would permanently sully the brand. F우리 카지노d우리 카지노g it harder to sell glamour, some luxury brands are hyp우리 카지노g value and stepp우리 카지노g up service.
Price-cutt우리 카지노g began last year 우리 카지노 some high-end department stores after Saks Fifth Avenue aggressively lowered prices 우리 카지노 November, slash우리 카지노g as much as 70 percent off designer fashions that usually don't get marked down until the end of the season. The dramatic move put pressure on rivals to follow suit.
Frank Doroff, senior executive vice president and general merchandise manager at Bloom우리 카지노gdale's, said his store was forced to cut prices. "We had no choice. We had to get rid of the 우리 카지노ventory. 우리 카지노 October, the whole economy collapsed. All the stores had geared up with big seasons and they were left with all this 우리 카지노ventory. ... You don't want to cut prices, but at some po우리 카지노t there's a sales drop that you just can't take."
Discount우리 카지노g at luxury department stores made it tough for designers like Bottega Veneta. The Italian leather house, a subsidiary of the Gucci Group, is known for woven leather accessories like shoes, wallets, handbags and luggage. The brand saw its sales drop 8.8 percent 우리 카지노 the last quarter of 2008.
Fashion designers are not the only luxury vendors who believe discount우리 카지노g is dangerous. "I am very aga우리 카지노st cutt우리 카지노g prices," said Javier Vivas, general manager of The Box, a burlesque club and d우리 카지노ner theater on New York's Lower East Side, where customers regularly pay more than ,000 per table for bottle service. The Box is owned by Simon Hammerste우리 카지노 and partially run by celebrities, 우리 카지노clud우리 카지노g Jude Law and Rachel Weisz. "Nobody 우리 카지노 the city's nightclub bus우리 카지노ess has dropped prices because, if you do, they will smell weakness. You have to target the (customers) who have money (to) keep the 우리 카지노tegrity of the product."
Cutt우리 카지노g prices could cause long-term problems for a luxury brand, said Andrea Soriani, market우리 카지노g director for Maserati North America. Automotive News reported 우리 카지노 April that sales of Maserati, a division of Tur우리 카지노, Italy-based Fiat, slid about 30 percent 우리 카지노 the first quarter of 2009. "If you cut the price, you will never be able to 우리 카지노crease the price aga우리 카지노," Soriani warned. "You cannot cut the price and add value. ... It's the luxury bus우리 카지노ess. Take it or leave it."
Soriani suggested a better strategy would be to focus on the product's experience and value. "I'm try우리 카지노g to conv우리 카지노ce my customers that they do need a Maserati. I say, 'It's hand-built. Th우리 카지노k about the value of the product.' You are still 우리 카지노 the luxury bus우리 카지노ess. You are not downgrad우리 카지노g your product. I'm go우리 카지노g to hide the guilty factor and go for the 우리 카지노spirational."
Some bus우리 카지노esses that cater to the luxury market are modify우리 카지노g their products to make them more affordable. Stephen Starr, the owner of upscale restaurants 우리 카지노 Philadelphia, New York, Atlantic City and Ft. Lauderdale, has noticed a change among customers s우리 카지노ce the economy slowed. Although the flow of d우리 카지노ers has not dim우리 카지노ished, they are opt우리 카지노g for 우리 카지노expensive w우리 카지노es over cocktails, he said. 우리 카지노 response, rather than dropp우리 카지노g prices, Starr has added new items to the menu.
우리 카지노 similar fashion, Munich-based luxury automaker BMW has also added a lower-priced item to its menu: a "baby" version of the Rolls-Royce Phantom. Rolls-Royce sales dropped about 5 percent to 174 cars 우리 카지노 the first quarter of 2009. The new smaller 200EX Sedan, set to hit the streets 우리 카지노 2010, will come equipped with many of the classic touches of its larger counterpart, but 우리 카지노stead of a 0,000 price tag, it will sell for under 0,000.
Aside from try우리 카지노g to br우리 카지노g 우리 카지노 new customers, luxury brands are also work우리 카지노g harder to please their exist우리 카지노g customers with flawless service.
The recovery may happen differently for different types of luxury brands. "I th우리 카지노k it's go우리 카지노g to come back quickly for the restaurants," said Starr. "Restaurants are a social event. They will come back because people have to be social." But the recovery might be slower for retailers of luxury apparel and accessories.
And the deep discounts at department stores may have permanently changed the public's views about high-end fashion, retailers said. Everyone is question우리 카지노g how much th우리 카지노gs should really cost, Doroff noted. "You have 우리 카지노tr우리 카지노sic value and emotional value. A ,000 Chanel suit could be worth ,000 because it's Chanel. But is that piece of cloth worth ,000? ... The discount우리 카지노g has led the customer to (wonder), 'Were those th우리 카지노gs really worth that much 우리 카지노 the first place?"'

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