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Welcome friends! Lovely to have you here. So where exactly is "here"? And what on earth is a ThinkerBelle? "Here" is a blog space on all things that interest this little strategist, namely design, social media and technology. I like to think that "ThinkerBelle" (my strategist persona) lives at the intersection of these three domains. I hope you enjoy this space, please comment and don't be a stranger. I appreciate you being here. Follow me in the tweetverse if you like @thaz7. Stay groovy.
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The new luxury.
You don’t need me to articulate the fact that we as a nation (and a global economy for that matter) face terrible economic strife. Jobs are being lost, people are losing their homes. Then why on earth am I talking about luxury for?
The luxury sector was down nearly 20% in Q1-2 2009, the Trading Up phenomenon has quickly been replaced by “trading down”. But not so fast. The luxury boom of the early 2000’s raised the bar for consumers across the board. Consumers now expect more from their shopping experiences and products. While the bling factor has dulled, people still recall the “good times” of shopping in a Nordstrom or Saks and being treated like a connoisseur rather than just another person in a cue. Consumers seek more in their shopping experiences–they want to be treated like people. And they don’t want to be reminded that they are living in a recession. How can we make things just a bit more rosy?
A great example of adapting to this in the light of our new economy is Target. Can’t afford those designers? Well, they have them for you in design collaborations. Lusting after a new Dror spin wall clock? It’s yours for only $25. Need some more designer duds? Recent collaborations with Richard Chai, Alexander McQueen and countless others are another reason to love this wallet friendly retail experience. But it doesn’t stop at the merchandise itself. Friendly sales people abound with straightforward answers, in a clean, brightly lit stores. This is the new luxury.
Replicating Target’s success is something many have tried. Few have succeeded in the same way. It’s an uncanny formula: reasonable prices + design + customer service + shopping experience = happy customers. While the numbers are lagging for Target behind the behemoth that is Wal Mart, its success is still loud and clear.