New trend in no more marketing luxury..................

[Chris Ryser]

I just run across a news article talking about a new trend of cutting out luxury items. This would also for sure affect opticians who have idealized all those expensive brand name frames for the last many years.

So maybe knowing about a world wide trend might make think one or the other OptiBoard member. It is up to you to judge. Read up on it and make some comments.

Here is one paragraph:

"After years of strong growth, luxury goods sales are expected to fall globally by 1 percent in the fourth quarter, and may drop by up to 7 percent next year, according to a study by consulting firm Bain and Co. released this month."

Era of "new seriousness"
The credit crisis may have accelerated a trend among consumers to reject conspicuous consumption and many retailers are quietly dropping the term "luxury" from their marketing material.


http://www.reuters.com/article/newsO...081029?sp=true

[HarryChiling]

A majority of the brands discussed in the article represent quality and cutting edge fashion. In the ophthalmic arena those brands from what I have seen represent neither, IMO.

[MarySue]

I just run across a news article talking about a new trend of cutting out luxury items. This would also for sure affect opticians who have idealized all those expensive brand name frames for the last many years.

Here is one paragraph:

"After years of strong growth, luxury goods sales are expected to fall globally by 1 percent in the fourth quarter, and may drop by up to 7 percent next year, according to a study by consulting firm Bain and Co. released this month."

Hey Chris,

I think there will always be a luxury market. It may not be for the masses any longer, but those with money will still expect superior service and beautiful products. I work as a locum in New Zealand, and our dollar just fell by nearly $0.30 cents in value, in comparrison to the US dollar - that's a pretty big hit when you think about it. But I must say, those stores that cater to the wealthy are booming, and those budget outlets are doing well too - it's the one's in the middle, trying to be all things to all men - who are suffering.

I see the middle market segment either expanding to include boutique products and lines - extensive sunglass ranges, one hour service, etc. - or streamlining to their most profitable market.

Either way - we all need to step away from the business and look at it with scrutiny. If you haven't done it - nows the time to get a perspective on your competition, and see what others are saying about your business. A few tweaks here and there could be the difference between getting through a tough financial time, or not.

We need to define market segment, check out our competition, devise a strategy to elevate our best attributes, and find ways for expansion of service - or streamling. (Whichever the case may be.)

Wholesalers need to come to the party as well - in tougher times, the relationships we have with our suppliers should be able to help. Finding discounted products, offering help with advertising and marketing, etc. They want us all to succeed - but we have to ask for help to get it.

How's that for a comment?
Mary Sue

[Chris Ryser]

How's that for a comment?
Mary Sue

Mary Sue...................Actually a very good comment, and you have opened the discussion. We have to see who else is jumping in.

However the rumbling and shaking might not have reached you on the other side of the globe. Our Canadian Dollar was for a while above the US $ and just dropped 20% over the last few days.

[cocoisland58]

Glad I saw it coming. I had and still have a feeling that the US especially is about to embrace the everyday normal product once again. Quality will always have a market but luxury or designer? Nah. Americans are ripe for nostalgia, comfort, mom and apple pie. NOT spending money on frivolous items is already trendy in Michigan believe me.

[Johns]

Americans are ripe for nostalgia, comfort, mom and apple pie. NOT spending money on frivolous items is already trendy in Michigan believe me.

Wanna bet?

My wife went on a shopping spree last night!

She was only gone for about an hour, spent over $250, and in a few weeks, not satisfied with what she has, she'll go and do it again!









I hate it when she shops for groceries!!:hammer:

[MarySue]

Glad I saw it coming. I had and still have a feeling that the US especially is about to embrace the everyday normal product once again. Quality will always have a market but luxury or designer? Nah. Americans are ripe for nostalgia, comfort, mom and apple pie. NOT spending money on frivolous items is already trendy in Michigan believe me.

Maybe - but you could be wearing blinders. In 2005 there were 7.5 million millionaires in the USA - that would be a pretty good client list.

:)

[HarryChiling]

Maybe - but you could be wearing blinders. In 2005 there were 7.5 million millionaires in the USA - that would be a pretty good client list.

:)

It's all relative, if I made you a millionaire today but adjusted the dollar so that a can of coke cost you $20,000 would you really feel like a millionaire?

[MarySue]

It's all relative, if I made you a millionaire today but adjusted the dollar so that a can of coke cost you $20,000 would you really feel like a millionaire?

Well if a can of Coke is $20 K, then I'm recommending my clients raise their prices. If a pair of specs is roughly 500 x the price of a coke, we could be charging a million per pair. Now that's an idea :drop:- you'd only need to sell one or two a year, no work stress - etc.

Ah to dream big