What's a luxury retailer to do in a time like this? Get crafty, of course.
With consumer trends supporting the drugstore sector, top tier retailers have had to step-up their game. Instead of pushing the opulence of a pricey fragrance or anti-aging product, retailers are beginning to see the value in educating their clients on the cost to benefit ratio. For some brands, less is more, but for those who've invested in the R&D to back-up their claims, this (long overdue) shift in sales strategy may be their saving grace. After all, why would you buy a $400 face cream in this economy without knowing what your investment will yield?
Another way retailers are looking to coax our credit cards out from the depths of our freezer/closet/oversized handbag is by creating a new context in which to browse their offerings. Henri Bendel, for example, is mounting an exhibition through May 11th featuring perfume creator Mandy Aftel's all natural (and expensive) fragrances. However, Bendel wanted to do more than just put the perfume in a fancy setting, it wanted to persuade shoppers that they had encountered something extraordinary enough that a major, unplanned purchase might be considered.
Personally, I scrimp and splurge on a case-by-case basis. But my golden rule remains (a rather obvious one): The higher the price point, the more thoughtful the purchase. When choosing a fun lipstick or seasonal nail color, I allow myself to be adventurous. But when selecting a pricey skincare product or a luxurious treatment, I always try to do my homework and resisit celebrity endorsements or over-the-top marketing ploys.
Unlike fashion, expensive beauty products aren't always a safe bet (or have the ability to become collectable). The true benefit of purchasing products from a luxury brand lies in what their expertise can do for you. Take the time to find your best match, and you'll be amazed at how much value lies in those extra few zeros.
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