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Paco’s Tips: Understand the New Rich

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Consumers are getting older, wiser, and more cynical. At the same time, if you give them a good reason to trade up, they will. After all, low price does not equal value.

Consumers are getting older, wiser, and more cynical. At the same time, if you give them a good reason to trade up, they will. “Most of us have learned that the lowest price isn’t always the best value,” says Paco Underhill. The increasing consolidation of wealth among the top few percentiles is making this trend even stronger.

To be a player in this new market, you need to have on hand a few ‘aspirational’ pieces in each segment stock, says David Brown, president of the Edge Retail Academy. Even for those regular customers who can’t afford a $100,000 diamond bracelet, it’s a thrill to try it on.

Get more actionable advice from the world’s leading retail environment expert at The SMART Show. Paco Underhill’s must-see keynote session takes place on Saturday, April 18, at 8:30 a.m., and is sponsored by Synchrony Financial.

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Wilkerson Testimonials | MSG Jewelers

Wilkerson Takes the Worry Out of Closing

MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.

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Paco’s Tips: Understand the New Rich

mm

Published

on

Consumers are getting older, wiser, and more cynical. At the same time, if you give them a good reason to trade up, they will. After all, low price does not equal value.

Consumers are getting older, wiser, and more cynical. At the same time, if you give them a good reason to trade up, they will. “Most of us have learned that the lowest price isn’t always the best value,” says Paco Underhill. The increasing consolidation of wealth among the top few percentiles is making this trend even stronger.

To be a player in this new market, you need to have on hand a few ‘aspirational’ pieces in each segment stock, says David Brown, president of the Edge Retail Academy. Even for those regular customers who can’t afford a $100,000 diamond bracelet, it’s a thrill to try it on.

Get more actionable advice from the world’s leading retail environment expert at The SMART Show. Paco Underhill’s must-see keynote session takes place on Saturday, April 18, at 8:30 a.m., and is sponsored by Synchrony Financial.

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | MSG Jewelers

Wilkerson Takes the Worry Out of Closing

MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.

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Most Popular