I Guess Dad Was Right… Again.
So I know many of you have heard us over and over again about how consumers are turning to purchase quality goods during this recession. It does seem a bit counter intuitive to most…folks have less money so one would naturally assume consumers would be buying the least expensive product. However, in our minds, during the last decade or so, consumers carry a high desire to own aspiration brands. These brands are often the most expensive and exclusive. Back in the days when no one was thinking of their 401k nor personal accounts, consumers assumed the most expensive brand was the “best”. However, now consumers are looking for the apex where apparitional brands cross with price. This situation reminds me of the many times my father would say “buy the best your money could afford”….looks like many consumers are feeling the same way as a recently study by Penn, Schoen and Berland Associates.
The studies greatest quote (in our eyes is) “Quality is the new black”