I’ve been watching what is happening with the ‘Global Financial Crisis’ with some interest. Not only from a personal investment point of view, but from a small business point of view.
Fashion – a necessity (we all need clothes) and a luxury (pretty baubles are not really a must have) – is feeling the pinch.
Collette Dinnigan released her Spring/Summer 2009 Collection in Paris at the weekend. It would seem that even the big name designers are having to re-think their collections – designing for the *everyday girl* as we all feel the economic pinch.
How does this translate for a small business jewellery designer?
Re-thinking my price range. A recent article with Home Jewelery Business Success Tips states that customers want more items in the $20-30 bracket. I know that my own budget for gifts falls in to this price range, and when I browse the shops or markets, most of my purchases fall in to this bracket.
With the market season about to start in Walcha, I’ll definitely be adding more stock in this price range for my customers. Keeping the pieces unique and one-of-a-kind is still a design priority, but keeping the cost down is now also an equal priority.
It will be an interesting market year…. and I’ll continue to watch the market with interest.