“The Great Recession has changed the way Americans shop,” according to IBISWorld, Inc., the nation’s most trusted independent source of industry and market research. Unanticipated changes in income actually have had what may very well be an irrevocable impact―at least for the foreseeable future―on how consumers define luxury.
“Americans have opted for more subdued, conscientious and functional versions of luxury,” according to firm’s June 2012 Special Report, which dubs this recent phenomenon “The New Luxury.” “And as people alter their luxury spending, many industries stand to benefit,” it says.
The report focuses on the three P’s that now seemingly define Americans’ new way of looking at luxury goods and services: price conscious, personalized and pure.
Price consciousness refers to the post-recession deal-seeking behavior of many consumers today. As a result, business opportunities and franchises that offer various ways for people to pamper themselves while on a budget have gained in popularity. For instance, where once a three-day destination trip to a luxury spa was all that would suffice a quick trip to the day spa or nail salon is now the order of the day for many.
Moreover, customization provides today’s consumer with a greater sense of involvement and ownership, so personalized yet affordable goods and services are in huge demand. According to the report, “Personalization can be achieved through technology, product development or experiences.” Any product or service that caters to individual preferences is a hit these days―everything from Sleep Number beds to personal shoppers, department store makeovers to coupons for the products and services particular customers buy most often.
And finally, pure is paramount. It’s about the rapidly growing demand for organic and more natural, eco-friendly goods and services of all kinds. Included in this category is “Americans’ increasing tendency to splurge on fitness industries,” particularly as the overall health and wellness movement picks up steam.
Fortunately, there is a growing number of home-based and other small business opportunity or franchise options out there designed specifically to meet the demands of today’s most savvy “new” luxury consumer, and BusinessOpportunity.com is a great place to find many of them!