Luxury Goods Shopping for Recession Repair

Shopping has become an integral part of the lives of many people in the US. Aided by the internet, shoppers have the convenience to purchase items from anywhere they are and do not need to physically leave home to do so. The ease of access to stores and online websites has made shopping for most products a stress free experience. However, what is the psychological impact of shopping in this way?

There has been much debate in the field of psychology regarding what effect shopping may have on individuals. Scholarships in this area have been created to study how shopping affects our emotions and how retailers can increase customer satisfaction by improving their services and offering more. Typology of shopper categories has thus been developed by researchers which classifies one group of customers into different groups namely, recreational, social, and academic.

According to Typology, recreational or social shoppers tend to buy goods that are for leisure and do not involve interaction. They may shop at general stores or specialty shops. On the other hand, academics tend to prefer to shop at high-end, specialty retailers where they can get unique goods and make connections with other consumers.

Academic shopping tends to involve purchasing books, periodicals, or journals, or looking at art exhibitions or concerts. Retailers should offer more luxury goods such as jewelry, watches, or furniture to this type of shopper group. Retailers also need to think about the broader range of goods available to them rather than focusing on a narrow range of goods. They need to offer goods that appeal to everyone in order to increase customer satisfaction. Research has also shown that shoppers tend to remember store locations after making a purchase, thus a change of store location can help increase customer loyalty.

Luxury goods are generally purchased by people who can afford high-end products. In recent years, more affluent people tend to patronize fashion boutiques, restaurants, and other luxury goods retail shops. Although many people still shop for basic necessities at local discount or convenience stores, more are looking to purchase fashion items at upscale stores. However, it may be difficult for some shoppers to make the distinction between branded clothing and non-branded clothing. Therefore, high end stores will be especially effective when providing luxury goods.

In summary, we suggest that retailers should consider offering more luxury goods to their customers. The benefits of doing so include an increase in revenue and profitability and an increase in customer loyalty. High end retail shops are an effective marketing technique for selling luxury goods in a recession because they draw in the high-end consumer segment of the market. In addition, these shops have access to existing brands and reputable distributors.