May 26, 2022

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Luxury goods do well even during the worst economic times

Luxury goods do well even during the worst economic times

my new hobby is selling to the rich folk

 

Goods of ostentation, that’s what they were called, I almost forgot. Is it a sign of arrogance or foolishness when the rich buy goods at too high a price? Sometimes those goods have no practical use to them but they still continue to buy them anyway, the poor will then say, “the rich have got so much money they haven’t found a place to keep it all in, so by buying the useless staff, they are simply dumping the excess cash they have got. That would be better than throwing a bunch of notes to street urchins.” the shopkeepers on the other hand, who have now wealthy customers claim that charging them too high for cheap goods is a justice served, if we allow them to buy at a regular price, then they might buy all the quantities in our stock and leave others who have fewer notes with literary nothing.

 

In fact this gives me a business idea, am going to start a company where I sell extraordinary and rare sea shells, if they are very prestigious indeed some dumb rich folk is obviously going to buy them.

 

Figure out if your product is going to be of a necessity or a luxury good, goods of necessity attracts more competitors thus lowering profit margins, luxury goods on the other hand attracts fewer competitors but also fewer customers and slower sales.

 


 

 

 

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