Saks and Other Department Stores Lure the Wealthy to Spend More

With the recession over, you could see people eating out and buying high-end luxury products. There could be more lower-priced, wallet friendly luxury outlets looking at expanding after the troubled phase. However, the wealthy still need to think twice before spending money as the British economy is in shambles, and so is the American economy. Moreover, the European nations are not doing good either. For instance, Portugal recently requested the E.U. to bail the nation out of a cragmire of debt.

However, this also means that the luxury customer and the luxury retailer do not plan to shy away from either spending or selling. Retailers have constantly tried to come up with creative and innovative ways to attract the wealthy and slightly less wealthy to part with their money at their glitzy stores. Saks department stores and Harrods have lately introduced offers that make purchasing luxury goods attractive and sometimes even a great investment. In fact, even art galleries have begun to offer high end art pieces at lesser prices, which in future could prove to be a great investment.

Wealthy customers, indulging in high-end products, like Jimmy Choo shoes, and Hermes handbags pay full price. However, Saks’ new stores on its Off Fifth outlet location agreed to the fact that luxury buyers are conscious of spending. Buying power of luxury items may reassure individual’s ego boost, the use of credit card would not be painful to part the cash.  The high-end retailer, Saks reinvented its Off 5th brand to attract customers, the discount store’s formula to compete the battle of recession.

Via: Msnbc

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