A hot topic of conversation as of late has been recession proof products, items that people need instead of want. Well, unfortunately there is a whole world of people selling products that are not necessities, particularly in the apparel and beauty industry.
Companies in these industries are reacting to the harsh economic times along with the rest of the world. Manufacturers of goods at the designer level are offering lower price points, broadening their product range and focusing on new markets. They are focusing on designs that are more commercial, simple shapes with great details. However, as the buyers and editors who attended New York Fashion Week said, don’t make them too simple! Their advice is to make each piece very special, every one must be a window piece. Consumers still want that special item to help them escape this economy. If that item is also comfortable, has longevity (updated classics) and provides a sense of fun, you’ve got a winner.
Now is a time to really give thought to your product and marketing. I still believe it’s a great time for small businesses. Entrepreneurs have a great passion for what they are doing and will find a way to make their mark.