In tough economic times, businesses target affluent

Published June 16, 2008 at 7:47 am by Chris Giganti.

Filed in: Business, recession, Economy, wealthy, luxury.

In tough economic times, businesses target affluent

At the Wentworth Mansion, all sorts of luxurious comforts and pleasures could be yours, if you’re willing to pay the price …

As times get tough for many businesses, some are taking an interesting approach to fighting off the recession: upping the ante. That’s right, many businesses are focusing on high-end customers and products, trying to get heavy wallets to spend more in order to balance out lost revenue from those in the more average section of the wealth spectrum.

From the Charleston Regional Business Journal:

Manny and Clara Gonzales, owners of Tiger Lily Florist on Spring Street, decided to face the decline in consumer spending by launching a luxury line of floral arrangements called Black Market Designs. Black Market arrangements are made with exotic blooms from all over the world and cost between $150 and $350.

…

“Disposable income is the income that we feel is driving our customers to the Wentworth Mansion,” said Linn Lesesne, director of public relations for Charming Inns, owner of five luxury downtown Charleston accommodations including the Wentworth Mansion.

“High-end is not a budgeted item,” Lesesne said. “People are still looking for an experience, something bigger and better whether the economy is down or not.”

Well, it’s nice to know that, while the rest of us are struggling, some people can still afford truffles and champagne, right?