Add to Jewelry Sales with ''The Lipstick Effect''
Affordable indulgences are substituted for more expensive desires during times of economic stress: that's the ''Lipstick Effect.''
The theory was first forwarded by Leonard Lauder, the chairman of the Estée Lauder™ cosmetics company. After 9/11, Lauder noticed a sharp increase in lipstick sales with a corresponding decrease in sales of more expensive offerings. His theory was that consumers were stepping back from more expensive purchases and substituting more economical indulgences--such as lipstick.
As consumers cut back on spending for non-essentials, they will also be looking for economical variations or substitutes for the things they really want but can no longer afford. In addition, consumers will spend their money on inexpensive rewards and morale boosters--if they're priced reasonably enough to justify the indulgence.
What does that mean for the jewelry designer-artist?
Both earring design ideas L22J and L22K are exquisite with ornate metal and rich purple beads. However, the cost difference is considerable. L22J is made with sterling silver and amethyst gemstone, while L22K uses Czech fire-polished glass in place of the amethyst and silver-plated items replace sterling silver findings and beads.
Make it easy for a shopper to say ''Yes!'' to your jewelry. Go ahead and create showcase pieces--the kind that draws oohs and ahhs--using gemstone beads and precious metal findings. Then add inexpensive variations nearby. Some ideas for creating economical versions of your line of jewelry:
- Use plated metal findings instead of precious metal
- Offer jewelry with fewer drops, loops or other design elements
- Assemble less complex versions of more intricate designs
- Use cubic zirconia crystals and drops instead of faceted gemstones
- Create multi-purpose or convertible jewelry: brooches that are also pendants, bracelets that become necklaces, earrings that become lapel pins and more
- Choose from the Promo Beads gemstone selection
- Re-purpose household materials (such as paper, foil, fabric and more) to create jewelry or components
- Create accessories that can refresh current wardrobes without requiring significant purchases
Draw shoppers into your space with extraordinary pieces and offer them an economical way to take a piece of that magic home with them.
Shop for Your Materials Here:
Have a question regarding this project? Email Customer Service.
Copyright Permissions
All works of authorship (articles, videos, tutorials and other creative works) are from the Fire Mountain Gems and Beads® Collection, and permission to copy is granted for non-commercial educational purposes only. All other reproduction requires written permission. For more information, please email copyrightpermission@firemtn.com.