Monthly Archives: April 2017
Women’s Consignment Pricing – The Importance of Brand
According to Brand Keys the New York-based brand and customer loyalty research firm: since 2008 the importance of brand names has consistently increased, standing in 2012 at 29%–more than tripling in importance over four years. The more considered a purchase, the greater the role a strong brand plays in the decision making process, especially when it comes to fashion. Moreover, it can be expected to continue. According to Brand Keys’ latest Fashion Shopper Survey, the youngest fashion buyers (21-34 year olds) showed the strongest lift in brand importance. What’s more, it’s as true for leisure and casual apparel as for luxury apparel. The Survey shows, Nike and Hilfiger ranking right at the top along with Armani and Chanel in terms of importance in the purchasing decision.
In the 2012 Brand Keys Fashion Brand Index, the top spot goes to Ralph Lauren/Polo, followed by one’s favorite sports team, Armani and Nike with Versace and Chanel, tied for fifth place. I would argue that Brand is even more important to Consignment shoppers who are far more value conscious than the average shopper. Indeed, it is what NextGen has found, ….in spades!
Several years ago the number of brands appearing in the NextGen Women’s and Children’s Pricing Systems numbered just over 4,000 each. Today the number is triple that. The growth in number reflects New brands being introduced continually as manufacturer’s, wholesaler’s and retailers create new labels for new products and to keep the identities of existing products fresh.
The growth also reflects obsolete brands–those associated with discontinued products and those replaced with fresh brand names. NextGen continues to show obsolete brands (connoted with a trailing X) to alert buyers and inform the buying/consigning decision. As a rule, obsolete brands should not be purchased or consigned for resale as they often mark apparel that is out-of-style or at least out-of-favor among brand-conscious customers. If the decision is made to purchase an item, the NextGen Buy/Consign and resale prices suggested in the NextGen Pricing System drop to the lowest level. Carrying too many obsolete brands can tarnish a Resale store’s reputation.