As the economic downturn continues, consumers opt to cut costs and substitute style for comfort. Slate reports that sales of Uggs have grown 57 percent, as well as another brand Merrell which specializes in "glorified clogs." These numbers signal a shift from expensive and flashy heels to more comfortable and useful products.
When asked about consumer rationale, Elaine Goldstein, chairwoman of the accessories design department at the Fashion Institute of Technology, told Slate, "They're so comfortable I'll wear them everywhere, [and] they're so well-made I'll keep them for years."
What this means for retailers is markdowns designed to entice consumer participation, smaller shoe departments with fewer choices and classic shapes devoid of trendy flourishes, according to Slate.
However, not everyone is going to cut back on spending because of the economy. Paris Hilton, for one, is not.
"It's really scary about the economy right now," she told British magazine Heat. "So the way I'm playing my part in helping is doing a lot of shopping wherever I go."
NYMag's blog "The Cut" reports similar trends: "rich people are still rich." Companies like Chanel and Cartier are expanding their sales, while Macy's and Liz Claiborne are losing theirs.
The regular buyer is finding different, new ways to spend less. Kit Yarrow, a consumer researcher, appeared on KGO-TV in San Francisco said the Internet is one of the ways consumers are battling the economic downturn. The Christian Science Monitor echoed that view by saying if you get caught shopping online at the office, you may just be saving the economy, one click at a time.
Online retailers are very competitive and often, regular retailers offer online coupons sent weekly that can help shoppers investigate the lowest price options available.
As a result, advertisements for online retail have branched out to Hollywood to reach a wider consumer base. The Web site for the movie "Confessions of a Shopaholic" is attached to discount designer Web site www.bluefly.com. The creators of the Web site aren't just trying to reach adults either. There is an adjoining Facebook application to encourage youth to shop online as well.
Buyers are also more actively trying to find discounts in light of the current economic situation. Neo-haggling, as discussed on Blogher, is "the art/passion of looking and asking for a discount on everything you buy." It has been around for a while in the forms of Web sites such as eBay and Orbitz.
The same article gives examples of shoppers who have successfully bargained goods down at hotels, Macy's and even Target.
One woman even quit her Wall Street job to create a female equivalent for the rented tux.
Linda Pratka rents out formal dresses from popular designer brands and told Shopping Centers Today that she "wanted to create a concept that would not only give people who shop high-end a break, but also make it possible for women who can't afford one of these dresses or who are unfamiliar with the designers a chance to wear one."
As retailers and consumers navigate these tough economic times, we must band together and forge a new spirit of fashion, which will stimulate our senses as well as the economy.
You can reach these columnists at thescene@theeagleonline.com.
