Tuesday, March 3, 2009

Recession Pricing

The other day a thread was started in the etsy forums about whether or not to lower prices in an effort to sell in this recession that we are all affected by.

My answer was that I already had lowered my prices, but many etsyers won't because 'we are not competing with walmart and target and handmade should be more expensive than something that you could go to walmart and buy'. Yes, but are people buying handmade in these uncertain times or only buying the absolute necessities at places like target and walmart? I know I'm not buying much in the way of non-essentials these days, and I'm certainly not buying expensive handmades.

We are in a retail business, no matter how much you want to romanticize the 'I'm an artist' thing, the bottom line is that we are selling things that people can live without. So, we either need to make things that are so unique that they create a want, or affordable enough for that little impulse luxury buy. Kind of like buying that premium cup of coffee once a week, or treating yourself to a movie out. We still want to have a little luxury in our lives no matter how hard times get.

So, I've lowered my prices and am working on some new little trinkets that I can sell for just a few dollars (but still make a little profit on). The soldered wood pendants just didn't come out as nice as I wanted, and I don't like to sell things that I'm just not happy with. I'm working on pendants made with chipboard since unlike the wood, I can cut it to any size that I want with a paper cutter, and the supplies are readily available and don't cost a lot.

Plus, I'm having a lot of fun fooling around with this idea!

This is one of the new paper and chipboard pendants, and I'm also working on some inexpensive little pins.

No comments: