Sample Essay
The trend towards cheaper and accessible fashion is rampant nowadays. This change in the fashion consumption trend and why the customers in the market are seeking cheaper but still fashionable products in the market has taken place as a result of the recessionary forces acting on the fashion industry. In order to appeal to the consumers in the financially hard pressed times, companies dealing with fashion products and services are providing their products and service offers at discounted rates to the customers in the market. Some of such companies include Body Shop and Victoria Secret.
These two companies have launched heavily discounted offers reduced down to 50 percent of the original price in 2009 in order to attract customers during the recessionary period. “Saks Fifth Avenuerecently announced 40 percent-off markdowns, which included some of its couture merchandise; the spring sale came a week earlier than last year’s. Other retailers will feel obliged to follow suit, since failure to mark down as quickly could hinder sales. In order to keep margins from sinking too low, retailers will likely use techniques like mandating a minimum purchase amount, then giving big discounts on more” (Blume, 2008).
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