Even during difficult economic times, the wealthy have often continued to purchase luxury products. Many of these luxury goods are enduring where Patek Philippe watches, for example, are commonly passed down the generations. This is often the case with jewelry and even handbags. A characteristic of these luxury products is that they are usually costly.
While these high-end luxury goods are still captivating the attention and monies of the wealthy, another trend among the wealthy has become evident over the last few years. A meaningful percentage of the wealthy are purchasing unique, high-quality, handmade, inexpensive products they can share with their families and friends. It is not as if the wealthy are shifting from expensive luxury goods. Instead, they are adding exceptional, inexpensive products to their shopping lists.
According to Jennifer Lyons, President and Founder of the boutique e-commerce site, Jenni Treasures, “We provide products that have character and charm and are meaningfully different from what is available on e-commerce sites such as Amazon or eBay. We pride ourselves in offering unique products with a lower price tag that are still high-quality. A key quality of our products is that our patrons find them ‘fun’ and a great way to make conversation. We hear that our products tend to be items our patrons build nice memories around.”
What is required is that these low-cost, “fun” products being increasingly purchased by the wealthy be of the highest quality and unusual. “My team and I looked for great, very affordable high-quality products that are handmade, made in small batches, and fair trade,” says Lyons. “We bring in exceptional items from around the world in a range of categories such as decor, jewelry, and fashion.”
While the wealthy are buying more of these products, they have not been the intended audience. The high-quality, low-cost nature of the products makes them available to almost anyone. “While we’ve seen that more and more wealthy people are interested in our selection, only a portion of our products cost more than $100 and most products cost considerably less. For example, we’re seeing parents who are affluent and not so affluent buying handbags and a variety of handmade products for themselves, their children, and their friends. We not only have great price ranges, but we also have products that cater to many interests and we consider our shop to be inclusive,” says Lyons.
It is evident that the wealthy are appreciating these products for what they are. Their appeal is that they are not costly, they are high quality, and in many respects unique. This is why the wealthy and the not-so-wealthy are patrons of Jenni Treasures and similar providers.
Russ Alan Prince is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He consults with family offices, the wealthy, fast-tracking entrepreneurs, and select professionals.