This is my final post on SFM.
I have learnt a lot from this module, which has helped me to see how strategy is used in practice. I am finally going to discuss a topic discussed in a lecture with Abdullah that I have seen in my workplace.
We were learning about Ultra High Net Worth earners, inconspicuous consumption and the effect on the luxury industry.
I work at a small, luxury jewellery shop called Clogau. Each item of jewellery contains rare Welsh rose gold from the Snowdonia goldmine in Wales. The price point is quite high compared to competitors, and the same gold has been used in the royal family’s wedding bands for over 100 years.
A customer came in and said how she didn’t want to shop in Tiffany’s & Co. anymore as the customer didn’t want to be viewed as the same. The customer wanted a unique item, that no one would recognise.
This really helped me to understand inconspicuous consumption and it’s effect on brands.