Fashion Beyond Utility Value Creation

“In the current retail climate, it’s difficult for department stores and other large retailers to compete if they stake out the middle ground. One of the defining features of our economy in the past few decades has been the growth and expansion of luxury retailers. And for almost as long as we’ve been in business, we’ve focused on appealing to the luxury retailing customer. Again, this involved overcoming threshold resistance. Because while comparatively few people can afford to do all their shopping at high-end stores like Tiffany’s or Neiman Marcus, a lot of people can afford to do some of their shopping at such stores. That’s why the world of fashion has expanded so rapidly.”

“In recent decades, the fashion and design revolution has expanded into realms far beyond apparel. As consumer choice expanded, and as retailers and manufacturers aimed to build and serve new tastes and markets, design became an important consideration, not just for the growing of mass luxury products, but for all products. Consider a wastebasket, an everyday item you can purchase in any number of retail venues. You’re looking for a certain size or shape, or perhaps you want it to be waterproof, and you might want it to have a lid. For a few bucks, you can buy a terrific plastic waste¬ basket (in an array of colors) at Wal-Mart to satisfy all these func¬ tional criteria. For a few extra dollars, it can even be a brand-name wastebasket, like Rubbermaid, sure to last for years without any trouble. But for most consumers, utility is not the only consider¬ ation—even when buying a wastebasket. In a den, library, or bed¬ room, plastic will not do. The choices now extend to wicker, brass, leather, wood. Given the decor in the room, maybe a hand-painted wastebasket purchased during a vacation at the seashore would be perfect. Such a wastebasket will command a higher price than the Rubbermaid alternative. You have a story to tell your friends about the purchase, and you expect something so different, perhaps even unique, to cost more. The wonderful world beyond utility is the world of fashion. Here, design makes the difference, and the cus¬ tomer will pay for this added value. In fact, the closer an item comes”