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Specialty Retailers: Haute Couture

Posted by Jessica Beaudry | Fri, Apr 14, 2017 @ 07:00 AM

Specialty retailersIn the words of character Carrie Bradshaw, “I like my money right where I can see it — hanging in my closet.” Following a post-recession aversion to spending, luxury retailer stores are beginning to see consumers loosen their purse strings, toss out old handbags and purchase new in-style replacements. With consumer confidence on the rise, specialty retailers are advised to stay ahead of the trends in customer services to retain and attract new revenue.

Shopping Trends

In the first two months of 2017, United States consumers spent roughly $34,259 million on clothing and accessories, according to the United States Census Bureau. From young fashionistas to seasoned style gurus, shopping for apparel is a regular pastime for the majority of Americans. According to the global data company Nielsen Holdings PLC, in the first six months of 2016, 70 percent of U.S. consumers made a clothing purchase, with 82 percent of those purchases taking place in a brick-and-mortar store.

specialty retailersA 2017 report by TimeTrade found that 75 percent of 2016 consumers preferred to buy clothing and accessories in-store, with 72 percent citing the preference as a need to handle items before making a purchase. What does this mean for Haute Couture retailers? Despite the continual growth of online shopping apps and other virtual avenues, consumers still crave a traditional experience when it comes to clothing consumption.

Currently, luxury specialty retailers place a significant amount of dependency on tourism sales, McKinsey & Company reports. The instability of tourism, susceptible to economic changes, leaves local Couture shops in need of other revenue sources. Located in one of the top two most bankable growth markets for luxury brands, haute couture boutiques in the United States can generate more sales by growing relationships with local consumers.

Retail Revamp  

For consumers who aspire to acquire their own “Sex and the City” inspired wardrobe featuring today’s top Haute Couture brands typified by Chanel, Christian Dior and Prada, paying the luxury price is worth every hundred-dollar bill.

Celebrities and other affluent consumers in the top earning brackets have the ability to leave the glittering storefronts manned by their own security, new purchases in tow, without batting an eye over price tags. Consumers residing outside of the ultra-wealthy population who desire Dior may be more inclined to make a purchase at luxury specialty retailers that incorporate alternative payment methods into their services.

Service with Style at Specialty Retailers

specialty retailersA quality shopping experience will never go out of style. With increasing demand for personalized shopping services, haute couture retail stores can meet shopper requests and expand consumer reach by providing CrossCheck’s multiple check service. With an agreed-upon payment plan that satisfies both retailer and shopper, this solution allows customers a little extra time to fund that Silk Jacquard Crépon Beige Chanel coat from the spring-summer 2017 collection, retailing for $7,000.

With this payment solution, shoppers write 2 – 4 checks that will be deposited over a 30-day window on dates that meet both party’s needs. Specialty retailers receive guaranteed funding for each check, increasing sales and shopper satisfaction. To learn more, download our free guide.

Multiple Check Insider's Guide

Topics: Retail

Written by Jessica Beaudry

Inbound Marketer at CrossCheck.