Exclusivity is one of those things that is recently praised; from private flights to purchasing limited edition cars and handbags. If we’re honest, exclusivity is all about making people feel special and privileged from everyone else. When the economy is good and people are feeling confident and flush with cash, exclusivity can be a fun and exciting way to make people feel like they’re part of an exclusive club. It creates a goal for onlookers as they are washed over with the feeling of envy.
But when the economy is bad and people are struggling to make ends meet, exclusivity can feel like a cruel and insensitive joke to most people. I think we are going to see this side of the coin sooner than later. I realized this when some of my more financially flushed with cash friends and colleagues around the world recently started dialling back on their usual spend. My brow rose wondering what happened? What changed?
If I were a retail business owner, I’d want to validate this shift. If the trend seems to be leaning to an economic downturn, I’d switch my focus from being exclusive towards inclusivity and accessibility. By offering a line of products and services that are affordable and accessible to everyone. So how can an exclusive brand create inclusivity and accessibility?
A great example is Omega’s collaboration with Swatch. I felt like that was probably one of the best collaborations ever. An exclusively expensive watch brand makes a product with one of the most affordable watch brands. As accessible as it will be, I am almost certain resellers will destroy the initiative by buying up the entire stock. But they had the right idea. I hope to see more of this.