Three Thoughts: What changes have you noticed in your customers' spending habits?
| Thursday, Aug 12 2010 03:28 PM
Last Updated Thursday, Aug 12 2010 03:33 PM
Images
Jon Hall, of Don Hall Jewelers.
Henry A. Barrios / The Californian Rosco Rolnick, president, and daughter Sarah Rolnick, sales associate pose for a photo at Guarantee Shoe Center at 2101 Chester Avenue in downtown Bakersfield. The store has been in the family since 1953 when Rolnick's grandfather and father opened the store.
Tracy Kiser
There's a good reason why consumer confidence measures matter so much to economists and Wall Street traders: Consumer spending makes up a large share of the U.S. economy.
This holds true in Bakersfield as well. Many jobs hinge on shoppers buying goods at local stores. If business were to dry up, a snowball effect could develop, leading to even more job losses.
We decided to contact a few local retailers to see how things are holding up.
Our question: What if any changes have you noticed recently in your customers' spending habits?
Responses may have been edited for clarity and length.
We are celebrating 60 years and have been very blessed to still have customers buying jewelry in these difficult times.
We have noticed a mixed business with an upswing of clients, old and new, coming in to sell or gather information on getting top dollar for their jewelry and gems.
The "Cash for Gold" trend has slowed since most sold when this craze started last year. People are now bringing in other jewelry or items to convert to cash to maintain lifestyles or take care of necessities.
Young couples are still getting married, and this has been the strength of our business, but I have noticed they are getting help from parents more than before. The big diamond purchase has been toned down to make way for wedding budgets. Clients are treating themselves but making sure it's a classic piece that they can hand down as an heirloom or looking at it as a "treat."
I believe we will see an increased trend in out-of-town firms coming in and attempting to "fairly compensate" people for their jewelry and other assets in these rough economic times.
-- Jon Hall, owner, Don Hall Jewelers
It is true that we are in challenging economic times. But I feel that our customers still want the best quality footwear available.
What I am seeing from both our old-time, loyal customers and the new ones alike is, they are still willing to spend money on top-quality, good-fitting footwear.
Some buy maybe only two or three pairs instead of four or five to stay within their budget.
When shopping for a new pair of shoes, they might buy a pair that is a neutral color that will go with several outfits instead of buying a special color for each outfit.
When it comes to your feet, don't skimp on cheap shoes and a poor fit. Whether you shop with us or somewhere else, demand the following:
* Full service
* Get your feet measured
* Make sure that the shoes don't hurt your feet
Remember, there is no substitute for good, comfortable shoes from a locally owned shoe store.
-- Rosco Rolnick, owner, Guarantee Shoe Center
In Kern County over this past year, we at H. Walker's have noticed buying behavior change with men. Economic issues and weather have played a big part in our business.
Obviously, men in general tend to spend less on their personal clothing attire than women and young adults, but with dollars being tighter, men lean toward classic styles for work. We have seen an increase in all-cotton shirts and durable dress slacks along with multipurpose sport coats. We have seen a decrease in ties, suits and specialty clothing like silk shirts that need to be dry-cleaned after each wearing.
Weather also plays a big part in our business. We were very fortunate for the long beautiful spring and mild summer so far. Funny thing is, there has been a huge surge in Supima cotton designer jeans and fashionable long sleeve "untuck" shirts that are all the rage and not inexpensive.
Men in 2010 are becoming more conscious of their personal attire for both work and play, but they are not spending recklessly. They care about service, being appreciated and feeling valued.
-- Tracy Walker Kiser, owner, H. Walker's Clothing Co.
