A couple of days ago, I read that a share of Jo Anne’s Fabrics stocks nearly triple from a year ago. The national sewing and craft supply retailer reported earnings for first quarter 2009 were up significantly from the same period last year.
Last night I heard from a friend in commercial construction. I was astonished to hear he just closed a deal to build a multi million dollar casino in the midwest.
In my neighborhood coffee shop, a couple shared with me that their high end handmade ice cream and gourmet jerky (yuck) business is thriving, and a neighbor who reps cosmetic medical products tells me her sales figures are up.
You’re probably wondering what face peels, fancy foods and gaming have to do with selling hand made crafts, right? Everything.
While the media is ranting about the economy and we’re seeing stores shut their doors and friends lose their jobs, these businesses are booming.
What do these thriving businesses have in common?
They are all about indulgence and feel good. (Though I don’t imagine a face peel being a pleasant experience.) While people may be cutting back on purchasing new luxury vehicles, pricey vacations and new homes, they are spending more on hobbies and small indulgences like handmade gourmet treats, beauty and a night out at the local casino. (maybe they’re hoping to score enough to save their homes from foreclosure-just kidding.)
What this means for you as an artist is that consumers are opening their wallets for items that are unique, personal and make them feel good. It means that your craft business can grow and thrive in this economy if you are marketing it conscientiously and consistently, focusing on the human connection, the story and how it will make them feel.
Do you have items in your line that make buyers feel beautiful, lucky or fulfilled? What do you create that brings the purchaser a sense of pleasure, serenity or joy?
As always, you are invited to comment and share how your creations are recession proof.