Yesterday I took my daughter to the nail salon to get her eyebrows and nails done. I didn't want to go in because I was tired and it was cold outside, so I sat in the car with the radio on. Next door to the nail salon was a liquor store. When we arrived at the nail salon, only one person was there. Only one other person came in for services after my daughter arrived and we were there for over an hour. The funny part is how many people I saw coming and going into the liquor store. The store was kept quite busy the entire time I was observing their foot traffic.
This made think that even though most people are watching where they spend their disposable income, many people were still holding onto their liquor allowance. I was wondering what other "allowances" they were holding onto still as well. For some people they can't let go of their morning lattes. For others they still want to clothes shop. For others they still want to go out to eat.
This is why you need to people watch. People are splurging on their wants regardless of the economy. It is up to you to figure out what their wants are and provide a product or service that meets those wants. I want more free time, even though I am in the business of saving people time. Guess what? I am splurging on extra help because I want to delegate as much as possible to others so that I can lounge around more with my family.
So...what are your target markets splurging on?
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