Wear now, buy later
To maintain their premium image in India, Levi’s Jeans has had a great idea. Rather than reduce prices, they’ve partnered with local banks to offer payment plans so that people can pay for their jeans in three monthly instalments at 0% interest. There’s been terrific industry and consumer response, with lots of PR and buzz.
As the global economy continues to limp along, more firms will be forced to adapt their strategies to fit the consumer’s shrinking budget. No matter which strategy your brand adopts, it’s essential to maintain flexibility and constantly monitor local conditions to identify the right solutions.