http://www.nytimes.com/2012/09/09/magazine/whats-a-4000-suit-worth.html?_r=5&
This article is about Peter Frew, a man who custom makes custom suits for $4,000 in New York City, and how his low economy of scale is an effect of cheaper made suits.
This article is interesting because it shows how quantity is valued over quantity in our economy.
Frew makes $4,000 suits, but makes only around $50, 000 a year because it takes him 75 hours to produce a suit of unmatched quality. While many high ranking businessmen in New York City have the money to spend on one of his suits they usually do not want to spend that much money on something that will take them about a month to get it. People rather get cheaply, fastly made suits, that are not anywhere near the quality of the custom made suits, but are more time efficient and less expensive.
This shows how we are a fast food culture. We want what we want as soon as we can get it and have problems with long waits. It is all about speed and easy access, not quality.
ReplyDeleteThis article is definitely a good example of how we have gotten used to receiving goods and services at the drop of a hat. Very few people are willing to wait for a high quality, custom made suit when they can get a decent one right away. It's hard for companies that produce high quality items to keep up with today's demands.
ReplyDeleteIt's true that we had gotten use to have services right at our demand. However, this is a good business for Peter Frew to be in. Although most people prefer their products right away, there's always a number of people who want the exclusive stuff or more expensive stuff just to say they have it. Although he sells less, his high price makes it worth it.
ReplyDeleteI found this article very interesting given the nature of today's society. The fact that people who can afford to spend this money are not willing to buy as many suits from him because of the extensive labor behind them is astonishing. Given the fact that people will spend close to that much on a suit that isn't even of the same craftsmanship just because they can get it much quicker defines our society in a nutshell.
ReplyDeleteIn terms of the US society the article truly sheds light on the "Want" side of it.It reflects how consumers are more inclined to buying and receiving a product right away rather then waiting for a better product. However; I do believe that a select class of consumers will always be in the market for high end products despite the wait.
ReplyDeleteI respect his trade, he works hard to create a high quality product and he should charge a lot for that. But I believe society is more about what they can get right now for the best price. He has people willing to buy his product now, but his market is thin, the average person would not buy a $4000 suit.
ReplyDeleteI believe most consumers want to buy suits they can obtain now. On the other hand, there are consumers who can afford these suits and appreciate the quality. Also, his suits cost so much money, that even if he has low economies of scale, he is making a profit. I can see where is business opportunity is and his decision to operate.
ReplyDeleteThis is a perfect example of our culture and society in the US, the majority of people don't want to wait or spend money on a good that is of a high quality, and will spend a considerable amount of time to complete. I understand the cost part of it, his suits are expensive and a lot of people cannot afford it, but those who can just prefer to buy things they can get on demand, even if it is a cheaply made suit. Taking all this into account, I was still surprised to see his annual salary, I would have expected him to make more.
ReplyDeleteAs other people mentioned, this shows how the american society would rather find a easy or cheaper way out. It's understandable that a month is quite a while for a suit although if people have the money to purchase such a high quality suit then I would expect them to wait. Although this article pertains to people who don't wait, I would assume their are still numerous amounts of people who are attracted to the quality regardless of time.
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