How do you feel about turning the tables, maybe saving hundreds or even $1,000 on your winter shopping? Here’s a look at how to save money on holiday shopping 2020, and it’s all based on a little insider knowledge that’ll give you the leverage you need to make some deals.
Only, what if those shoes only cost $100 or less to make? Then the deal doesn’t seem that great after all.
According to Andrew Scarbrough, co-founder of PriceWaiter and collaborator on Markup Mayem by The Pearl Source, markups on women’s fashion can range from 60% to 300%. Scarbrough tells me the worst offenders are shoes, accessories, and denim. “In some cases,” Scarbrough explains, “a pair of denim pants can wholesale for $20 while retailing for over $150.” Here are some additional markup stats that will blow your mind:
- Jewelry markups are usually in the 100% to 250% range.
- Cosmetics are typically marked up 300%.
- Sunglasses are regularly marked up more than 1000%.
- Handbags are marked up 1000% to 2000% — that’s up to 20 times more than they cost to make.
The Big Takeaway here is that you, as a consumer, have more leverage than you think. Especially with respect to designer goods, there are excess profits in those big markups and that gives you some negotiating power to secure a lower price. Here are seven ways to trim down the markups you absorb and save big money this shopping season.
7 different ways:
Negotiate.
Shop direct to customer brand.
Buy used.
Wait for good deal.
Shop from different devices.
Tease'em
Buy early or late.