I was flipping through the latest edition of the Robb Report earlier today and saw an advertisement from British Airways on their upcoming new level of pond-hopping service on custom-built Airbus A318s starting at $12,290 before taxes and fees.The new direct route is 100% business class service flying twice a day, 6 days a week from JFK to London's City Airport near the Canary Wharf business district.
The custom built Airbus A318, which normally seats 110, has been custom designed to have only 32 seats which all convert to fully flat-bed sleepers. In addition, passengers on board get online internet access, text messaging and flexible dining options.
If there's some sort of recession going on, did British Airways miss the memo?
What we've been seeing in this economy is that while many are holding back on their spending, the affluent are still consuming, but they're looking for value.
Businesses catering to the affluent are not only still in business right now, but in many cases are growing while businesses to the left and right are closing up shop.
Three questions to ask yourself:
- Are my customers spending more or spending less?
- Am I catering to the right market segment?
- How can I better tailor my product / services to those who ARE buying?
We're looking forward to seeing your for an evening of networking, learning and sharing at our next Bay Area Mastermind networking event where we'll discuss what local business owner Logan Christopher has been doing to grow his business, even in our current economy.
This is exactly what I've been seeing in my business, too! My customers are spending less, but the more boutique competition is doing just fine. Why do they get all the business?
Thank you for the comment, Lisa. What kind of business do you have? Are you catering to the right market segment? Is there a way you can focus on the more affluent customers?