Comment by immibis
13 days ago
You don't care how much money they have, but how much they'll spend on your product. If they won't spend much on pants, they probably won't spend much on your product, either.
13 days ago
You don't care how much money they have, but how much they'll spend on your product. If they won't spend much on pants, they probably won't spend much on your product, either.
It's not a good indicator that they won't spend money either. These people have a different idea of what's worthwhile, and often times indicating status through clothing is not something they see a ton of signal in.
I'm not rich but I make software money and I can attest to this. I follow a personal finance guru named Ramit Sethi and his motto is to cut costs on things that don't bring you joy in life so you can spend extravagantly on the things that do bring you joy. This applies to all people, not just rich people, though obviously the scale is different for people with higher income/net worths.
For me, I don't see a need to spend a lot of money on clothes because I work at home without video. But I will spend on luxury vacations and dinners, and I will certainly spend money on services that can help save me time at home/work.