The price point system is important to know, because of these 4 reasons Why?
- How much time and work you put into your design
- Having to match the of Quality of your materials to the price
- Lets your customers know How much they are willing to spend
- How much you would be pricing your product as
I recommend you this article called How a Young Fashion Designer Stands Out in a Crowded Market Rebecca Minkoff quotes “I didn’t put a tag on it saying it was made with this other type of leather, but the bag didn’t look the same, and my customers knew it. We recognized that immediately when sales for the item didn’t perform.”
This is a perfect example of knowing your price point, how it can make or break a product your design.
There are six major price point that you should know
Designer Price Point
Designer is the highest price that caters to the more luxurious and high-priced clients. A piece would cost about $1,500+ from one article of clothing. Your design must match the price when working in this price zone. When dealing with designer price zone your design would be superior in fabric, embellishments, details, and trimmings. The upside to working in the designer price point is that you have the free reign to be creative without having to worry about cost.
Bridged Price Point
Bridge is between designer and better one-third to one half of the designer price zone. Usually, garments would cost one-half to one-third lower of designer prices. The clothing in this price zone is career separates and fine fabric dresses costing $300-1000. Bridge price point products have the same look as a designer product but made with less costly fabrics and embellishments, and trimmings.
Better Price Point
Better price zone is between medium to high. In price, the fabrics, style, and craftsmanship Better should be of good quality. prices would fall $200-300+ dresses, sports, and coordinated separates.
Contemporary Prince point
Contemporary this price zone is a favored among younger or new designers. Thinking of entering this market, then your designs have to be more innovative, modern, and trend forward. This price zone is for designers who are unique in current styles, fashion, and design. Target market would be towards women 20s to 30s with prices from $90-200 similar or higher than better.
Moderate Price Point
Moderate is applied to middle-class customers, it includes selling dresses, sportswear, and career attire. This price is nationally advertised brands, you can look to Gap, Guess, or Levis as example prices cause the prices vary, but if I have to estimate it would be around $50-100.
Budget Price Point
Budget is the lowest on the price point, the garment is usually fair in price, quality, and value. Therefore, a fashion designer may not fall under this price zone because this is selling more towards “promotional” or “mass” market. Mass-market garment is a knock-off version of the original being sold at a lower price for the masses which would be about $50 or less.
I hope this helped future or current designers out there. Because when I first learn about the price point system, I didn’t really understand it. The price point is to help you understand what you are selling to your upcoming customers and to always be consistent with your brand. But if you come across a problem and you’re selling a product, make sure it matches the quality of what you’re selling. I have a lovely cheat sheet of the six major price points that I hope you lovely creatives will enjoy, a fashionable price point chart, you can stick it in your binder, hang it on your wall, or place on your desk. Enjoy Designers!