Prepared for Regina C. | Delivered February 26, 2021
High-End Artisanal Products
To find information on high-end artisanal product consumers
Artisan products are popular amongst Millennials
, who value authenticity, creativity,
locally produced goods
high disposable incomes and defining consumer patterns
have created an opportunity for artisanal brands and entrepreneurs.
Growth in the North American handicrafts market throughout 2018 was
attributed to rising travel and tourism
in the area. International visitors are said to be willing to invest significant amounts of money in locally manufactured craft items.
Harvard Business Review article
reported that America's middle market consumers (those earning $50,000 and above in annual income) were becoming increasingly likely to trade in high-quality goods possessing 'artisanal touches', and were often willing to pay premiums of 20% to 200% for these kinds of products.
A survey found
71% of luxury consumers expressed an interest in global artisans
producing handmade and handcrafted items.
Points to consider
High-end artisanal goods' definition —
Artisan products cover a wide range of different categories
, including fashion, clothing, meat, cheese and other foods, alcoholic beverages, jewellery, household items, furniture and many more. As such, throughout the initial research it was difficult to find information that covered the broader definition of 'high-end artisanal goods'. One suggestion would be to focus on a particular industry (or industries) such as artisan jewellery, or furniture etc. which would help make the research more targeted, specific and accurate.
Crossover with luxury goods — It is difficult to split the markets for luxury goods vs. artisanal and handmade goods, because it appears that the trend now for
luxury consumers looking more towards artisan products for their quality and craftsmanship
. Luxury brands have begun to recognize this and are looking at
preserving artisanal skills for a more sustainable future
. In some cases, it has been suggested that global craft and
can be seen as the
future of luxury industry