How Much???

[SeaCitadel]

One opinion is that quality of an item and the cost to produce it are not incredibly important, and that the "quality" (if that's the right word) will be dictated by the price you set.  Now obviously there are limits to that idea.  You can't charge a thousand dollars for a piece of garbage and expect it to sell.  Likewise, charging $15 for something that costs you $100 to produce will put you out of business.  But from my observations, people will decide what an item is worth after seeing the price.  How else can one plain T-shirt cost $5, but the same T-shirt branded with a popular logo cost $80?  Is that shirt going to last 16x as long?  I think not.

Granted, a lot of time and money has been spent building up the clout of certain brands, but I think the principle remains sound because I have seen it on smaller scales.  No-name furniture selling at department store prices, and furniture of equal (shoddy) quality selling for quadruple the amount in a "designer" showroom.

The point is that setting the price also sets your clientele.  Someone who wants a unique, high quality, handmade leather wallet, and is willing to pay for it has different shopping habits too.  That's why the first page of leather wallets on Etsy is all under $100, and most under $50.

Don't base your business practice on this opinion though!  It's just food for thought.  I saw an interesting video a while back that touched on these types of pricing dilemmas.  https://www.youtube.com/watch?v=5xyCr70aw2U

[Klara]

There is definitely something to that. The difficulty is  getting hold of the clients willing to spend big bucks. I never managed. Possibly because I didn't try hard enough because I knew from my time in fashion how demanding (and nasty about it) these clients can be...