How To Sell Art in a Bad Economy
Weak economies don’t stop people from buying art. They just change what they buy and why.
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How is lipstick like Labubus?
The answer to that question can help artists weather the realities of our current economy.
I heard from one struggling artist this week.
“The economy just feels bad. I’ve spent all morning in my booth at an art fair and haven’t sold anything. Normally I get most of my sales in the morning. People are coming to look but nobody is buying”
You’re not alone. I’ve heard several artists say that their sales are down over the last few months, even though consumer retail spending is surprisingly resilient. Retail sales in the US grew 5% year-over-year in August, beating economists’ expectations.
So what gives? Are we in a slowdown or not?
Some economists say that spending is happening now in anticipation of higher prices from tariffs later in the year. That means consumers are making big purchases like cars and electronics before prices go up.
Regardless of where we are now, the expectation is that consumer spending will decline in the coming months. Savings are low and uncertainty from rising unemployment is high.
So what do artists do? Is it hopeless? Should you give up?
Please don’t. We need you now more than ever.
But to weather the upcoming storm, you might have to rethink what you’re selling and how you position it.
The good news is we can learn from historical consumer spending patterns during rough economic times.
When times are tough, consumers don’t stop spending. They prioritize where they spend and change what they buy.
They focus on the essentials. But they also buy more comfort items. Like lipstick and Labubus.
And that’s where an opportunity exists for artists in a tough economy.
Treatonomics
Treatonomics is the tendency for consumers to treat themselves with low-cost comfort purchases during difficult times. It’s a fairly well-documented phenomenon. Economists even look to the purchase of items like lipstick, candles, and comfort foods as an indicator of economic conditions.
Artists have started to see this trend too. While some are struggling, I’ve had several artists report that small, low-price items are selling really well right now. Their sales portfolios have shifted in response to consumer spending habits.
Lower Pricing Isn’t Just Dropping Prices
So the simple answer is to focus on lower-priced products. Think $50 and under to start with and experiment with different products and price levels in that range.
But I want to be careful not to lead you astray. If you sell mostly high-price, original art, don’t just drop prices. Pricing your high-end work lower might make it sell faster in the short term. But long term, it will be harder to get your pricing back up when the economy gets better. Lowering prices for original work can also hurt your brand.
It’s better to weather the storm without dropping prices at the high end if you can. Instead, develop a portfolio of low-cost items that you can sell at lower prices. Think of all the ways you can feature your work in formats like prints, stickers, bookmarks, keychains, etc.
Comfort Positioning
Simply having a low-cost portfolio isn’t enough. You should also shift your marketing and sales effort toward that portfolio too.
This starts with positioning. If consumers are purchasing low-cost items for comfort, position your products that way. Integrate messaging that alludes to feelings like hope, joy, humor, or resilience into marketing and sales conversations. Experiment with different messages to learn what works best for your customers and your work.
This Week
With a likely economic storm ahead, now is a great time for a portfolio review. If you don’t have lower priced products, think about what you might add. If you do, think about how you might shift your sales and marketing efforts toward them.
The world needs you to keep creating art when times get tough.
Which means we need you to keep selling it too.
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