Carriage Trade
Carriage trade refers to a high-end segment of retail customers who are wealthy and spend money on luxury goods and services. These customers are typically affluent individuals who have the means to purchase expensive items and are willing to pay a premium for quality and exclusivity.
In the past, carriage trade referred to customers who purchased horse-drawn carriages, but in modern times, it has evolved to include those who buy luxury cars, designer clothing, fine jewelry, and other high-end products.
Businesses that cater to the carriage trade often provide personalized service, exclusive products, and a high level of customer care to meet the demanding expectations of their affluent clientele.
Examples of businesses that cater to the carriage trade include upscale department stores, luxury boutiques, high-end restaurants, and exclusive clubs.
Benefits of targeting the carriage trade:
- Higher profit margins
- Increased brand prestige
- Customer loyalty and repeat business
- Opportunities for partnerships with luxury brands
Overall, targeting the carriage trade can be a lucrative strategy for businesses looking to establish themselves as premium brands in their respective industries.
Source: Wikipedia – Carriage trade