NEW YORK, NY / ACCESSWIRE / June 10, 2020 / In a landscape reshaped by quarantine and self-distancing, many businesses are taking a hit. We spoke with startup founder Avi Zolty to discuss how the recession is affecting his business.
Avi Zolty and Joseph Combs own EarFleek, a monthly earring subscription that gives women an earring of the month, every month, for less than four dollars. "We're very fortunate in these times" says Zolty who citing a 30% increase in new subscribers the past few months.
With over 300 million Americans affected by stay-at-home orders, Online retail has seen impressive growth. At EarFleek, this is enhanced by the purchasing nature of consumers in a recession. "People still want jewelry, they still want to have fun but many are more budget conscious. EarFleek offers them a guilt-free way to maintain some semblance of normal life without stressing their already constrained budgets."
Economists consider Imitation jewelry to be" Economic Inferior Good", a term that has nothing to do with the quality of the product but with how consumers interact with it. In a down-market, purchasers tend to shift their budget towards lower priced items instead of luxury goods.
All this seems to tie in with Avi Zolty and Joseph Combs' vision for EarFleek who intend to launch new products such as necklaces, bracelets, hair pins and moisturizing masks in the coming weeks.
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SOURCE: EarFleek
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