Sleek cars. Top shelf spirits. Fine watches. These are just a few product categories where the allure of the hard-to-reach draws customers into a store. For a look. For a taste of the opulence that’s generally out of their everyday experience. For a chance to say that they purchased an item in a store that sells brands they admire and covet.
Savvy retailers are aware of the magnetic draw that the luxury market seductively offers, both for the mid-range customer, who benefits from a brush with the luxe life, and for the wealthy customers, who are serviced with the exclusive items they seek. For retailers in the tobacco industry, stocking their shelves with premium products have proven to be a profitable initiative.
With higher prices, purchases of luxury cigars deliver increased profits. These exclusive cigars appeal to both the avid connoisseur and the amateur looking to impress, broadening the opportunity to groom a wider swath of customers with an affinity toward finer tobacco products. The customers stand to become repeat purchasers, once a tobacconist is determined as a destination for premium and hard-to-find products. And that tobacconist will gain the advantage of conversing with customers and observing their product engagement, mining valuable information that will help them stock the products geared toward the tastes of their demographic. With a dedicated customer base and products curated to suit them, a premium tobacconist is sure to increase their revenue.
Premium cigars also provide an aspirational element for a retailer- elevating their cachet, and drawing customers who want to rub elbows with the finer elements of life. While these hopeful customers may reserve their premium purchases for special occasions, they will frequent their favorite store to peruse the high end offerings, and then purchase their everyday tobacco products- meaning more transactions for the retailer, and a steady stream of sales.
With a stabilizing economy, the premium tobacco and accessory market is one of potential growth and profit. Tobacconists that stock these aspirational and inspirational products are well-positioned for success in this new year.
5 Reasons to Stock Premium Cigars:
- Increased revenue from sales of higher-priced products
- To become a destination for consumers to explore premium offerings
- Draw traffic and profit from everyday purchases of aspirational customers
- To take advantage of growth opportunities in a thriving luxury goods market
- For the opportunity to cultivate the palate and buying habits of new, loyal customers