I've been really struggling this year with how I want to price my inventory. The past 2 years I've streamlined everything into very narrow price points. I priced all of my scarves at $15 or $30. My soft wristcuffs were $7 and the wire wristcuffs were $11. Scarflettes were primarily $25 except for some lower end ones that were $15.
Last year at the Strange Folk Festival I started out like the year before with one quilt rack of $15 scarves and one of $30. Two years ago I sold more $15 ones but I sold a good number of $30 ones as well. Last year for the entire first day I didn't sell a single $30 scarf so I eventually took them down and put out all $15 ones. I sold some $30 ones at the Rock and Roll Show but I think with the economy in the state it was in, $30 was just too much of an investment for an accessory.
I'm seriously considering adding a third price point this year at $23. This is right in between the two and would give me more profit on those scarves that I don't feel comfortable selling at just $15. I will only have the top tiered scarves with the highest quality yarns at the $30 mark. They say it is good to have some items that are out of most people's price range to let them know that you are a quality vendor. Mike says that I should make it an even $20 since most people don't want to make change but I don't think there is enough of a difference between $15 and $20.
I'm even more confused by how I want to price my new scarf/hat sets and the single hats. I have used such a range of yarns and techniques on them that I really feel like I should individually price them as I see fit. I want to sell the sets with both pieces and I will probably connect them with twine. They will have the prices marked and I will have all of them on my table.
For example the scarf/hat set at the top of the post was made with a 100% wool, hand dyed yarn. My yarn cost were $8 but if I'd paid full price the yarn was worth much more than that. I used the exact same pattern for this second set and the time was approximately the same but the yarn is an acrylic that I only spent a few dollars on. I wouldn't feel comfortable asking for anything less than $40 for the first set but I would be happy with $25 for the second set.
I also have some individual hats with a wide range of yarn costs and time spent on them. Do you think it would be appropriate to price them all differently or would that be too confusing? I like it when vendors have some consistency in their pricing. When I'm looking at a display or rack I like to know that what I'm looking at is in my price range but I just don't feel comfortable putting the same price on such varying items. Any thoughts about either of my dilemmas would be greatly appreciated.
6 hours ago