Well, if inflation is really all that bad, the new Preach-es store in Sioux Falls should fail within a month:
“We love shoes and we love street wear and fashion,” Preach-es Owner Jonathon Vazquez said.
The founders of Preach-es are excited to bring the fashion passion to Sioux Falls.
“People are starting to get interested more in fashion and street wear, you can find brands that are a little higher end, a little more sought after and a little harder to get,” Vazquez said.
…Along with high end sneakers, preaches also carries designer clothes, handbags and wallets Bridget Bennett, “New High End Sneaker Store Opens in Downtown Sioux Falls,” KELO-TV, 2022.07.15].
“[R]are sneakers and high end apparel for the everyday consumer… resulting in our customers feeling a sense of accomplishment and belonging”—when milk and gasoline are two bucks more a gallon than they were last year, all I want my belongings to accomplish is to last ten years.
But some people will still spend money, time and gasoline for this marketing hype:
“We traveled from Bentonville, Arkansas,” shopper Louie Cortese said.
One couple drove eight hours to be in Sioux Falls for Preach-es opening day.
“I’ve been wanting to buy my first pair of Jordans for a long time, so why not just drive up and support our friends that are like family to us,” Cortese said [Bennett, 2022.07.15].
Eight hours to shop for luxury shoes that will give your life meaning and purpose—that round trip would have been well over a thousand miles, which at I-90 speeds at $4.50 a gallon would have added over $200 to the price of your shoes. But hey, someone who can spend that much for a shoe-shopping trip can surely afford to put down a non-refundable $100 deposit to schedule a VIP Experience, including a 30-minute stylist session with personal concierge; an hour in the Preach-es VIP lounge with champagne, water, sparkling water, energy drink, TV, and chairs; sized clothes and shoes laid out for sampling; a “discreet private entrance”; and “high-quality photos for your social media.”
Economics is clearly behavioral, not rational.