First Kmart, now Temu. It’s never been easier to buy cheap stuff than right now.
But do cheap things actually cost less over time, or represent value for money; or is it a false economy? A relatively quick Google or AI search would suggest not. Unsurprisingly, most cheap goods don’t last well, and so investing in quality products with a longer useful life generally provides better value for money in the long run.
We see a similar thing play out with design fees in the Architecture, Engineering and Construction sector. Again, it is typically a false economy when clients accept a ‘cheap’ fee or try to delay or minimise the involvement of design consultants. Unfortunately, no-one wins when the outcome is additional re-work or extra costs during the construction phase of a project.
Phil Mackay
Thinking again about business in general, in financially constrained times there is extra impetus to be certain that spending is providing good value. Equally, efforts to reduce costs need to be focused where they will have the greatest effect.
My view remains that businesses are better focusing a limited budget on a few high-quality investments, rather than scattering spending across a greater number of low-quality products or services.
It’s perhaps unrealistic, however, to expect that we always choose to buy the more expensive or high-quality option, as businesses or as individuals. Rather than advocate for just buying less stuff (also a good idea), I’d like to share a concept that I came across some years ago.
That concept, as described by its originator, Chris Baca, was to ‘Feed Your Culture’.
Skating in California. Photo: Cameron Casey, pexels.com
Chris is a skateboarder and specialty coffee enthusiast, and co-owner of Cat & Cloud Coffee in Santa Cruz, CA. As an active participant in both skateboarding and coffee sub-cultures, Chris saw a lot of artisans and innovators, creating original products and contributing to their culture and industry. But for every original creation, there were multiple ‘knock-off’ copies produced cheaply overseas.
Chris advocated that, while lots of young skateboarders or baristas probably couldn’t afford premium products in every sphere of their lives, they should prioritise supporting those artisans and creators who were contributing to the sub-cultures they loved.
So, at a time when many businesses are operating in a challenging environment, my challenge to you is to think about whether your own spending is ‘feeding your culture’.
If you are a business producing a premium product or service, do you intentionally support other businesses who share your values? Are you willing to spend a little more to support a local business producing a quality product and contributing to the local community and economy?
That local café, restaurant, or retailer you would be disappointed to see go out of business?
Visit them before they do.
