When you think about today's apparel customer, think "champagne taste on a beer budget," because even if your customers can afford to splurge on Prada, chances are they will go for the discount or the 'Big Sales Promotion Worth Waiting For!”

According to a recent Global Lifestyle Monitor survey, consumers worldwide browse specific retail stores for selection (46 percent), prices (37 percent), style (21 percent), quality of clothing (21 percent), and ease of shopping (21 percent). However, 77 percent of surveyed shoppers from the United States indicated that price was the top consideration when purchasing clothing.

Nowadays, the average consumer is confident about his or her purchasing power and has every right to be. We refer to these "new" consumers as prosperous yet frugal. They are able to afford full price yet awaiting for discounts. If you have ever shopped at an apparel outlet mall, you know what we are talking about.

Shopping or window shopping is part of our lifestyle especially with an overabundance of retail malls/shopping centres and merchandise has taught them well: They don't have to buy it today, they don't have to buy it at full price, and they definitely don't have to buy it where they don't want to.

As such, today's consumer wants value, selection, quality, and convenience. Selection means that you have what consumers want when they want it. Value is the perception, or delusion, of quality for the right price-such as an Armani suit for $500 (dream on big spender).

Think for a moment what would you like to specialise in? My guess, go for niche.