JoS. A. Bank launches recession-themed, "risk-free" suit promotion
Following in the steps of a similarly themed promotion from car manufacturer Hyundai, multichannel men's clothing merchant JoS. A. Bank Clothiers Inc. has launched a new promotion promising to refund the price of a suit if the purchaser loses his job.
With consumer confidence at record low levels in the current recession, marketers are using this type of hand-holding promotion to help provide consumers with the assurance they need to spend money.
“At JoS. A. Bank, we understand the uncertainty everyone is facing,” said R. Neal Black, CEO at JoS. A. Bank, in a statement. “We want to help the customer look good at work, and if he loses his job, to be dressed appropriately as he meets with his next employer. It's like giving all of our customers a bit of unemployment insurance.”
The special rebate offer applies to any suit or suit separates purchased between March 16 and April 9. If the customer involuntarily loses his job between April 16 and July 1, JoS. A. Bank will refund the price he paid for the suit, up to a maximum of $199, and he may keep the suit. The offer is being referred to as "The Risk Free Suit" on the merchant's Web site.
Hyundai Motor America introduced its Assurance program in January, allowing consumers to return any new Hyundai leased or financed in 2009 if the owner unexpectedly loses his/her income within the first year.