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Groupon Elite Deal Series
For Joyce Lancastershire, Groupon’s Chief of Luxury, the discounting industry has never felt more stagnant. “Everywhere you look, discounters are all doing the same thing: taking money off the price of goods and services,” she says. “It’s like, enough already. What are we, sheep? Lemmings? Some kind of crossbreed between lemmings and sheep? Is that even ethical?”
Sensing opportunity, Groupon is introducing a new kind of deal, one that’s sure to rock the industry to its very core. The Groupon Elite Deals Series marks the debut of Groupon’s new “premium-plus pricing,” a deluxe take on the traditional discount that requires you to pay more than the value you receive.
“We’ve had many luxury items available for purchase on Groupon.com over the past five years,” said Lancastershire, “including two-carat diamond rings, full wedding packages at a luxury hotel, and high-end designer handbags. But all those items were sold at a huge discount and provided incredible savings. Groupon Elite Deals take upscale to new heights by offering the status and sophistication of paying premium-plus pricing.”
The premium-plus pricing movement has been growing steadily over the past few years—coin collectors are paying hundreds of dollars for old pennies, printer ink costs more per ounce than crude oil, and people are still buying vests at the store when it’s not that hard to sew your own. It’s unclear how long the trend can continue, but Lancastershire remains convinced it’s here to stay. “Is there long-term demand for this?” she asks. “We don’t know for sure, but there definitely is, yes.”