PIONEERING THE “FIXED PRICE” POLICY

In the 1990s, the jewellery industry, along with Hong Kong’s economy, enjoyed a period of spectacular growth. Unfortunately, customer experience in the jewellery retail market was marred by the lack of transparent pricing. Merchants inflated the retail price before giving customers seemingly “generous” discounts. On the surface, customers appeared to get some good deals, but in reality, customers might not always be the winner at the bargaining table.

In 1990, Chow Tai Fook was first in the industry to improve customer experience by adopting the “Fixed Price” Policy, making haggling a thing of the past. The price shown on tags was the final price customers would pay for the products. This policy made pricing fair and transparent, while offering customers more protection. The “Fixed Price” policy was widely embraced by the public, changing the way jewellery retailers did business, and even transforming Hong Kong’s consumer culture in the luxury goods market.