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New Craze: The Loom Band Bandwagon

You come up with a pioneering concept or innovative product, or just simply be the first to enter a market. And then, in just a matter of time, a more cheaper alternative hits the market.

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The latest craze for the young and young at heart, Loom Bands (or the brand name Rainbow Loom for some)

Day 88/ 365 Loom Bands by Nina Matthews Photography, on Flickr

I don’t know how to make one (I guess it’s quite easy and user friendly) but judging from the craze I’ve seen (social media, news and colleagues/kids wearing them), this seems to be a hit. At least for now. The new way to make reusable bracelets and the gantsilyo of the new generation.
Got acquainted with this new “in thing” when a colleague asked me to check out some malls (which were on my way home), to see if they are still selling these loom bands (and the refills, the small rubber bands).
Apparently, back then, a number of malls no longer have stocks of these, most were already sold out and kids (and/or parents) can’t wait to have more and to create more bands, hence the frantic search in other malls.

In short, IN DEMAND.

Can’t recall how much the starter box costs like, and the refills, but I think it ranges from PHP900+ and PHP150+ respectively. Quite a price for these things I’d say.
That was back then though. Last weekend, I went to Divisoria to check out some other stuff, and lo and behold, “loom bands” are on sale all over the place. With refills of various colors being sold by kilo and not by small tingi packs. And their prices are way below the ones that my colleague got.
Not so sure whether the ones sold at malls and the ones sold at Divisoria are just the same. Or trying to be the same. It also begs the question whether these items passed the health and safety standards in terms of lead content and the like. But that’s another story.
My point is just this: you come up with a pioneering concept or innovative product, or just simply be the first to enter a market. And then, in just a matter of time, a more cheaper alternative hits the market. Porter’s Threat of New Competition. Or imitation that is.
One can argue that they may be targeting different socio-economic classes (given the different price points, location and perhaps quality), but just the same, they look like the same loom bands to the untrained eye (me). And for the not so picky buyers, you just have to know where to look.
Photo: Day 88/365 Loom Bands by  Nina Matthews Photography

   

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About Geri (348 Articles)
Founder and main author. Husband, used-to-be-breadwinner, God-made multi-millionaire, employee, financial planner and adviser, investor, stocks trader, entrepreneur, agri-preneur, book author. Firm believer that all Pinoys deserve a richer life. Not a guru, but a forever student of the investments world, a work-in-progress.

2 Comments on New Craze: The Loom Band Bandwagon

  1. Got a similar query in the FB page. Should be easy to find once you get there since there are lots of vendors selling them. Tutuban Mall, areas near Recto or Juan Luna St are good places to start from.

    Like

  2. Hi where exactly in divisoria? Thanks.

    Like

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