While mainstream shoppers are looking to keep their spending in check heading into this year’s holiday season, luxury consumers’ feelings about both the economy and personal finances are trending upward, the latest Saks Global Luxury Pulse concludes. The survey, undertaken July 17-21, found major increases across all income groups compared to the prior survey fielded in April. However, sentiment has not yet returned to 2024 levels, as uncertainty around the socioeconomic climate lingers.
“As we enter the fall season, we are encouraged by the indication that the luxury consumer’s mindset is improving, and their appetite to spend on luxury is growing,” said Emily Essner, President & Chief Commercial Officer, Saks Global, whose operations include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. “This improvement in both sentiment and spending intent validates our long-held belief that the luxury consumer shops as they begin to feel better about the economy.”
Here are some notable findings from the survey:
- Roughly one-third (32%) of luxury consumers indicated feeling optimistic about the economy, an increase of 4 percentage points compared to the April survey. While still 13 percentage points lower than the same time last year, the quarter-to-quarter increase marks a positive turning point for this metric.
- 39% of respondents indicated feeling calm about the economy, which is a 7-percentage point increase compared to April, but still an 11-percentage point decrease compared to the same time last year.
- 45% of luxury consumers said they feel prepared about the economic environment, which is an increase of 9 percentage points compared to April, but still an 8-percentage point decrease compared to the same time last year.
- Core luxury consumers are feeling significantly more positive, with 53% of those with an income of $200,000 or more indicating feeling prepared, representing a 12-percentage point increase compared to the April survey and only a slight decrease of 2 percentage points compared to the same time last year.
The Saks Global Luxury Pulse is a quarterly online survey of luxury consumers’ attitudes towards shopping, spending and the economy. Click here for more from the latest one, which is based on responses from 995 U.S.-based luxury consumers over age 18.
Closing With Confidence: How Bailey's Fine Jewelry Achieved Outstanding Results With Wilkerson
When Trey Bailey, President and CEO of Bailey's Fine Jewelry, decided to close the Crabtree location in Raleigh, North Carolina after 15 years, he knew the decision needed to be handled with intention and professionalism. The goal was clear: exit the location while maintaining financial strength and honoring the store's legacy.
Having worked with Wilkerson successfully in the past, Bailey understood the value of their comprehensive approach. "They understood both the emotional and financial sides of the store closing sale," Trey explains. "Their reputation for professionalism, results and care made it a very easy decision."
The results exceeded expectations. Wilkerson helped Bailey's sell through significant inventory while maintaining the dignity of the closing process. "They don't just run a sale, they help close a chapter in the best way possible," Bailey says, strongly recommending Wilkerson to any jeweler facing a similar transition.
