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Luxe Spending Looking Up: Survey

Higher-income shoppers driving overall optimism about the economy, Saks Luxury Pulse finds.

Published

12 months ago

September 19, 2023

INSTORE Staff

The flagship Saks store in New York. PHOTOGRAPHY: Massimo Giachetti/iStock.com

About 58 percent of luxury consumers plan to spend the same or more on luxury in the next three months, the latest Saks Luxury Pulse has found, up from 53 percent in the prior survey fielded in late April. This represents the first increase in luxury spending plans since the survey began tracking that indicator in May 2022.

As macroeconomic headwinds persist heading into this year’s holiday shopping season, the Saks survey found that luxury consumers are optimistic (68 percent) about their personal financial situation, yet concerned (55 percent) about the overall economy. While optimism about respondents’ personal financial situation remains consistent with the prior survey (67 percent), concern toward the overall economy has improved by 5 percentage points compared to the prior survey.

“We are pleased to see the first increase in over a year in purchase intent across the luxury consumer continuum, an indication that core luxury consumers are starting to turn the corner,” said Marc Metrick, CEO of Saks Fifth Avenue, a unit of HBC with 41 luxury department stores in North America.

The Saks Luxury Pulse is a periodic online survey of luxury consumers’ attitudes towards shopping, spending and fashion trends. It is based on responses from 1,836 U.S.-based luxury consumers over age 18 and was fielded between July 20-24, 2023.

Click here for more from the latest Saks survey.

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