Luxury shoppers are not expected to increase their spending on luxury items in 2024 despite feeling optimistic about the economy, according to a new survey released by Saks Luxury Pulse.
Nearly half of luxury consumers said they plan to spend the same or more on luxury items in the next three months, down from 62 percent during this time last year. Twenty-four percent said they would pay full price on an item rather than wait for a sale – down two percentage points from the previous survey in October 2023.
Despite increased trepidation on luxury spending, more luxury consumers are optimistic about the economy (48 percent), an increase of 12 percentage points from the prior survey. Up six points from the previous survey, 70 percent of luxury shoppers feel optimistic about their personal finances.
“Luxury is a sentiment-based business, so we’re pleased to see that attitudes toward the economy are improving, particularly as consumers have grown used to the dynamic macro environment,” Saks CEO Marc Metrick said with the survey’s release. “With that, we anticipate these positive sentiments will translate to an improvement in luxury spending in the back half of 2024.”
Retiring? Let Wilkerson Do the Heavy Lifting
Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift.
To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”
