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Diving overview:
Regarding holidays, 82% of luxury consumers are celebrating They plan to spend the same amount or more than last year, according to a Saks Luxury Pulse survey released Tuesday. This number has increased since 2023, with 75% of luxury shoppers saying they plan to increase their spending year-on-year.
According to the quarterly report, 65% of luxury goods consumers “plan to spend the same or more on luxury goods in the next three months compared to the previous three months,” compared to the same period last year. Points are increasing. Meanwhile, 48% of luxury goods consumers say they are optimistic about the economy, up 12 points from last year, and 52% say they are calm about the economy, up 2 points from last year.
When it comes to their personal finances, 70% of luxury consumers say they are optimistic, up 6 points from last year, and 68% say they are calm, up 1 point from last year. High-end customers, including Baby Boomers and Silent Generations, saw a 13-point increase in optimism and a 5-point increase in calmness compared to the previous year.
Dive Insight:
Luxury consumers are looking forward to the holiday season this year, according to research from Saks. According to the study, luxury customers are “increasingly willing to dress up, travel, and buy gifts for themselves and others.”
This forecast is in stark contrast to last year, according to a January report from Earnest Analytics. Luxury spending fell by 10% during the 2023 holiday periodThis may indicate that shoppers are looking for “achievable value.”
Currently, this field is Experiencing rough stretches overall that Luxury apparel hits just before the 2023 holiday season Continuing throughout the season, the following companies participated. Burberry reports slump in sales January after a sluggish December.
Much of Sachs’ projected spending for this year is A similar report was issued by the company last year.And Saks Chief Marketing Officer Emily Essner said in a release Tuesday that the company is “pleased to see increased enthusiasm for this year’s holiday season.”
In addition to predicting increased spending, Saks Luxury Pulse also showed that luxury consumers plan to start shopping earlier and spend more online.
70% of luxury consumers surveyed said they plan to start this year’s holiday shopping season before Thanksgiving, an increase of 14 points from last year, which Sacks said It is believed that this is due to the shortening of Millennials said they plan to start a little later than Gen X, Baby Boomer and Silent Generation respondents.
Research shows that convenience and crowd avoidance drive 70% of millennial customers online and 64% of all luxury consumers to e-commerce platforms. However, luxury consumers in home decor and fine jewelry say they still prefer in-person shopping, which Sachs said underscores “the importance of a seamless cross-channel experience.”
When it comes to gifts, 85% of luxury consumers said they plan to give someone something during the holidays, and 42% said their gift would be a luxury item. Meanwhile, 61% said they plan to buy something for themselves, and 58% said what they buy for themselves will be luxury items.
Saks Luxury Pulse is a quarterly online survey that provides insight into luxury consumers’ attitudes about shopping, spending and the economy. The survey was based on responses from 1,196 U.S.-based luxury goods consumers ages 18 and older and was surveyed from October 11 to October 15.
