Saks survey signals strong luxury holiday shopping momentum ahead

Luxury consumers will not be slowing down on holiday spending this year, according to the latest Saks Luxury Pulse survey. 

The survey, fielded in October 2023, found that 75% of luxury consumers plan to maintain or increase their holiday spending compared to 2022. 

This holiday season, luxury consumers express a preference for shopping later, with a 10% increase in those commencing their holiday shopping after Thanksgiving compared to the previous year.

Furthermore, 64% of respondents plan to primarily shop online or exclusively online, marking a 15% increase from the previous year.

When it comes to holiday gifting, luxury consumers intend to allocate 46% of their spending on themselves and 54% on gifts for others. Millennials emerge as more likely to engage in self-gifting, planning to spend equally on themselves and others during the holiday season. In contrast, Baby Boomers and the Silent Generation allocate a larger portion of their luxury holiday spending to gifts for others.

Despite a 5% decrease in luxury consumers planning or booking trips compared to the previous survey, the enthusiasm for holiday festivities remains high. A substantial 83% of respondents plan to attend parties, 84% plan to dress up the same or more than the previous holiday season, and 81% plan to purchase new attire for the festive period.

The survey also delves into luxury spending plans, with 57% of respondents indicating intentions to spend the same or more on luxury in the next three months. Still, respondents with an income of $200,000 or more showed a 4% decline in plans to spend the same or more on luxury.

Economic outlook and concerns are also touched upon in the survey, showing a 9% increase in worry about the economy compared to the previous survey. However, 64% of respondents still feel optimistic about their personal finances. Millennials emerged as the most optimistic group, with 39% expressing positivity about the economy and 69% about their personal finances.

“Amid a challenging economic environment, we’re pleased to see that the luxury consumer is ready to shop and celebrate this holiday season, and we remain committed to our strategy to be the luxury shopping destination of choice for the full continuum of luxury consumers,” said Marc Metrick, CEO, Saks. 

“Yet, we continue to take a more measured approach to our outlook on this holiday season, and the results reinforce our view that the luxury consumer is resilient. At Saks, we benefit when luxury consumers go out to parties and events, especially as they’ve indicated that they plan to buy luxury fashion for these occasions. Whether shopping for themselves or others, we look forward to providing our customers with the best in luxury fashion and experiences all season long.”