As the holiday season approaches, affluent consumers are gearing up for a lavish celebration of opulence, according to the latest findings from the Saks Luxury Pulse survey conducted in October 2023. Here are the key takeaways:
- Holiday Spending Momentum: A robust 75% of luxury consumers express their intent to either maintain or escalate their holiday spending, signaling a strong appetite for upscale festivities.
- Shopping Preferences: Notably, there’s a discernible shift towards later holiday shopping, with a 10% uptick in those initiating their shopping endeavors post-Thanksgiving. Furthermore, a substantial 64% of respondents plan to embrace online shopping or exclusive digital transactions, marking a noteworthy 15% surge from the preceding year.
- Gifting Trends: The survey unveils a fascinating trend in gifting dynamics. Luxury consumers envisage allocating 46% of their spending for personal indulgence, reserving the remaining 54% for lavish gifts. Millennials emerge as avid proponents of self-gifting, while older generations allocate a more significant portion to extravagant gifts for others.
- Holiday Festivities: Despite a marginal 5% dip in plans for luxury trips, the enthusiasm for holiday festivities remains unwavering. A significant percentage plans to revel in parties (83%), embrace festive attire (84%), and invest in new wardrobe additions (81%).
- Luxury Spending Plans: Looking ahead, 57% of respondents express their intentions to either maintain or increase spending on luxury items in the next three months. However, respondents with an income exceeding $200,000 exhibit a slight 4% decline in their plans for luxury expenditures.
- Economic Outlook: While concerns about the economy show a 9% uptick compared to the previous survey, an impressive 64% of respondents harbor optimism about their personal financial situations. Millennials emerge as the most optimistic cohort, with 39% expressing positivity about the economy and a robust 69% about their personal finances.
Marc Metrick, CEO of Saks, expressed satisfaction at the eagerness of luxury consumers to partake in holiday shopping extravaganzas. He underscored the brand’s steadfast commitment to being the premier luxury shopping destination and emphasized a measured approach to the holiday outlook, considering the demonstrated resilience of luxury consumers in the face of challenging economic conditions. Embark on a season of unparalleled luxury, where Saks is poised to deliver the epitome of opulent experiences and fashion choices.
