Saks Says Consumers Aren’t Shying Away From Spending on Luxury — Retail Bum

Despite the continued impact of the ongoing macroeconomic challenges, consumers are showing an unending appetite for luxury, according to Saks’ latest Luxury Pulse study.

The study, which was fielded in January 2023, found that consumers plan to continue spending on luxury in the next three months, with 62% planning to spend the same or more on luxury compared to the last three months.

“Even as consumer spending shifts with the evolving economic environment, we’re pleased to see a sustained interest in luxury. As the largest luxury e-commerce platform in the U.S., it’s our mission to establish strong relationships with the full spectrum of luxury customers and maintain them for years to come,” said Marc Metrick, CEO of Saks.

According to the study, consumers are also prioritizing their spending on travel, with 72% having already booked or planning to book a future trip. Of those, the top luxury items they are buying in preparation for their trips are clothing (60%) and shoes (36%).

Taking the results of the study into consideration, Saks has expanded its product offerings across various categories while seeking to inspire customers through content opportunities and its interactive live commerce platform, Saks Live.