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.
“The Saks Luxury Pulse provides invaluable insights into consumers’ spending plans and helps us better understand what types of content, inspiration and experiences they want from Saks,” said Emily Essner, chief marketing officer at Saks.
“We’re committed to providing insider access to the world of luxury, and leverage these insights to shape how we interact with our customers, helping to ensure that Saks remains the platform of choice whenever consumers are shopping for luxury.”
Perhaps unsurprisingly, those looking to spend more on luxury products are more financially secure, earning an average income of around $200,000 or more.
Women shoppers are embracing colors and splurging on statement tops for spring outfits, while men are looking into more sophisticated outfits with clean sneakers, loafers and tailored suits. And many are turning to social media, primarily Instagram (55%), for reviews and inspiration.
Most luxury shoppers are also seeking additional services when shopping in-store, with 64% wanting free basic alterations and 55% wanting in-store returns.