Nov 7, 2022
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Luxury consumers to spend same or more this holiday season: Saks

Nov 7, 2022

Luxury consumers are ready to shop for the holidays and are expected to spend the same or more than they did last year, according to the latest Saks Luxury Pulse survey.

Luxury consumers to spend the same or more this Holiday: Saks report. - Saks Fifth Avenue

The survey found that 65% of consumers are ready to shop for the holidays ahead of Thanksgiving and 76% of respondents expect to spend the same or more than they did last year, down slightly from 79% last year.

In particular, 61% of respondents said they will shop for new holiday attire, up significantly from 45% last year. Meanwhile for gifting, 69% of respondents said they want to give gift cards, 64% said clothes and 51% said hobbies, as gifts to others.

For self-gifting, respondents are most interested in shoes (39%), handbags (28%) and beauty and fragrance items (27%). Similarly, they hope to receive clothes (48%), beauty and fragrance items (33%) and wine and spirits (33%), as a gift from others. 

In terms of where and how they will shop, 43% of respondents plan to shop mostly online with some in store shopping this holiday season compared to 50% last year. Respondents also said that delivery and pickup options are their top priority, including free shipping and returns.

“Despite an evolving economic environment, we’re pleased to see luxury consumers’ enthusiasm for shopping this holiday season, both for themselves and others,” said Marc Metrick, CEO, Saks. 

“As our customers go out, travel and celebrate the holiday season, we expect them to take advantage of opportunities for self purchasing in addition to luxury gifting. We are confident they will turn to Saks for these occasions and are ready to deliver the best in fashion and lifestyle merchandise.”

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