Consumer Behavior

Consumers optimistic despite economy concerns

Adobe Stock.

June 7, 2023

While 60% of consumers admit to being concerned about the overall economy, 67% of consumers are optimistic when it comes to their personal financial situation.

Those are top findings of the latest Saks Luxury Pulse survey, conducted in late April and early May.

More than half of respondents (53%) are planning to spend the same or more on luxury in the next three months compared to the previous three months, compared to 62% of respondents in the prior Saks Luxury Pulse fielded in late January, according to a press release on the findings.

Additional findings include:

• 57% of respondents with an income of $200,000 or more plan to spend the same or more on luxury in the next three months, down from 68% in the January survey.
• 57% of millennial respondents plan to spend the same or more on luxury in the next three months, down from 64% in the January survey.
• When asked what would motivate them to spend more on luxury, 43% of respondents who plan to spend less said they would need to see improvement in the overall economy, while 54% said that they would be enticed by a sale or promotional event, reinforcing an ongoing interest in shopping for luxury.
• 82% of respondents plan to prioritize saving the same or more in the next three months compared to the last three months, and 71% plan to spend the same or more on travel.

"In line with our strategy and expectations for the year, the luxury consumer is responding to the economic environment and tapering their spending on luxury items," Marc Metrick, Saks CEO, said in the release.