Consumer Behavior

Luxury consumer spending on the rise

Adobe Stock.

September 26, 2023

Luxury spending will see its first increase since spring of 2022.

That's a top finding from the Saks Luxury Pulse survey which revealed 58% of luxury consumers will spend the same or more on luxury in the last quarter of the year — an increase from 53% in April.

The survey also revealed 68% of luxury consumers are optimistic about finances, though 55% are concerned about the overall economy.

"We are pleased to see the first increase in over a year in purchase intent across the luxury consumer continuum, an indication that core luxury consumers are starting to turn the corner," Marc Metrick, CEO, Saks, said in the release. "Although this core luxury consumer is typically the first to rebound from times of economic uncertainty, we remain committed to building meaningful relationships with the full continuum of luxury shoppers, especially those who are likely to become more loyal over time. As we look ahead, despite this positive inflection point in luxury consumer sentiment, we remain measured in our approach to navigating the rest of the year to ensure Saks is best positioned for long-term success."

Additional findings include:

• When browsing a retailer's website, respondents said that outfit ideas for specific occasions (71%) and ideas for putting together outfits (70%) were the most helpful forms of inspiration.
• 69% of respondents indicated they explore the curated content on a retailers' site, with the top reasons being to learn about styling new trends, find style ideas before buying an item and for fun, signifying an interest in curated content for fashion inspiration.
• Among millennial respondents, both women and men said the top place they look for fashion inspiration is social media.
• Generation X and Baby Boomer women respondents said fashion journalism was the top place they get fashion inspiration, whereas men respondents of the same generations both said browsing retailers online or in store was their top place for fashion inspiration.