Saks gets healthy ‘pulse’ on holiday sales

Luxury shoppers aren’t letting higher prices get in the way of their holiday spending.

Seventy-six percent of luxury shoppers expect to spend the same or more this holiday season than they did last year, according to a survey of luxury shoppers by Saks. The total is down slightly from last year, when 79% reported the same.

The “Saks Luxury Pulse” survey found that 43% of respondents plan to shop mostly online with some in-store shopping this holiday season compared to 50% last year. The year-over-year decline translated to an increase in those who are planning to split holiday shopping equally between online and stores, with 24% this year compared to 17% last year, Saks noted.

When it comes to gifting, respondents said they want to give gift cards (69%), clothes (64%) and hobbies (e.g., books, handcrafted items, movies, etc.) (51%).

The latest Saks Luxury Pulse survey of luxury shoppers provides consumer insights on holiday spending plans. Among respondents who plan to celebrate the holidays:

• 65% say they plan to start holiday shopping before Thanksgiving, versus 68% of respondents who planned to shop pre-Thanksgiving last year.
• When choosing where to shop, respondents said that delivery and pickup options are their top priority, including free shipping and returns.

• Sixty-one percent of respondents say they will shop for new holiday attire, up significantly from 45% last year.
• The percent of respondents who plan to dress up in formal attire this holiday season (32%) doubled compared to last year (16%).
• When asked about their holiday plans, 50% of respondents said they plan to attend and/or host a holiday party and 27% said they plan to go on vacation to a tropical or ski destination.

• When sharing what they wanted to receive as a gift, respondents chose clothes (48%), beauty and fragrance items (33%) and wine and spirits (33%).
• Respondents are most interested in self-gifting shoes (39%), handbags (28%) and beauty and fragrance items (27%).

The latest Saks Luxury Pulse surveyed online 2,376 U.S. luxury consumers, between Sept. 16 and 19. They were primarily Saks customers, but all were over the age of 18 and all opted to receive the survey. The Saks Luxury Pulse is conducted quarterly, developed by Saks and administered by a third party.

“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.”