Saks Global survey finds growing optimism among luxury consumers
Luxury consumers are starting to feel more positive about both the economy and personal finances, which is good news for luxury retailers.
More than half (56%) of luxury consumers said they plan to spend the same or more on luxury in the next three months compared to the previous three months, according to the latest Saks Global Luxury Pulse survey of luxury shoppers. That is a nine percentage point increase compared to the April survey and nearly flat compared to the same time last year.
The increase is evident across all income groups, but is especially driven by core luxury consumers, whose intent now exceeds both the April survey and the same time last year.
“As a result of the positive trend in economic sentiment, the luxury consumer’s plans to spend on luxury have risen sharply compared to the April survey, approaching levels seen at the same time last year,” the study noted.
Of those who plan to spend more, respondents cited the top reason being a desire to treat themselves, followed by the feeling that their finances are in a good place and a desire to update their wardrobe. Given the improvement in the luxury consumer’s overall sentiment versus the April survey, their shopping intention has now increased accordingly, after holding back in April due to increased macroeconomic uncertainty at that time.
Other survey highlights are below.
- Among respondents who plan to spend the same or less, their top incentive to spend more is an enticing sale or promotional event, followed by an increase in income and an unexpected special occasion.
- Sixty-eight percent of luxury consumers plan to spend the same or more on travel in the next three months compared to the previous three months, which is an increase of three percentage points compared to the April survey.
- The general social and political climate remains the luxury consumer’s top concern, followed by ongoing global conflicts and an impending recession or economic downturn.
- Compared to the April survey, there was a significant decline among those who said that an improvement in the overall economy would incent them to spend more, which is in line with their improving sentiment about the overall economy.
“As we enter the fall season, we are encouraged by the indication that the luxury consumer’s mindset is improving, and their appetite to spend on luxury is growing,” said Emily Essner, president and chief commercial officer, Saks Global. “This improvement in both sentiment and spending intent validates our long-held belief that the luxury consumer shops as they begin to feel better about the economy. We believe these positive trends will continue and look forward to delivering on our vision for The Art of You this season by offering inspiring fall fashion to customers through shopping experiences that are uniquely curated to them.”
The Saks Global Luxury Pulse is a quarterly online survey of luxury consumers’ attitudes towards shopping, spending and the economy. It is based on responses from 995 U.S.-based luxury consumers over age 18 and was fielded from July 17-21, 2025.
