Survey finds luxury consumers ready to celebrate — and shop — this holiday season
Luxury sales have been somewhat sluggish this year, but the holiday season should bring some cheer to retailers in the sector.
That’s according to the latest Saks Luxury Pulse survey, which finds 82% of the luxury consumers who are celebrating the holidays plan to spend the same or more on holiday shopping compared to last holiday season. That’s seven percentage points higher than last year.
In other findings, 70% of luxury consumers plan to start their holiday shopping before Thanksgiving this year, a 14% increase from last year, which can likely be attributed to this year’s shorter holiday shopping season. Millennial respondents plan to begin their holiday shopping slightly later than other respondents.
Additionally, driven by a desire for convenience and avoiding crowds, the majority of luxury consumers (64%) prefer to shop online for the holidays, especially millennial respondents (70%). But when shopping for home décor and fine jewelry, luxury consumers prefer to shop in person, underscoring the importance of a seamless cross-channel experience, the report said.
Women are more likely to give beauty products and hobby-related gifts, while men lean towards electronics, beverages and shoes, according to the survey. The top gifts that luxury consumers want to receive are fine jewelry (especially among women), clothing (especially among men), and experiences (among all respondents).
When it comes to self-gifting, 61% plan to buy gifts for themselves, with clothing is the leading gift, followed by shoes and beauty products
“We’re pleased to see the increased enthusiasm around this year’s holiday shopping season and look forward to meeting customers with equally exciting shopping experiences across Saks Fifth Avenue,” said Emily Essner, chief marketing officer, Saks. “The holidays are a special time for the Saks Fifth Avenue brand, and in its 100th year, we are energized by the opportunity to further strengthen our customer relationships, deliver an inspiring luxury assortment and provide the personalized level of service for which Saks is known.”
Compared to the Saks Luxury Pulse survey in recent years, luxury consumers are more eager than ever to celebrate the holidays, with plans to embrace getting into the holiday spirit, dressing up, attending holiday events and traveling for the holidays. The majority (77% of luxury consumers plan to attend a holiday party or gathering this holiday season, up 11% over last holiday season.
More than half of respondents (53%) said they are planning to travel this holiday season, and, of those, 31% are planning to travel more than they did last year. Notably, 57% of millennial and Gen X respondents indicated plans to travel this holiday season, which is 16 percentage points higher than baby boomer and silent generation respondents.
Other findings from the Saks Luxury Pulse are below.
•65% of luxury consumers said they plan to spend the same or more on luxury in the next three months compared to the prior three months, eight percentage points higher than the same time last year.
•48% of luxury consumers are optimistic about the economy, 12 percentage points higher than the same time last year. Additionally, 52% said they feel calm about the economy, up two percentage points compared to last year.
•When it comes to their personal finances, 70% of luxury consumers said they feel optimistic, an increase of six percentage points compared to last year, and 68% said they feel calm, a slight increase of one percentage point compared to last year. The greatest increase in optimism and calmness towards the economy was among respondents of the baby boomer and silent generations, which saw a 13 percentage point in optimism and a five percentage point increase in calmness year over year.
The Saks Luxury Pulse is a quarterly online survey of luxury consumers’ attitudes towards shopping, spending and the economy. It is based on responses from 1,196 U.S.-based luxury consumers over age 18 and was fielded from Oct. 11-15, 2024.
