Consumers still have appetite for luxury shopping, travel: Saks report
Consumers plan to continue spending on luxury in the next three months, according to the latest Saks Luxury Pulse survey.
The survey, fielded in January 2023, found that 62% of respondents plan to spend the same or more on luxury compared to the last three months.
In particular, respondents are prioritizing spending on travel, with 72% having already booked or planning to book a future trip. Of those, the top luxury items they are buying in preparation for their trips are clothing for 60% and shoes for 36%. Thirty-two percent of respondents will book warm weather and beach vacations, while 18% will book trips to a big city.
In addition to vacations, respondents plan to buy luxury items for nights out, special events and going to the office. For these events, they are also planning to buy clothing and shoes. In terms of trends, women respondents shared that they are embracing spring fashion trends, while men are embracing sophisticated dressing.
For fashion inspiration, consumers are continuing to turn to social media with 55% of consumers using primarily Instagram for inspiration when shopping for luxury. Still, 45% of respondents said that they are frequently using social media to read reviews, and another 33% to get outfit inspiration.
“Our strategy is centered on serving consumers who are interested in luxury and we continue to see opportunities that come from offering the best of Saks to these shoppers,” said Marc Metrick, CEO, Saks.
“Even as consumer spending shifts with the evolving economic environment, we’re pleased to see a sustained interest in luxury. As the largest luxury ecommerce platform in the U.S., it’s our mission to establish strong relationships with the full spectrum of luxury customers and maintain them for years to come.”
Copyright © 2023 FashionNetwork.com All rights reserved.