Saks Global, the largest multi-brand luxury retailer, released its Saks Global Luxury Pulse survey, revealing insights into consumer sentiment regarding the economy and personalised shopping experiences.
“At Saks Global, we’re working to reinvent luxury shopping by delivering luxury fashion and experiences perfectly curated for each customer. Our deep understanding of the luxury consumer – bolstered by this survey – strengthens our ability to do just that,” said Emily Essner, President & Chief Commercial Officer, Saks Global. “In the Saks Global Luxury Pulse, we’re pleased to see that the luxury consumer remains engaged in the luxury shopping experience, despite a dip in their optimism about the economy.”
The survey indicated a decline in economic optimism among luxury consumers. This was due to 45% feeling calm about the economy and 43% feeling optimistic, both figures lower than previous surveys.
Despite this, 58% of respondents plan to maintain or increase luxury spending. 94% are likely to engage in activities that enhance personalised shopping experiences.
The survey, conducted from January 16-22, 2025, highlighted that while confidence in the overall economy is waning, luxury consumers remain optimistic about their personal finances.
About 65% of respondents expressed confidence in their financial situation, although this is a slight decrease from the previous year.
The survey also pointed out that decreased confidence is primarily due to global conflicts and instability, particularly among those with higher incomes. As a result, financial security, physical health, and embracing adventurous experiences will become top priorities for luxury consumers in 2025.
Interestingly, despite economic concerns, 58% of luxury consumers plan to spend the same or more on luxury items over the next three months.
This figure represents a 7 percentage point decline from the prior survey, influenced by seasonal spending patterns.
Notably, 63% of those earning $200k or more intend to maintain or increase luxury spending. In contrast, only 52% of those earning less than $200k share this sentiment.
This disparity highlights the impact of income levels on luxury spending behaviours amidst economic uncertainties.
Essner continued, “A key insight from the Saks Global Luxury Pulse is the luxury consumer’s increasing willingness to embrace personalization and AI, recognising the potential to further enhance their shopping experience. The more receptive customers are to these innovations, the better we will be able to serve them across Saks Global’s retail brands.”
66% of luxury consumers said they were using AI features when shopping for fashion online. This is an increase of 2 percentage points compared to the same time last year.
