Luxury consumer sentiment rebounds: Saks Luxury Pulse survey

Luxury shoppers are regaining confidence in both the economy and their personal finances, according to the latest Saks Luxury Pulse survey. 

The quarterly survey found that consumer optimism has improved sharply since April, though sentiment has yet to return to 2024 levels as uncertainty around the socioeconomic climate lingers.

Overall, 32% of luxury consumers indicated feeling optimistic about the economy, up 4% compared to the April survey. Similarly, 39% of respondents indicated feeling calm about the economy, up 7%, while 45% of luxury consumers said they are feeling prepared about the economic environment. 

Sentiment was especially strong among higher-income respondents, with 53% of those with an income of $200K or more indicating feeling prepared, representing a 12% increase compared to April. Confidence in personal finances also rose, with 59% of respondents expressing optimism, an 8% increase from April.

This uptick in sentiment is translating into greater willingness to shop. 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, which is a 9% increase compared to April.

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.

“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 & 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.”