Luxury consumers are growing increasingly cautious with their spending, according to the latest Saks Luxury Pulse survey.
The quarterly survey found a notable decline in optimism among high-end shoppers, with just 28% of respondents expressing confidence in the broader economy, a 13% drop from January 2025 and a 17% decrease compared to April 2024.
Still, affluent consumers remain somewhat more confident in their personal finances. Among those earning $200,000 or more, 67% reported feeling prepared financially.
As a result, the luxury consumer’s intent to spend on luxury has softened compared to recent surveys. Only 47% of luxury consumers said they plan to spend the same or more on luxury over the next three months, the lowest figure since Saks began tracking sentiment in April 2023.
Among higher-income respondents, this number dipped even further, with only 48% planning to maintain or increase luxury spending, down 15 percent from both the previous quarter and last year.
“As the expert on the luxury consumer, we know that uncertainty in the macroenvironment impacts their intent to spend on luxury. With that in mind, we believe it’s our responsibility as the largest multi-brand luxury retailer in the world to adapt to the uncertainty by demonstrating the value of our experience and quality of our luxury assortment,” said Emily Essner, president and chief commercial officer, Saks Global.
“We also know that the luxury consumer is resilient – they are typically the last in and first out of these moments of uncertainty – and we believe they will embrace luxury shopping as economic conditions improve. With that, we see this as an opportunity to double down on our strategy to inspire customers through hyper-personalized shopping experiences.”
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