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US luxury shoppers to spend the same or more this holiday season

By Danielle Wightman-Stone

Nov 15, 2022

Retail

Image: Pexels by Tim Mossholder

A new survey has revealed that 76 percent of US luxury consumers plan to spend the same or more during the holidays, down only slightly from 79 percent last year, despite the ongoing challenging economic conditions.

The latest Saks Luxury Pulse survey, from luxury retailer Saks, found that 65 percent of consumers are ready to shop for the holidays ahead of Thanksgiving, down from 68 percent last year. While 61 percent of respondents added that they will shop for new holiday attire, up from 45 percent last year.

Other key findings included 43 percent planning to shop mostly online with some in-store shopping this holiday season compared to 50 percent last year. This year-over-year decline translated to an increase in those who are planning to split holiday shopping equally between online and stores, with 24 percent this year compared to 17 percent last year.

When it comes to gifting, respondents said they want to give gift cards (69 percent), clothes (64 percent) and hobbies, such as books, handcrafted items, and movies (51 percent) as gifts to others. While they want to receive clothes (48 percent), beauty and fragrance items (33 percent) and wine and spirits (33 percent).

For those self-gifting items, shoes were the most popular at 39 percent, followed by handbags (28 percent) and beauty and fragrance items (27 percent).

Commenting on the findings, Emily Essner, chief marketing officer at Saks, said in a statement: “The Saks Luxury Pulse provides us with meaningful insights that allow us to understand our customer more deeply. With the most recent results closely in line with our findings from last year’s survey, we see that the vast majority of luxury consumers remain excited and ready to shop for the holidays, even amid a different economic landscape.”

The Saks Luxury Pulse is a periodic online survey of luxury consumers’ attitudes towards shopping, spending and fashion trends. It is based on responses from 2,376 US-based respondents over 18 years old and was conducted in September.

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