What: Close to 2,400 luxury shoppers participated in the “Saks Luxury Pulse” survey sharing their holiday shopping plans.

Why it is important: Saks executives are feeling confident with survey data revealing that 76% of respondents plan to spend the same or more on holiday shopping this year, only 3% less than data from 2021.

65% plan to start holiday shopping before Thanksgiving and 43% plan to shop mostly online. Saks’ aspirational consumers which are marked by incomes of USD 100,000 or less have shown a little less enthusiasm as Saks’ typical consumer, yet the outlook remains strong.

Analysts project smaller gains for the 2022 holiday season due to the threat of a recession, but Saks does not expect much change in sales between 2021 and 2022. 61% of survey respondents plan to shop for formal attire with 32% planning to dress up in formal attire this holiday season (doubled compared to 2021 results).

Gifting results ranged from gift cards at 69%, clothes at 64% and hobby-related items at 51%.

Saks online survey reveals consumer spending plans