What: The Saks Luxury Pulse quarterly survey revealed that 58% of respondents plan to spend an equal amount of more on luxury goods in the August through October period.

Why it is important: The luxury customer confidence in spending has increased from 53% to 58% when Saks last conducted the survey which is an indicator of growth in future sales for the luxury good market.

Individuals with household incomes of USD 200,000 or more are showing a more positive outlook on luxury spending. Saks has stated that its core customers typically have an average household income of around USD 200,000.

Despite concerns about the overall economy, 68% of luxury consumers remain optimistic about their personal financial situation. This sentiment extends to the overall economy as well, with 45% expressing optimism, which marks a 5 percentage point improvement compared to the previous survey.

Recent price increases in the luxury sector have made consumers more price-conscious and focused on obtaining value for their money. While they are still willing to pay for special items, they are seeking value in their purchases.

Saks, in particular, has noticed a positive inflection point in purchase intent across the luxury consumer continuum. This suggests that core luxury consumers are beginning to recover and increase their willingness to make purchases. Saks is focused on building relationships with the full range of luxury shoppers.

Saks survey sees luxury shoppers bouncing back