What: Saks has released its latest quarterly survey of the lifestyle and spending habits of luxury consumers.

Why it is important: The luxury market and luxury consumers are going to be more resilient in the uncertain economy as consumers plan to spend the same or more on luxury items.

The Saks Luxury Pulse is a quarterly online survey conducted in-house by Saks. The latest survey had almost 3,000 US-based respondents who are engaged Saks shoppers but could also shop at other luxury retailers.

The survey results capture the mood of luxury shoppers towards purchasing luxury goods. Momentum is starting to slow as 62% of luxury consumers plan to spend the same or more on luxury items in comparison to 68% in September 2022.

Responses also showed that luxury consumers are focused on traveling and plan to spend on clothes and accessories related to their upcoming trips.

Other insights from the survey show that millennials have the most positive attitude toward luxury spending, the most desired shopping services are free basic alterations and in-store returns, and consumers are first spending on travel and events, then clothing.

Saks takes the pulse of luxury consumers