What: Saks’ quarterly online survey of luxury customers’ attitudes revealed that luxury consumers are looking to save more, travel more, and spend less on luxury goods.

Why it is important: The results of the survey confirm a slowdown in the US luxury market as concerns begin to rise over the economy.

Luxury consumers are prioritizing saving and travel over spending on luxury goods, according to Saks Luxury Pulse's latest quarterly survey.

While 53% of respondents plan to spend the same or on luxury in the next three months, 47% say they will spend less.

Saks reports that 67% of respondents are optimistic about their personal financial situation.

Over half of those planning to spend less said they would be enticed by a sale or promotional event, while 82% plan to prioritize saving over the next three months.

In response to the results, Saks is taking steps to ensure that its best positioned to navigate the rest of the year. This includes optimizing its content and interactions with customers and also emphasizing its live commerce platform, Saks Live, to drive customer engagement.

Spending on luxury goods decelerating