When it comes to choosing where to shop, luxury shoppers said that delivery and pickup options are their top priority, including free shipping and returns, according to a survey by Saks.
“Despite an evolving economic environment, we’re pleased to see luxury consumers’ enthusiasm for shopping this holiday season, both for themselves and others,” said Marc Metrick, CEO, Saks. “As our customers go out, travel and celebrate the holiday season, we expect them to take advantage of opportunities for self-purchasing in addition to luxury gifting.”
Fielded in September 2022, the survey of luxury consumers found 65% are ready to shop for the holidays ahead of Thanksgiving, down from 68% last year, and they expect to spend the same or more than they did last year (76%), down slightly from 79% last year.
“The Saks Luxury Pulse provides us with meaningful insights that allow us to understand our customer more deeply,” said Emily Essner, CMO, Saks. “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 latest “Saks Luxury Pulse” survey provides consumer insights on holiday spending plans. Among respondents who plan to celebrate the holidays:
- 43% of respondents plan to shop mostly online with some in-store shopping this holiday season compared to 50% 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% this year compared to 17% last year.
- 61% of respondents say they will shop for new holiday attire, up significantly from 45% last year. The percent of respondents who plan to dress up in formal attire this holiday season (32%) doubled compared to last year (16%).
- When asked about their holiday plans, 50% of respondents said they plan to attend and/or host a holiday party and 27% said they plan to go on vacation to a tropical or ski destination.
- When it comes to gifting, respondents said they want to give gift cards (69%), clothes (64%) and hobbies (e.g., books, handcrafted items, movies, etc.) (51%) as gifts to others.
- When sharing what they wanted to receive as a gift, respondents chose clothes (48%), beauty and fragrance (33%) and wine and spirits (33%).
- Respondents are most interested in self-gifting shoes (39%), handbags (28%) and beauty and fragrance items (27%).
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 U.S.-based respondents over age 18 and was fielded between September 16-19, 2022.
The retailer’s annual Holiday Gift Guide is available on Saks.com and in Saks Fifth Avenue stores. It features a curated selection of must-have gifts across women’s, men’s and kids fashion, as well as beauty, jewelry, home and lifestyle merchandise. Saks also showcases this season’s must-have trends via The It List within The Edit on Saks.com, the Saks editorial hub that provides an inside look at the latest fashion and style inspiration.