Saks Study Analyzes Consumer Behavior, Finds Luxury Shoppers Ready To Spend


Saks Study Analyzes Consumer Behavior, Finds Luxury Shoppers Ready To Spend



by  @lauriesullivan, November 4, 2022

Saks, a digital platform for luxury fashion, has unveiled its latest Saks Luxury Pulse survey of luxury shoppers. The company has an exclusive partnership with Saks Fifth Avenue stores.


Emily Essner, Saks CMO, said 76% of the customers said they plan to spend the same or more compared with last year, down slightly from 79% last year.


“We found 68% of consumers plan to shop holiday shopping before Thanksgiving,” she said — a 3% drop from last year. “There’s less noise about supply chain considerations that pushed spend a little earlier last year.”


The study found that 43% of respondents out of the 2,400 consumers surveyed this year — down from 50% last year — plan to shop mostly online with some in store shopping this holiday season.


The survey was fielded in September 2022.


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. 


When choosing where to shop, respondents said delivery and pickup options are their top priority, including free shipping and returns. 


Some 65% say they plan to start holiday shopping before Thanksgiving, versus 68% of respondents who planned to shop pre-Thanksgiving last year. 


Some 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.


When it comes to new holiday attire, 61% are all in — up from 45% last year. About 32% of respondents plan to dress up in formal attire this holiday season — double the percentage compared to last year.


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. 


Saks, a digital platform for luxury fashion, has unveiled its latest Saks Luxury Pulse survey of luxury shoppers. The company has an exclusive partnership with Saks Fifth Avenue stores.

 

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