Luxury consumers are planning to spend as much or more on holiday shopping this year compared to last, according to the latest Saks Luxury Pulse survey. A large number of shoppers are getting a head start, with 70% intending to begin their holiday purchases before Thanksgiving.
The survey also reveals a shift toward online shopping, with 64% of luxury consumers, especially Millennials (70%), preferring to shop digitally rather than in stores. Despite this, categories like home décor and fine jewelry continue to drive in-store visits.
This year, shoppers are focused on both gifting and self-gifting. About 85% plan to buy presents for loved ones, while 61% will treat themselves to luxury items, particularly in clothing, shoes, and beauty products.
When it comes to gift preferences, women tend to favor beauty products and hobby-related gifts, while men gravitate toward electronics, beverages, and footwear. Fine jewelry ranks highest on women’s wish lists, while men lean toward clothing. Across the board, experiences are also highly valued as gift options.
Social gatherings are expected to rise, with 77% of luxury consumers planning to attend holiday parties. In response, 62% intend to upgrade their holiday wardrobes, and nearly a quarter are planning to go all-out with their outfits this season.
Finally, the survey reveals a positive outlook for luxury spending. 65% of luxury consumers expect to maintain or increase their purchases over the next three months, marking an 8-point increase from last year.
“We’re excited about the increased enthusiasm for this year’s holiday season and are looking forward to offering our customers memorable shopping experiences at Saks Fifth Avenue,” said Emily Essner, Chief Marketing Officer of Saks.
“With Saks celebrating its 100th year, this is a special time for the brand, and we are energized by the chance to deepen customer relationships, provide an inspiring luxury selection, and deliver the personalized service Saks is known for.”
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