Higher income consumers continue to spend on luxury, self-care on the rise: Saks report
Luxury e-commerce platform Saks published on Wednesday its latest 'Saks Luxury Report', a luxury shopper study that reveals consumer insights on spending habits and lifestyle preferences in 2022.
The New York-based retailer found that higher income consumers are continuing to spend on luxury, including treating themselves with fashion and vacations. Additionally, more consumers are now prioritizing health and wellness and are complementing their lifestyles with luxury self care, fitness and home products.
Of those surveyed, some 76% of respondents with an income of $200k or more said they plan to purchase the same or even more luxury items in the next three months than they did in the past three months. Significantly more Generation X (21%) and millennial and Generation Z (22%) respondents are planning to purchase more luxury items in the next three months compared to respondents of the baby boomer and silent generations (16%).
When asked where they would spend an extra $500, respondents with an income of $200k or more would spend first on vacation and leisure travel (38%), followed by shoes, accessories and handbags (29%).
The survey also found 85% of respondents are planning to shop the same amount or more online in the next three months compared to the last three months. When splurging, 80% of respondents said it is likely for themselves or a gift for themselves, across generations.
Roughly 41% said they are prioritizing wellness, especially rest & relaxation, nutrition and general self care, more now than they were prior to the pandemic.
“We continue to pay close attention to the evolving macro environment and the insights from the Saks Luxury Pulse reinforce our perspective on the luxury consumer,” said Marc Metrick, chief executive officer, Saks.
“The luxury customer remains highly engaged with fashion, and we are confident that our customers will continue to look to Saks when they want to elevate and refresh their everyday style.”
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