Luxury shoppers are not expected to increase their spending on luxury items in 2024 despite feeling optimistic about the economy, according to a new survey released by Saks Luxury Pulse.
Nearly half of luxury consumers said they plan to spend the same or more on luxury items in the next three months, down from 62 percent during this time last year. Twenty-four percent said they would pay full price on an item rather than wait for a sale – down two percentage points from the previous survey in October 2023.
Despite increased trepidation on luxury spending, more luxury consumers are optimistic about the economy (48 percent), an increase of 12 percentage points from the prior survey. Up six points from the previous survey, 70 percent of luxury shoppers feel optimistic about their personal finances.
“Luxury is a sentiment-based business, so we’re pleased to see that attitudes toward the economy are improving, particularly as consumers have grown used to the dynamic macro environment,” Saks CEO Marc Metrick said with the survey’s release. “With that, we anticipate these positive sentiments will translate to an improvement in luxury spending in the back half of 2024.”