The Urge to Splurge Stays Strong

Consumers plan to continue spending on luxury in the next three months, the latest Saks Luxury Pulse has found. Specifically, 62 percent of the respondents to the retailer’s most recent survey say they expect to spend the same or more on luxury compared to the last three months.

Respondents are also prioritizing their spending on travel, with 72 percent saying they have already booked or are planning to book a trip. Of those, the top luxury items they are buying in preparation for their trips are clothing (60 percent) and shoes (36 percent).

“Even as consumer spending shifts with the evolving economic environment, we’re pleased to see a sustained interest in luxury,” Saks CEO Marc Metrick said in a news release.

Those planning to spend more on luxury cited that their finances are in a good place and that they have a desire to update their wardrobes.

Women respondents said they are embracing spring fashion trends, while men are most interested sophisticated styles. When seeking fashion inspiration, many are turning to social media (primarily Instagram).

The Saks Luxury Pulse is a periodic online survey of luxury consumers’ attitudes towards shopping, spending and fashion trends. The latest one is based on responses from 2832 U.S.-based respondents over age 18 and was fielded between Jan. 13-17.

Click here for more survey results.