US luxury customers are becoming notably more cautious, with economic optimism continuing to decline, the latest Saks Global Luxury Pulse survey shows. The quarterly study, tracking sentiment and expenditure intent among high-net-worth consumers, indicates a significant decrease in interest in luxury expenditures—prompted by ongoing economic and political uncertainty.
The poll emphasises that consumers are growing more discerning with their spending on luxury goods. The most prominent concerns were the general political and social environment, anxieties about an impending recession, financial well-being, volatility in the stock market, and continuing international conflicts. Newly implemented tariffs also surfaced as a growing concern, placing sixth on their list of major concerns.
Even with the sobering tone, the poll indicates there’s still money to be spent on the way. Most respondents cited that the potential upswing in the overall economy and investments made by individuals could be probable causes for the resumption of luxury spending. Other drivers include strong offers or promotions, surprise celebrations, and an increase in disposable income.
Just 47% of luxury shoppers intend to spend the same or more in the next three months—the lowest level since tracking began in April 2023, and down 11 percentage points from the last quarter. Among high-net-worth individuals who earn US $ 200,000 or more, intent to spend remained at 48%, down 15 points from a year ago—its steepest fall among all income groups.
Saks Global, parent to Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman, reported that luxury consumers are now placing higher importance on memorable experiences and trend-setting fashion.
Emily Essner, president and chief commercial officer at Saks Global said that being the voice of luxury retail, they see how macroeconomic uncertainty softens spending intent. But the luxury customer is resilient—usually the last to pull back and the first to come back in times of economic volatility.
Essner highlighted that Saks is leaning into this moment by investing further in personalisation and customer engagement through its strategic vision, ‘The Art of You’. She added that they’re
using data to craft tailored experiences and deepen customer relationships, positioning themselves for long-term loyalty as the economic outlook improves.
