Luxury shoppers are showing renewed confidence in both the economy and their personal finances, according to the latest Saks Luxury Pulse survey. The quarterly study revealed that consumer optimism has risen noticeably since April, though overall sentiment has yet to return to 2024 levels amid ongoing socioeconomic uncertainty.
The survey found that 32% of luxury consumers now feel optimistic about the economy, a 4% increase from April. Meanwhile, 39% of respondents said they feel calm about the economy, up 7%, while 45% indicated they feel prepared for the current economic environment. Optimism was particularly strong among higher-income respondents, with 53% of those earning US $ 200,000 or more reporting that they feel prepared, a 12% increase compared with April. Confidence in personal finances also improved, with 59% expressing optimism, marking an 8% rise over the same period.
This growing confidence is also translating into stronger purchase intent. More than half (56%) of luxury consumers said they expect to spend the same or more on luxury in the next three months compared with the previous three months, a 9% increase since April. Among those planning to spend more, the leading motivations were a desire to treat themselves, confidence in their financial situation, and the wish to update their wardrobe.
Emily Essner, President and Chief Commercial Officer at Saks Global, noted that the results highlight an encouraging shift. She said the improvement in both sentiment and spending intent supports the company’s belief that luxury consumers increase shopping activity as they feel better about the economy. She added that Saks expects these positive trends to continue and will seek to deliver on its Art of You vision this season by providing inspiring autumn fashion and curated shopping experiences tailored to its customers.
