Saks Fifth Avenue has recently conducted research from a “Saks Luxury Pulse” survey to gain consumer insights on luxury shopping, spending habits, and lifestyle preferences.
The survey found that luxury shoppers will continue to spend on big-ticket item and high-end purchases to treat themselves. These consumers also have a growing interest in the health and wellness sector, and prioritize their lifestyles around fitness, self-care and home goods.
The survey gave a strong indication towards consumer’s desires to shop from Sak’s and support their brand when it comes to elevated shopping.
“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,” said Marc Metrick, Chief Executive Officer at Saks.
Other insights from the survey include:
- More higher income and younger consumers are spending on luxury.
- 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%).
- Consumers are splurging on themselves.
- When splurging, 80% of respondents say it is likely for themselves or a gift for themselves, across generations.
- Consumers have an increasing interest in luxury wellness and home products.
- Roughly two in five respondents (41%) are prioritizing wellness, especially rest & relaxation, nutrition and general self care, more now than they were prior to the pandemic.
- Of those who are prioritizing fitness activities, 62% are interested in shopping for workout wear from luxury retailers.
- Over the last three months, 54% of respondents have been updating, renovating or redecorating their home or decorating their new home.
- Respondents are likely to shop for bed & bath products (51%), home decor (50%) and candles & diffusers (42%) in the next three months.
“Saks is committed to providing an assortment that complements the luxury customer’s lifestyle. These valuable insights are one of the ways we listen to our customers to inform our assortment. While fashion remains at Saks’ core, we’ve found that our customer is embracing luxury across all aspects of their daily lives,” said Tracy Margolies, Chief Merchandising Officer.