Headlines

The Urge to Splurge Stays Strong

Saks survey finds clothing and shoe buys for travel a high priority.

Published

3 months ago

March 14, 2023

INSTORE Staff

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.

Time for More “Me Time”? Time to Call Wilkerson

Rick White, owner of White’s & Co. Jewelry in Rogers, Ark., knew it was time to retire. Since the age of 18, jewelry had been his life. Now it was time to get that “me time” every retailer dreams about. So, he chose Wilkerson to manage his going-out-of-business sale. White says he’d done plenty of sales on his own, but this was different. “Wilkerson has been a very, very good experience. I’ve had the best salespeople in the history of jewelry,” he says. “I recommend Wilkerson because they are really the icon of the jewelry business and going-out-of-business sales. They’ve been doing it for decades. I just think they’re the best.”