A survey by multi-brand luxury retailer Saks Global has found that a significant portion of those surveyed (58%) anticipate maintaining or increasing their expenditure on upscale goods.
94% expressed a propensity to partake in initiatives aimed at enhancing the personalisation of their shopping journey.
The comprehensive survey, Saks Global Luxury Pulse, provides an overview of consumer attitudes regarding the economic climate and their inclination towards customised retail encounters.
The findings suggest a tempered economic outlook among affluent shoppers, yet their commitment to luxury purchases persists.
Conducted between 16 and 22 January 2025, the Saks Global Luxury Pulse survey found a notable shift in economic sentiment with only 45% of those surveyed reported feeling calm about the economy, a 12 percentage point (pps) drop from the previous year and a 7pps decrease since October 2024.
Optimism for the overall economy has fallen to 43% – a 5pps decline from 2023 and from the preceding survey.
Nevertheless, when it comes to personal finances, 65% of luxury consumers maintain an optimistic outlook.
Dampened confidence is largely attributed to global conflicts and instability, with those earning $200k or more expressing greater concern.
The prevailing economic sentiment has influenced consumer priorities for the year ahead. Financial security emerges as one of the top three focuses for luxury shoppers in 2025, alongside maintaining physical health and pursuing travel or new experiences.
While general economic optimism wanes, luxury spending remains robust. A majority (58%) plans to sustain or increase luxury spending in the coming three months.
This intention reflects a modest 7pps decline from the holiday-influenced spending reported in the October 2024 survey, particularly among consumers with incomes below $200k.
High earners show even more resilience. 63% of those with incomes at or above $200k plan to continue their current spending levels or invest more in luxury.
But only 52% of those earning less than $200k share this sentiment – a decrease of 5 percentage points year-on-year.
The survey also sheds light on how luxury consumers are engaging with technology. Personalised online content is preferred by most respondents, with online platforms and apps taking precedence over email marketing for product recommendations.
AI features are gaining traction in the fashion e-commerce space with 66% of respondents now using AI tools such as size recommendations based on body measurements or visualisations of products on different body types.
But there is growing reluctance to use virtual try-on features that require uploading personal photos.
Saks Global president and chief commercial officer Emily Essner stated: “At Saks Global, we’re working to reinvent luxury shopping by delivering luxury fashion and experiences perfectly curated for each customer. Our deep understanding of the luxury consumer–bolstered by this survey strengthens our ability to do just that.
“In the Saks Global Luxury Pulse, we’re pleased to see that the luxury consumer remains engaged in the luxury shopping experience, despite a dip in their optimism about the economy.” .
