Luxury e-commerce platform Saks has recently published its latest report on luxury shopping trends, shedding light on consumer spending habits and lifestyle preferences for 2022. The findings reveal that individuals with higher incomes are still inclined to invest in luxury items, with a specific emphasis on fashion and vacations. Additionally, there is a growing trend among consumers towards prioritizing health and wellness, as they incorporate luxury self-care, fitness, and home products into their daily lives.
According to the survey conducted, a significant 76% of respondents earning $200k or more annually expressed their intention to purchase the same or even more luxury items in the next three months compared to the previous three months. The data further suggests that individuals from Generation X, millennials, and Generation Z are more likely to increase their luxury purchases in the upcoming months than baby boomers and the silent generation.
When asked about how they would spend an extra $500, the respondents with an annual income of $200k or more demonstrated a preference for vacation and leisure travel, with 38% choosing this option. Shoes, accessories, and handbags came in second place, with 29% of respondents indicating their intention to allocate their extra money towards these items.
Additionally, the survey highlighted that 85% of respondents plan to shop online the same amount or even more in the next three months compared to the previous three months. Moreover, when engaging in luxury purchases, 80% of respondents expressed their likelihood of buying something for themselves or as a self-gift, irrespective of their generation.
The report also underscored the significance of wellness, with approximately 41% of respondents stating that they now prioritize rest, relaxation, nutrition, and general self-care more than they did before the pandemic. This growing trend underscores the increasing importance of overall well-being in consumers’ lives.
Marc Metrick, the CEO of Saks, emphasized the significance of these findings by stating, “We closely monitor the evolving macro environment, and the insights from the Saks Luxury Report reinforce our perspective on the luxury consumer. The luxury customer remains highly engaged with fashion, and we are confident that our customers will continue to turn to Saks when they seek to elevate and refresh their everyday style.”
In summary, the Saks Luxury Report provides valuable insights into the spending habits and lifestyle preferences of higher-income consumers. The data highlights a sustained interest in luxury items, with a particular focus on fashion and vacations. Furthermore, consumers are increasingly prioritizing their health and wellness, incorporating luxury self-care and wellness products into their daily routines. The report serves as an invaluable resource for luxury retailers seeking to comprehend and cater to the evolving needs and preferences of their customers.
Useful links:
– Saks Fifth Avenue
– Vogue Business
