A majority of luxury consumers, 76%, plan to spend the same, or more, during this year’s holiday season.
That the prime finding of a Saks Luxury Pulse study that also revealed 65% of shoppers will hit stores before Thanksgiving
“Despite an evolving economic environment, we’re pleased to see luxury consumers’ enthusiasm for shopping this holiday season, both for themselves and others,” Marc Metrick, Saks CEO, said in a press release on the findings.
This year’s study results are closely in line with last years despite a different economic landscape, according to the release.
Additional findings include:
- 43% of respondents plan to shop mostly online with some in store shopping this holiday season compared to 50% last year. This year-over-year decline translated to an increase in those who are planning to split holiday shopping equally between online and stores, with 24% this year compared to 17% last year.
- When choosing where to shop, respondents said that delivery and pickup options are their top priority, including free shipping and returns.
- 61% of respondents say they will shop for new holiday attire, up significantly from 45% last year.
- The percent of respondents who plan to dress up in formal attire this holiday season (32%) doubled compared to last year (16%).
- When asked about their holiday plans, 50% of respondents plan to attend and/or host a holiday party and 27% plan to go on vacation to a tropical or ski destination.
- When it comes to gifting, respondents said they want to give gift cards (69%), clothes (64%) and hobbies (e.g., books, handcrafted items, movies, etc.) (51%) as gifts to others.