Inflation squeezes holiday budgets, but Americans still pay for luxury items

According to a survey conducted by luxury fashion digital platform Saks, inflation has not hindered holiday spending among luxury shoppers. The survey shows that 76% of luxury shoppers will spend the same or more this holiday season than last year, which is basically the same as the previous year (79%).

The survey found that 43% of luxury shoppers will shop both online and offline, compared with 50% last year. Saks noted an increase in the number of people planning to shop online, at 24%, up from 17% last year.

Most luxury shoppers will buy gifts for themselves or others this holiday season. The gifts they most want to give are gift cards (69%), followed by clothing (64%) and hobbies (such as books, handmade items, movies, etc.) (51%). Notably, they are very happy to buy shoes (39%), handbags (28%), and beauty and fragrance products (27%) for themselves.

The survey also found that 65% of luxury shoppers plan to start shopping before Thanksgiving. When it comes to where they shop, they give priority to retailers that offer free shipping and returns.

According to the report, 50% of luxury shoppers plan to hold a party to celebrate the holiday season, while 27% plan to go on vacation to tropical or ski resorts. Party and travel items are also expected to see an increase in demand in the fourth quarter.

Saks CEO Marc Metrick said that as the economic environment continues to change, luxury shoppers remain enthusiastic during this holiday season. American consumers will have strong demand for luxury goods when they go out, travel and celebrate holidays.

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