Consumers plan to keep spending on luxury in the next three months, with 62% expecting to spend the same or more compared to the last three months.
That's a prime finding of a Saks Luxury Pulse survey conducted in January of this year.
Those polled also indicated they are prioritizing spend on travel, with 72% already having booked or planning to book a trip, according to a press release on the findings. When it comes to other luxury item spend, clothing and shoes are at the top of the list.
Additional findings include:
- Respondents with an income of $200k+ plan to prioritize spending first on travel, events and activities, followed by clothing.
- Generation Z and Millennial respondents plan to prioritize spending first on travel, events and activities, even more than other generations.
- In addition to vacations, respondents plan to buy luxury items for nights out, special events and going to the office. For these events, they are also planning to buy clothing and shoes.
- Consumers are using social media — primarily Instagram (55%) — for inspiration when shopping for luxury.
- Respondents shared that they are frequently using social media to read reviews (45%) and to get inspiration for outfits (33%).