Luxury Shoppers Will Not Spend More in 2024
10-03-24
Optimism about the economy is not increasing sales on luxury goods.
Luxury shoppers are not expected to increase their spending on luxury items in 2024 despite feeling optimistic about the economy, according to a new survey released by Saks Luxury Pulse.
Nearly half of luxury consumers said they plan to spend the same or more on luxury items in the next three months, down from 62 percent during this time last year. Twenty-four percent said they would pay full price on an item rather than wait for a sale – down two percentage points from the previous survey in October 2023.