Saks Luxury Pulse Survey Reveals Value of Personalized Shopping Experiences

A recent survey by luxury ecommerce platform Saks noted a considerable rise in economic optimism among luxury consumers. The “Saks Luxury Pulse” survey was conducted from January 10 through 16 early this year, and 3,211 U.S.-based luxury consumers were polled about shopping, spending, and fashion trends.  

The survey highlighted the value of delivering more personalized shopping experiences to luxury consumers, who are more likely to engage with a brand that recognizes their shopping preferences. 

Chief Marketing Officer of Saks, Emily Essner, said, “Our mission to understand the luxury consumer through the Saks Luxury Pulse is closely tied to our personalization strategy. Both are geared toward a common goal of delivering highly relevant, personalized recommendations and shopping experiences that resonate with our customers based on their preferences and sentiments. The latest survey insights demonstrate that our strategy is working and the luxury consumer is finding value in their experience, and we look forward to further advancing our personalization efforts for their benefit.” 

Overall, 70% of luxury consumers generally feel more confident about the economy and their personal finances. However, the optimism hasn’t resulted in plans to spend more on luxury goods, nor did it alter the appeal of promotional offerings. The survey highlighted that Millennials were more likely than any other generation to feel positive about their personal finances, while wage earners of $200,000 or more were optimistic about the economy. 

Moreover, 57% of luxury consumers surveyed said they felt “calm about the economy,” an increase compared to the last survey. However, another 57% said they didn’t plan to spend any more on luxury purchases than they did for the prior three months or that they planned to spend the same over the next three months. At the same time last year, 62% of respondents said they would spend the same amount of money or more on luxury. 

CEO of Saks, Marc Metrick, stated, “At Saks, we believe that luxury is a long game, and in order to win the luxury consumer over time, we must maintain our deep understanding of their changing behaviors while offering them relevant and personalized shopping experiences. Luxury is a sentiment-based business, so we’re pleased to see that attitudes toward the economy are improving, particularly as consumers have grown used to the dynamic macro environment. With that, we anticipate these positive sentiments will translate to an improvement in luxury spending in the back half of 2024.” 

To further entice shoppers, Saks Fifth Avenue is offering entrants a chance to win a $1,500 Gift Card: https://www.saksfifthavenue.com/sweepstakes  

 

Read more on Loyalty360:   

Saks Expands Limitless Loyalty Program 

Engaging Customer Experience with Loyalty Programs and Customer Analytics 

The Power of the Golden Record: Personalizing Customer Journeys 

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