SAKS LUXURY PULSE FINDS LUXURY CONSUMERS EAGER TO CELEBRATE AND SHOP THIS HOLIDAY SEASON

Saks has unveiled its latest Saks Luxury Pulse (SLP) survey, which provides insights into consumer sentiment towards the holiday shopping season. SLP is a quarterly online survey of luxury consumers’ attitudes toward shopping, spending, and the economy. It is based on responses from 1,196 U.S.-based luxury consumers over the age of 18 and was fielded from October 11-15, 2024. Demonstrating the excitement around holiday shopping this year, 82% of the luxury consumers celebrating the holidays plan to spend the same or more on holiday shopping compared to last holiday season, seven percentage points higher than last year.

“We’re pleased to see the increased enthusiasm around this year’s holiday shopping season and look forward to meeting customers with equally exciting shopping experiences across Saks Fifth Avenue,” said Emily Essner, Chief Marketing Officer, Saks. “The holidays are a special time for the Saks Fifth Avenue brand, and in its 100th year, we are energized by the opportunity to further strengthen our customer relationships, deliver an inspiring luxury assortment and provide the personalized level of service for which Saks is known.”

According to the SLP, luxury consumers are beginning their shopping earlier and focusing their shopping online this holiday season.
• 70% of luxury consumers plan to start their holiday shopping before Thanksgiving this year, a 14-percentage point increase from last year, which can likely be attributed to this year’s shorter holiday shopping season. Millennial respondents plan to begin their holiday shopping slightly later than Generation X, Baby Boomer, and Silent Generations respondents.
• Additionally, driven by a desire for convenience and avoiding crowds, most luxury consumers (64%) prefer to shop online for the holidays, especially Millennial respondents (70%). However, luxury consumers prefer to shop in person when shopping for home décor and fine jewelry, underscoring the importance of a seamless cross-channel experience.

Luxury consumers are highly engaged in shopping for gifts this holiday season (85%), and, in addition to giving gifts to others, they are treating themselves with luxury items.
• Women are more likely to give beauty products and hobby-related gifts, while men lean towards electronics, beverages, and shoes. The top gifts that luxury consumers want to receive are fine jewelry, especially among women; clothing, especially among men; and experiences, among all respondents.
• The holiday season also presents a time for self-gifting, especially among luxury consumers, with 61% planning to buy gifts for themselves. When self-gifting, clothing is the leading gift, followed by shoes and beauty products. The majority (58%) plan to buy luxury items for themselves, while fewer (42%) will give luxury items as gifts to others.

Compared to the SLP survey in recent years, luxury consumers are more eager to celebrate the holidays. They plan to embrace the holiday spirit by dressing up, attending holiday events, and traveling for the holidays.
• Demonstrating the heightened excitement for this holiday season, 66% of luxury consumers said they will get into the holiday spirit, with 24% planning to do so even more than last year. 75% of Generation X respondents said they plan to decorate their home for their holidays, 16 percentage points more than Millennial respondents.
• 77% of luxury consumers plan to attend a holiday party or gathering this holiday season, 11 percentage points more than last year. When going out and celebrating, 62% said they plan to dress up, with 23% planning to dress up even more than last year.
• More than half of respondents (53%) said they are planning to travel this holiday season, and 31% plan to travel more than they did last year. Notably, 57% of Millennial and Generation X respondents indicated plans to travel this holiday season, 16 percentage points higher than Baby Boomer and Silent Generation respondents.

Luxury consumers’ plans to spend on luxury and overall outlook on the macroeconomic environment are also trending positive, consistent with their outlook on the holiday season.
• 65% of luxury consumers said they plan to spend the same or more on luxury in the next three months compared to the prior three months, eight percentage points higher than last year.
• 48% of luxury consumers are optimistic about the economy, 12 percentage points higher than last year. Additionally, 52% said they feel calm about the economy, up two percentage points compared to the previous year.
• The most significant increase in optimism and calmness about the economy was among respondents of the Baby Boomer and Silent Generations, who saw a 13-percentage point increase in optimism and a five-percentage point increase in calmness year over year.
• Regarding their personal finances, 70% of luxury consumers said they feel optimistic, an increase of six percentage points compared to last year, and 68% said they feel calm, a slight increase of one percentage point compared to last year.

Of course, Saks itself is using this intel to guide its own holiday planning. The retailer’s Holiday Gift Guide, available on Saks.com and in Saks Fifth Avenue stores, provides a curated selection of luxury fashion and lifestyle merchandise. Customers can also discover the season’s must-have trends via The Edit on Saks.com.

Saks offers experiential gifts and extravagances that give back with Saks’ Holiday Experiences* that support the Saks Fifth Avenue Foundation and its mission to make mental health a priority in every community. The one-of-a-kind experiences include opportunities to:

• Celebrate the Holidays in New York City: Experience the magic of Manhattan during the holidays, with a private appointment at the Fifth Avenue Club, followed by a behind-the-scenes look at the Saks Fifth Avenue New York flagship’s iconic windows, then head up to L’Avenue at Saks for dinner. Afterward, spend the evening enjoying a performance of Suffs, one of the most celebrated Tony Award-winning musicals of the year, before heading back to your room at the Ritz-Carlton Central Park or NoMad location.
• Enjoy Private Holiday Shopping at Saks: Enjoy Saks all to yourself with a two-hour private appointment at the Fifth Avenue Club at Saks Fifth Avenue New York or Beverly Hills. A Saks Style Advisor’s one-on-one expertise will help you curate your wardrobe and holiday shopping list. Plus, enjoy delicious bites while you shop, a $250 Saks Gift Card to use toward your shopping and complimentary home or hotel delivery.
• Experience a Private Tour of the Saks Fifth Avenue New York Flagship Holiday Windows: Enjoy a behind-the-scenes look at our iconic windows. During the private tour, you’ll learn what goes into creating the annual holiday displays at the New York flagship. Afterward, head up to L’Avenue at Saks for dinner.
• Have Your Dog Featured in a Saks Campaign: For the furry pups in your life, here’s their chance to be the star in an upcoming Saks photo shoot. Enjoy chauffeur service to the set, a $2,500 Saks Gift Card, a special gift bag, clothing for your pup, and hi-res digital photos.

*Limited availability and date opportunities. Other terms and limitations apply. Details regarding limitations and charitable contributions can be found on each product page. You can learn more about the Saks Fifth Avenue Foundation at saks.com/saksfoundation.

Saks Fifth Avenue holiday season services include:
• Buy Online, Pick Up in Store: Customers can place an order on Saks.com and pick it up at their nearest Saks Fifth Avenue store.
• Manhattan Same-Day Delivery: Manhattan-based shoppers can take advantage of Saks’ same-day delivery service for last-minute holiday shopping.
• Extended Holiday Return Policy: Purchases made beginning November 15, 2024, will be eligible to be returned until January 15, 2025, with some exclusions.
• Fifth Avenue Club: For the ultimate holiday personal shopping experience, customers can access the Fifth Avenue Club’s luxury personal styling and shopping services. Customers traveling for the holidays can find Fifth Avenue Club locations in luxury hotels and resorts in destinations without Saks Fifth Avenue stores here.