Saks Global Luxury Pulse Shows Decline in Luxury Consumer Sentiment Driven by Macroeconomic Uncertainty

Saks Global, the largest multi-brand luxury retailer in the world, unveiled its latest Saks Global Luxury Pulse survey, highlighting evolving luxury consumer sentiment towards the macroeconomic environment and its impact on luxury spending. The survey found that the luxury consumer’s optimism about the economy continues to decline, driven by economic uncertainty and market volatility. As a result, luxury consumers are becoming more discerning when spending on luxury, emphasizing the importance of delivering experiences and fashion that inspires.

Fielded from April 24-28, 2025, the Saks Global Luxury Pulse found that the overall decline in sentiment is driven by increasing uncertainty around the macroeconomic environment. Luxury consumers indicated that the top five drivers of their concern are the general social and political climate, a potential impending recession, personal financial security, stock market volatility and ongoing global conflict. Notably, newly imposed tariffs (at the time of the survey) ranked sixth in the luxury consumer’s top concerns.

“As the expert on the luxury consumer, we know that uncertainty in the macroenvironment impacts their intent to spend on luxury. With that in mind, we believe it’s our responsibility as the largest multi-brand luxury retailer in the world to adapt to the uncertainty by demonstrating the value of our experience and quality of our luxury assortment,” said Emily Essner, President & Chief Commercial Officer, Saks Global.

She continued, “We also know that the luxury consumer is resilient - they are typically the last in and first out of these moments of uncertainty - and we believe they will embrace luxury shopping as economic conditions improve. With that, we see this as an opportunity to double down on our strategy to inspire customers through hyper-personalized shopping experiences. We are bringing this to life through our vision, The Art of You, delivering data-driven recommendations to foster meaningful customer relationships that drive brand loyalty for years to come.”

Luxury Consumer Economic Sentiments

The Saks Global Luxury Pulse found that compared to the last two years, luxury consumers are feeling notably less optimistic about the economy. 28% of respondents reported feeling optimistic about the economy, which is a decline of 13 percentage points compared to the prior survey fielded in January 2025 and a decline of 17 percentage points compared to the survey fielded the same time last year (April 2024).

• As a result of heightened macroeconomic uncertainty, luxury consumers are feeling significantly less calm about the economy, with 32% feeling calm, representing a decline of 13 percentage points compared to the prior survey and down 22 percentage points compared to the same time last year.
• Similarly, luxury consumers are also feeling less prepared when thinking about the economy, with 36% indicating they feel prepared, which is a decline of 13 percentage points from the prior survey and down 20 percentage points compared to the same time last year. Of note, respondents with an income of $200k or more reported feeling more prepared (41%) compared to all income groups.
• Despite a decrease in optimism about the economy, the majority of luxury consumers remain optimistic about their personal finances. 67% of those with an income of $200k or more said they feel prepared when it comes to their personal finances.
• Sentiments towards the economy continue to influence luxury consumers’ priorities, with financial security rising by 3 percentage points as a top priority compared to the prior survey.

Luxury Consumer Spending

Among all respondents, the luxury consumer’s intent to spend on luxury has softened compared to recent surveys, with 47% planning to spend the same or more on luxury in the next three months. This represents the lowest level since tracking began in April 2023, and a decline of 11 percentage points compared to the prior survey.

• 48% of those with an income of $200k or more said they plan to spend the same or more on luxury, the sharpest decline in spending intentions compared to other income groups, with a decrease of 15 percentage points compared to both the prior survey and the same time last year.
• Among those who plan to spend the same or less on luxury in the next three months, significantly more respondents said they would need to see an improvement in the overall economy or an increase in their investments compared to prior surveys. Other top factors that would drive consumers to spend more are an enticing sale or promotional event, an increase in income, and an unexpected special occasion.
• The luxury consumer’s willingness to increase their luxury spending plans based on both macroeconomic and lifestyle factors demonstrates their resilience, reinforcing the company’s perspective that the luxury consumer is typically the last in and first out of moments of uncertainty.

About Saks Global Luxury Pulse

The Saks Global Luxury Pulse is a quarterly online survey of luxury consumers’ attitudes towards shopping, spending and the economy. It is based on responses from 1,248 U.S.-based luxury consumers over age 18 and was fielded from April 24-28, 2025. Formerly known as the Saks Luxury Pulse, following the completion of Saks Global’s acquisition of Neiman Marcus and Bergdorf Goodman, the survey’s scope broadened and it was rebranded as the Saks Global Luxury Pulse.

About Saks Global

Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments. Saks Global is deeply committed to helping luxury consumers discover the most sought-after established and emerging brands from around the world. Powered by data-driven technology and centered on the customer, Saks Global is on a mission to redefine the luxury shopping experience through highly personalized service, with greater opportunities for product discovery across all channels.

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