Luxury spending in the U.S. slows, to rise slightly by 6.7% in 2023

Recently, Saks, an American luxury fashion digital platform, released its latest “Saks Luxury Pulse” survey report. Saks Luxury Pulse is a regular survey of luxury consumers’ attitudes towards shopping, consumption and fashion trends.

The report shows that American luxury consumers are more focused on travel and saving rather than buying luxury goods. Specifically, from January to late April 2023, the proportion of luxury shoppers who spent the same or more money on luxury goods fell by 9 percentage points, from 62% to 53%.

71% of luxury consumers plan to spend the same or more money on travel in the next three months than they did in the past three months. 77% of luxury consumers plan to or have already booked travel services in the near future.

Additionally, 57% of those earning more than $200,000 a year plan to spend the same or more on luxury goods in the next three months, down from 68% in January.

Some luxury goods companies reported a drop in revenue in the first quarter, most notably Kering, the parent company of Gucci and Balenciaga, which reported an 18% year-on-year drop in sales in North America.

The survey from Saks Luxury Pulse also found that currently 60% of luxury consumers are worried about the US economy, but 67% of luxury consumers are still optimistic about their personal financial situation.

Compared with last year, the growth of luxury spending in the United States will slow significantly this year. According to Insider Intelligence, personal luxury goods sales in the United States are expected to grow by 6.7% in 2023.

Editor ✎ Nicole/

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