US luxury spending has slowed down and is expected to see a modest increase of 67% by 2023
US luxury spending to increase by 67% by 2023
BusinessDialogue has learned that Saks, the American luxury fashion digital platform, recently released its latest “Saks Luxury Pulse” survey report. Saks Luxury Pulse is a regular survey on the attitudes of luxury consumers towards shopping, consumption, and fashion trends.
The report shows that American luxury consumers are more concerned about travel and savings than purchasing luxury goods. Specifically, from January 2023 to late April, the percentage of luxury shoppers who spend the same or more money on luxury goods has decreased 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 as they did in the past three months. 77% of luxury consumers plan or have recently booked travel services.
In addition, among the group with an annual income of over $200,000, 57% of people plan to spend the same or more on luxury goods in the next three months, which is lower than the 68% in January.
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BusinessDialogue understands that in the first quarter, the revenue of some luxury goods companies has declined. Among them, the most notable is Kering, the parent company of Gucci and Balenciaga, which reported an 18% year-on-year decline in sales in North America.
The survey from Saks Luxury Pulse also found that currently, 60% of luxury consumers are concerned about the US economy, but 67% of luxury consumers still hold an optimistic attitude towards their personal financial situation.
Compared with last year, the growth of US luxury spending this year will significantly slow down. According to Insider Intelligence’s forecast, US personal luxury goods sales are expected to grow by 6.7% in 2023.
Editor ✎ Nicole/AMZ123
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