Rising prices, fueled by inflation, are starting to hit wealthy shoppers on Saks Fifth Avenue, according to a new study by the retailer.
About 62% of Saks customers said they plan to spend the same amount or more on luxury goods in the coming months, compared to 68% in September when the company ran its regular Saks Luxury Pulse. is decreasing from
Saks.com CEO Marc Metrick told The Post: “We saw it happen late last year and we’re experiencing it now.”
A survey of 2,832 U.S. customers ages 18 and older, conducted January 13-17, found that shoppers spend their discretionary funds on travel, then events and activities, and finally clothing. It was also shown that they are prioritizing.
Studies show that around 72% of Saks’ customers have already booked or plan to book a trip, with warmer climates topping the list of vacation destinations.
Vacation spending supports the luxury retailer, and website traffic is “booming,” but converting visitors into buyers “isn’t what we want,” Metrick said. increase.
He said shoppers are “shopping more carefully and longer.”
About 68% of those earning $200,000 or more plan to spend the same or more on luxury goods, down from 70% in September, according to the survey.
Nearly 58% of customers with incomes between $100,000 and $199,000 plan to spend the same or more on luxury goods this spring, down from 66% in September.
Meanwhile, 55% of those earning less than $100,000 plan to spend the same amount, down from 61%.
Saks uses this index as an indicator of consumer sentiment to determine which services customers value.
“We love brick-and-mortar returns, and the Saks Fifth Avenue store has gone the extra mile.” Metrick said there is a special returns desk designated for online returns.
As The Post reported, last month Neiman Marcus eliminated its in-store returns desk as part of a layoff of about 5% of its workforce.