2023-09-30 19:42:31
Par
Bloomberg
Translated by
Clementine Martin
Published on
19 sept. 2023
In the coming months, the appeal of luxury might further increase, according to a study by Saks Fifth Avenue. But the end-of-year holiday season is expected to slow down compared to last year.
58% of those questioned* for the purposes of the survey declared that they intended to spend an amount equivalent to or more than that invested during the previous three months on luxury items, a figure which is an increase compared to the survey published this summer. However, it is down sharply compared to the 68% who answered the same thing in September 2022. At the time, the luxury sector was still riding the post-pandemic consumer enthusiasm.
The study seems to indicate that activity during the holiday season might be stronger than in recent months, with a slowdown compared to 2020 to 2022 however.
“The progression will be rather modest, but probably better than in the last six months,” analyzes Marc Metrick, general manager of digital operations at Saks Fifth Avenue.
This season, luxury consumers will be “looking for good deals,” points out Marc Metrick. Three-quarters of respondents said they were willing to wait “as long as necessary” to buy their favorites on sale. “It’s probably not very different from the situation five years ago, but it no longer has anything to do with the situation two years ago,” he adds.
It is difficult to find certain luxury items on sale, because renowned houses want to retain the full value of their brand, adds Marc Metrick. At Saks, there is no question of overusing online promotions. “Our inventories are in excellent shape,” concludes Marc Metrick.
*1,836 people residing in the United States and over the age of 18 were surveyed by Saks from July 20 to 24 for this survey.
FashionNetwork.com with Bloomberg
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