Despite economic struggles for many Americans, luxury spending is expected to remain high, driven by financial comfort and social media influence.
Monday, Mar 20, 2023
Despite economic struggles for many Americans, luxury spending is expected to remain high for the next three months, a Saks Luxury Pulse report finds.
The highest priority for luxury spenders will be vacations and related spending, such as clothing and shoes. The 62% of survey respondents who say they will spend the same or more on luxury compared to the previous three months say that they are financially comfortable and have a desire to update their wardrobes, inspired in part by social media influence. The survey, conducted in January, polled nearly three thousand American consumers over the age of 18.
Read the rest of the article in INVISION Magazine here and the full survey report here.
