The news: Affluent consumers in the US have increased their focus on travel and savings rather than buying luxury goods, per the Saks Luxury Pulse.
The deceleration stems in part from consumers’ shifting priorities amid an uncertain economic environment. Eight-two percent of respondents plan to save the same or more in the next three months compared with the last three months, and 71% plan to spend the same or more on travel.
Why it matters: While personal luxury sales have been remarkably resilient, several companies recently noted slowdowns in the US market.
The big takeaway: Luxury shoppers aren’t entirely immune to economic headwinds. The macroeconomic environment is pushing the US luxury goods market back to its historical growth patterns after multiple atypical years stemming from the pandemic.
First Published on Jun 1, 2023
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