Consumers still have an appetite for luxury goods, according to Saks Luxury Pulse


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • According to Saks, the digital luxury fashion platform, consumers are continuing to spend on high-end products.
  • This includes travel and international trips, as well as clothing and accessories.
  • Social media helps facilitate spending on luxury items, with 45% of survey respondents reporting that they use platforms such as Instagram to read reviews and find fashion inspiration.

According to the latest Saks Luxury Pulse, consumers still have an appetite for luxury goods, with 62% of the surveyed respondents planning to spend the same or more on high-end items over the coming three months.

The report revealed that many consumers are prioritising spending on international travel, with 72% having already planned an upcoming holiday or trip.

For many, an international trip is a chance to take advantage of local exchange rates to buy luxury products such as handbags, jewellery, watches and fashion.

If you’re planning to purchase goods while abroad, it’s important to consider what methods of money transfer are best for your needs.

Out of all the individuals surveyed, it was Millennial and Gen Z respondents that who reported prioritising travel, activities and events in their spending plans.

The top destinations for international travellers were beach and warm-weather holidays, but there was also interest in city breaks, with 18% of respondents planning a trip to a big city in the coming year.

Consumers are also spending on fashion and accessories in preparation for their trips away, with 60% purchasing clothing items and 36% purchasing shoes.

When it came to what consumers look for when shopping for high-end goods, the majority cited free basic alterations and in-store returns.

The report also showed that social media platforms such as Instagram are key to how consumers find inspiration for luxury items, with 45% using social media to find product reviews.

Are you a consumer planning an international shopping trip? If so, take a look at our money transfer comparison tool to find the best way to purchase products while abroad.

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