US luxury consumers are planning to keep holiday spending levels steady in 2025, according to the latest Luxury Pulse survey from US luxury retailer Saks Global.
The October 2025 wave of the quarterly poll found that 75% of respondents expect to spend the same or more this holiday season than in 2024.
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Gift-shopping intentions fell five percentage points year-on-year to 80%, while 55% expect to receive gifts, down eight percentage points from 2024.
The survey, carried out from 9 to 14 October among 1,994 adults who buy luxury goods, suggests that interest in holiday shopping, travel and social events remains solid, though gifting intentions have softened.
Self-gifting intentions saw a two percentage point increase, with 60% of respondents planning to treat themselves to luxury items, mainly clothing and shoes.
In total, 44% of luxury consumers intend to buy gifts for others, led by clothing and beauty products.
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By GlobalDataHandbags and fine jewellery remain among the most desired gifts, with men showing a higher tendency to gift fine jewellery.
Online shopping continues to dominate, with 61% preferring it – particularly Millennials and women – citing convenience and avoiding crowds.
In-store shopping is rising among Baby Boomers, the Silent Generation and men, driven by the ability to examine products, try on apparel and discover new items.
Economic sentiment shows further softening. Only 30% of the respondents expressed optimism about the macroeconomic outlook, two points lower than July 2025 and 18 points below the same period of 2024.
Preparedness for economic conditions edged up to 47%.
Personal financial confidence improved to 65%, up six points from July but still five points shy of 2024.
Respondents mentioned the social and political climate as their biggest concerns, followed by global conflicts, financial security and fears of recession.
Concern over tariffs has increased by three points since July, with 90% expecting higher consumer prices and 87% anticipating a near-term impact on their spending.
Looking ahead, 58% of luxury consumers expect to spend the same or more on luxury goods in the first three months of 2026 – a slight increase from July but seven points below the same point of the previous year.
Travel, clothing and beauty are expected to draw the most discretionary spend.
Most respondents state that they will buy fewer items rather than switch to non-luxury alternatives, especially in the handbags and jewellery categories, where 88% say they will not trade down.
The survey also found that 31% of consumers are now more willing to pay full price – the highest level since tracking began in July 2023.
Saks Global chief marketing officer Kristin Maa stated: “We know that shopping and getting dressed up are both important parts of the holidays for luxury customers. With that in mind, we plan to deepen our relationships with them by giving them the most inspiring shopping experience wherever they choose to shop across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.”
