The latest Saks Global Luxury Pulse survey found that optimism about the economy continues to decline, driven by economic uncertainty and market volatility. Fielded from April 24 to April 28, the Luxury Pulse indicated that America’s affluent have been affected by market volatility and flip-flopping tariffs, are worried about a possible recession and are increasingly discerning when spending on luxury. The quarterly survey gathered responses online from 1,248 U.S.-based luxury consumers over age 18 during a time when many of the tariffs in U.S. President Donald Trump’s trade war had been paused, starting a 90-day period of negotiation. Given the shifting attitudes among consumers, Saks plans to work harder to convey the value, timeliness and high quality of the fashion products it sells and to emphasize that much of the assortment contains “investment pieces” meaning they’ll last well into the future and are not trendy. In addition, personalization has become an even more important part of the Saks Global strategy.

Among the key findings from the Luxury Pulse:

. The luxury consumer’s intent to spend on luxury has softened compared to recent surveys, with 47% planning to spend the same or more on luxury in the next three months. This represents the lowest level since tracking by Saks began in April 2023, and a decline of 11% compared with the prior survey.

. 28% of respondents reported feeling optimistic about the economy, which is a decline of 13% compared with the prior survey fielded in January 2025 and a decline of 17% compared with the survey fielded in April 2024.

. Luxury consumers are feeling significantly less calm about the economy, with 32% feeling calm, representing a decline of 13% compared with the prior survey and down 22% compared with the same time last year.

Despite a decrease in optimism about the economy, the majority of luxury consumers remain optimistic about their personal finances. 67% of those with an income of $200,000 or more said they feel prepared when it comes to their personal finances.