Saks CEO says luxury retail will be 'here to stay' in 2024
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8 ماه پیش
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Credit card data from Barclays
Credit card data from Barclays and Citigroup show a dip in luxury spending year-over-year for the months of October and November. Economic headwinds and inflation have caused a change in spending habits from younger generations. Saks CEO Marc Metrick sits down with Yahoo Finance Live to discuss the challenges luxury brands and retailers like Saks face and why he believes many of those luxury brands will weather the storm.
""What you're not seeing is a trade down: luxury is permanent, luxury is here to stay,"" Metrick affirms. ""People are not going to trade down out of it. Folks that reached in, maybe a few years ago, even last year, might not be reaching in this year, but the core luxury consumer doesn't trade down.""
Metrick characterizes 2024 as ""going to be a year of two halves.""
""I see the first half of the year, nothing is going to spark the consumer, nothing is going to get them excited... and then as you move into the second half of the year, you're going to get some of this positivity in the market, hopefully it stays, it's going to move its way through to the consumer,"" Metrick explains. ""There's all this talk of rate cuts in the second half, thats a boon for the consumer.""
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#saks #luxuryretail #yahoofinance
""What you're not seeing is a trade down: luxury is permanent, luxury is here to stay,"" Metrick affirms. ""People are not going to trade down out of it. Folks that reached in, maybe a few years ago, even last year, might not be reaching in this year, but the core luxury consumer doesn't trade down.""
Metrick characterizes 2024 as ""going to be a year of two halves.""
""I see the first half of the year, nothing is going to spark the consumer, nothing is going to get them excited... and then as you move into the second half of the year, you're going to get some of this positivity in the market, hopefully it stays, it's going to move its way through to the consumer,"" Metrick explains. ""There's all this talk of rate cuts in the second half, thats a boon for the consumer.""
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: Twitter: YahooFinance
Instagram: https://www.instagram.com/yahoofinanc...
TikTok: https://www.tiktok.com/@yahoofinance?...
Facebook: Facebook: yahoofinance
LinkedIn: LinkedIn: yahoo-finance
#saks #luxuryretail #yahoofinance
8 ماه پیش
در تاریخ 1402/09/27 منتشر شده
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