• by Sarah Mahoney  @mahoney_sarah, November 14, 2024

 Saks holiday campaign  

The thousands of New Yorkers who enjoy Saks Fifth Avenue’s annual -- and extravagant -- holiday light shows got some unexpected Grinchy news: no light show this year.

As recently as Oc. 15, the retailer hyped the annual light show, presented by MasterCard, in press materials. Saks confirmed the cancellation to the New York Post, saying the move was due to a “challenging year for luxury.”

In recent weeks, leading luxury companies like LVMH, which owns Tiffany, Louis Vuitton and Christian Dior, and Kering, which owns Gucci, posted sound-the-alarm sales declines.

Saks’ cost-cutting move comes even as the retailer released the latest findings from the Saks Luxury Pulse research, with 82% of the luxury consumers who are celebrating the holidays saying they intend to spend the same or more on holiday shopping this year, a seven percentage point increase from the 2023 survey.

The research also detects increased eagerness to start shopping, with 70% of luxury consumers saying they’ll begin before Thanksgiving, up 14 percentage points. Most -- 64% -- prefer online shopping. Among millennial respondents, that preference rises to 70%. Saks says the exceptions are home décor and fine jewelry, when most people like to shop in person.

“We’re pleased to see the increased enthusiasm around this year’s holiday shopping season and look forward to meeting customers with equally exciting shopping experiences across Saks Fifth Avenue,” said Emily Essner, chief marketing officer, in the survey release. “The holidays are a special time for the Saks Fifth Avenue brand, and in its 100th year, we are energized by the opportunity to further strengthen our customer relationships, deliver an inspiring luxury assortment and provide the personalized level of service for which Saks is known.”

Travel plans are also increasing, with 53% planning a holiday trip. (That rises to 57% for younger people.) Of all ages planning a getaway, 31% plan to travel more than last year. They’re also partying more, with 77% intending to attend a holiday gathering, 11 percentage points more than last holiday season.

While losing the Saks light show is a bummer for the company’s holiday fan club, traditionalists can soothe themselves with the latest John Lewis ad from across the pond. Consumers in the U.K., who seem to accord the annual ad reveal event with the reverence Americans pay to Macy’s Thanksgiving Day Parade, are already devouring “The Gifting Hour,” which features a Narnia-esque sibling story.