• by Sarah Mahoney , Staff Writer @mahoney_sarah, Yesterday

Luxury shoppers in the U.S. — typically the most resilient when it comes to discretionary spending — are growing anxious and pulling back. Saks’s latest Global Luxury Pulse survey finds that financial security is edging out fashion as a priority, with affluent consumers saying they’d rather feel safe about money than be well dressed. The number of respondents naming financial security as a top concern rose three percentage points compared to the last survey.

The findings come as luxury brands — including giants like LVMH, Kering and Burberry — are already feeling the sting of these consumer pullbacks. Saks itself is struggling, although it seems to be making progress. After losing about $275 million last year, Saks has “smoothed things over” with vendors, CEO Marc Metrick reportedly told analysts at BMO Capital Markets. That reconcilation includes ongoing efforts to catch up with back payments. And the company, which also owns Neiman Marcus and Bergdorf Goodman, doesn’t plan any store closures.

The survey shows that wealthy consumers’ concerns mirror those of the general public. Top worries include the social and political climate, the threat of recession, personal financial security, stock market volatility and global conflicts. Tariffs have emerged as a growing worry, ranking sixth.

Only 28% of respondents say they feel optimistic about the economy — down 13 percentage points from January and 17 from a year ago. Just 36% feel prepared for economic trouble, a 13-point slide from January and 20 from last year. Among households earning over $200,000, 41% feel prepared, and 67% feel ready when it comes to personal finances. But even this higher-income group is pulling back. Just 48% plan to spend the same or more on luxury, a 15-point drop.

While some say a great sale, a raise, or a special occasion might tempt them, most want to see stronger economic conditions or investment gains before returning to higher levels of luxury spending.

The survey is based on 1,200 U.S. adults 18 and older.

For luxury brands, the next big trend may be survival mode.