DALLAS — Upper-income shoppers who help make up the most robust part of the economy are lifting results at Neiman Marcus.
The Dallas-based retailer’s CEO, Geoffroy van Raemdonck, said its customers are driving up sales and profits as they shop to go back to work, attend social events and return to their regular pace of travel.
“We know the stock market especially has been highly volatile and can impact our business, but the confluence of real estate and oil prices being sky-high” is fueling demand, van Raemdonck said.
Wealthy consumers own both real estate and oil and gas stocks and assets, especially in Texas, where families pass down energy-producing assets that generate royalty income.
He’s watching inflation and other economic factors but said, “We’re looking to capture the tailwinds of what’s fueling demand now and monitoring the headwinds of inflation.”
Here are five takeaways about today’s luxury shoppers:
1. The customer is on average seven years younger.
More than 60% of the company’s customer base is now Gen X, millennials or Gen Z, moving the average age of its customers from the mid-40s to the high 30s.
2. Neiman Marcus is acquiring more new customers who spend at least $10,000 a year with the retailer.
And 1 in 6 new customers come back within the first 90 days.