Want to know how the luxury customer is doing? Look at the stock market, said Saks Chairman and CEO Steve Sadove.
Right now, with the market's latest gyrations, the consumer may be starting to see "yellow caution lights," Sadove told CNBC.
"With the volatility in the markets, the consumer is feeling a little bit cautious, but I think (the consumer's) spending," Sadove said.
Saks will be taking it slow too, as it plans for the Christmas holiday season.
"We’ll continue to be cautious," Sadove said. "I think you’ll see a little bit more 'opportunity buying' in certain categories, like the shoes, like the handbags. I would say inventories will be growing a little bit less than consumption, but we’ll still continue be cautious."