If you are not signed-in, you will lose the saved items in your favorites when you close your web browser. If you're not signed-in, it will say Sign In in the upper right corner and you'll only see Saved Items and Search History.
If you are signed-in, your saved items will remain in your favorites until you delete them. If you are signed-in you will see your name in the upper right corner and you'll see Saved Items, Saved Searches, and Search History.