Overview

• Consumers plan to spend an average of $1,552 on holiday purchases, down about 5% from 2024, marking the first notable decline since 2020.
• Gen Z expects to reduce holiday budgets by 23% while baby boomers plan a 5% increase, and 84% of all respondents say they intend to curb spending over the next six months.
• Gift spending is projected to fall 11% to $721, and footwear purchases are expected to drop 7% to 10% during the holiday period, with a 4% decline for footwear overall in 2025.
• PwC surveyed roughly 4,000 U.S. consumers from June 26 to July 9 and cautioned that results could shift because tariff uncertainty was higher when the poll was conducted.
• Shoppers cite rising prices, tariff concerns and higher living costs, with 78% seeking less-expensive options, increased use of gift cards, and most gift budgets expected to be completed by Cyber Monday as online and in‑store shopping reach parity.