Overview

• U.S. consumers plan to spend an average of $1,552 on holiday purchases, a decline of about 5% from 2024, according to PwC’s survey of roughly 4,000 people.
• Gen Z intends to slash holiday outlays by about 23%, while baby boomers plan roughly 5% more and other generations are largely flat.
• Gift spending is projected to fall 11% to $721, with more shoppers turning to lower-cost alternatives and gift cards to manage rising costs.
• PwC flags category pressure on footwear, projecting a 7% to 10% year-over-year drop in shoe purchases during the holiday period.
• The survey was conducted in late June to early July, and shifting tariff and policy developments since then could alter consumer behavior and retailers’ outcomes.