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Holiday Spending Set to Decline 5% Amid Price Hikes

9/5/2025

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Summary

Story summary

PwC's 2025 Holiday Outlook survey shows a 5% decline in holiday spending, the first since 2020.
Rising prices and tariffs lead 84% of consumers to plan budget cuts.
Gen Z expects a 23% reduction in holiday budgets; Millennials and Boomers anticipate stable or increased spending.
Travel plans remain steady, with 44% of U.S. consumers intending to travel.
Gen Z focuses on budget-friendly options, allocating 39% of spending to self-gifting.

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Story summary

PwC's 2025 Holiday Outlook survey shows a 5% decline in holiday spending, the first since 2020.
Rising prices and tariffs lead 84% of consumers to plan budget cuts.
Gen Z expects a 23% reduction in holiday budgets; Millennials and Boomers anticipate stable or increased spending.
Travel plans remain steady, with 44% of U.S. consumers intending to travel.
Gen Z focuses on budget-friendly options, allocating 39% of spending to self-gifting.