PwC holiday outlook 2025

Holiday shopping typically plays out like a well-rehearsed melody — steady rhythms, familiar refrains. But this year, it feels more like jazz: improvisational and less predictable, with shifting consumer behavior, smarter spending and a younger generation leading the key change.
5% drop in average holiday spend
11% drop in average gift spend 
23% drop in holiday spend for Gen Z
~40% of all planned gift spending in 5 days (Thanksgiving to Cyber Monday)