In the first of many surveys aiming to predict 2025 holiday sales trends, PwC’s 2025 Holiday Outlook survey found that 84% of consumers plan to cut back spending over the next six months and will spend $1,552 on average, 5% less compared to 2024. The pullback is mainly attributed to an especially pessimistic Gen Z cohort (ages 17 to 28), which will reduce their holiday budgets by 23%. PwC noted that the survey was conducted in June, while there was considerably more uncertainty surrounding tariffs than there is now.

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