PwC Survey Overview
Results from a 2025 US holiday shopping survey conducted by PricewaterhouseCoopers (PwC) targeting 4,000 US consumers from June 26 to July 9. Personal spending during the 2025 holiday season is expected to decrease 5% year-on-year, representing the largest drop since 2020. Average planned spending per person is $1,552, with gift spending being the primary factor for the decrease.
Generational Spending Disparities
Generation Z (Ages 17-27): Average spending down 23% year-on-year, the largest decrease among all generations. A dramatic shift from 37% increase in 2024 to significant decrease. Inflation, employment market instability, and new economic burdens are factors suppressing spending.
Other Generations: Millennials (Ages 28-43) down 1% remaining nearly flat, Generation X (Ages 44-59) up 2%, Baby Boomers (Ages 60-78) up 5%, showing clear generational differences.
Generation Z's Economic Background
According to PwC Consumer Markets Industry Leader Ali Fahrman's analysis, many young people are facing life transitions without savings in a challenging job market for new graduates. They require more careful budgeting while facing major expenses such as first home purchases and family formation.
Price-Conscious Consumer Behavior
The 2025 holiday season shows pronounced price-consciousness across all generations. 78% of respondents seek cheaper alternatives, while 65% expect significant post-holiday markdowns. Internet searches for "discounts" and "coupon codes" increased 11% year-on-year over the past year, numerically confirming cautious consumer behavior.
Impact of Trump Administration Policies
84% of respondents plan to reduce overall spending over the next six months. Reductions are particularly notable in dining out (52%), clothing (36%), and high-ticket items (32%). Trump administration tariff policies causing price increases and economic uncertainty have heightened caution in consumer confidence. July retail statistics showed consumption growth due to pre-tariff increase rush demand, but concerns are expanding about sustainability of personal consumption as tariff-driven price transfers fully materialize.