Holiday shoppers expect to trim the tree and their spending this upcoming season, according to a survey by consulting firm PwC.

Across generations, consumers said they plan to spend an average of $1,552 on holiday gifts, travel and entertainment — which represents a 5% drop from the planned holiday spending average in the year-ago period.

Yet the sharpest decline comes from Generation Z, whose members said they plan to spend 23% less on average than a year ago. That's the biggest drop of any generation and a significant swing from last year when they said they expected to spend 37% more. Their pullback is also contributing to the overall decline in holiday spending.

"Price is Gen Z's love language," said Ali Furman, the U.S. consumer markets industry leader for PwC. "They've been raised

See Full Page