U.S. consumers, particularly Gen Z, are likely to spend significantly less on the holidays this year, according to a new PricewaterhouseCoopers survey.

For their 2025 Holiday Outlook, the consulting firm polled about 4,000 consumers nationwide between June and July, and found shoppers expect to spend 5.3% less than in 2024, or about $1,552 per person. It’s the first notable drop since 2020—when average spending fell 7.6% to $1,187.

That’s not all. Some 84% of Americans expect to cut back over the next six months, particularly when it comes to eating out (52%), clothes (36%), and big-ticket items (32%)—as a result of rising prices and tariffs (especially on electronics, apparel, toys, food, and household staples)—and the overall high cost of living. More than half of those surveyed said i

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