2025假日展望报告：季节性重构价值意义与代际变迁（英）

Holiday Outlook 2025A seasonal remix: Value, meaning and generational shiftsPwCAccording to PwC’s 2025 Holiday Outlook survey, consumers expect their seasonal spending to decline on average by 5% from 2024 — the first notable drop since 2020. More broadly, 84% expect to cut back over the next six months, citing rising prices, new tariffs and the higher cost of living. But that's only part of the story. While discounts matter this season, shoppers aren’t just searching for deals. They’re looking for a sense of normalcy, value and brands that “get” them. The sharpest breaks fall along generational lines. Gen Z respondents (ages 17 to 28) — many dealing with major life transitions and early careers in a tough job market, often without much in savings — say they expect to reduce their holiday budgets by 23%, more than any other generation. That means retailers could be fighting harder for a smaller pool of Gen Z’s discretionary dollars this season. By contrast, millennials, Gen X and baby boomers expect to maintain or even increase their holiday spending.It’s worth noting, however, that these findings reflect sentiment captured in June, at a time where there was more uncertainty around tariffs, which have since been delayed or paused (and therefore might not have as great an impact on survey respondents' estimated spending). Economic signals continue to shift and, between now and December, purchasing behavior could evolve in response.Consumers are approaching holiday purchases more deliberately, deciding what matters most, where to scale back and what feels worth the splurge. Brands that recognize these nuances, and meet shoppers where they are, have an opportunity to build loyalty that lasts beyond December.“For retailers, the takeaway is to look beyond price cuts — and to understand how life stage, values and emotions drive spending. 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 spend11%drop in average gift spend23%drop in holiday spend for Gen Z~40%of all planned gift spending in 5 days (Thanksgiving to Cyber Monday)Holiday Outlook 20252PwCTable of contentsSpending slows, celebration stays 4 One season, many shoppers 6 Value hits the right note 8 Flexibility drives the holiday cart 10The five days that matter most 12 Snacks over sweaters 14 Home for the holidays 16 The new rhythm of the season 18PwCRetail is facing a reality check, with cost concerns front and center. According to PwC’s 2025 Holiday Outlook survey, 84% of consumers say they expect to cut back in general over the next six months, especially on dining out (52%), clothing (36%) and big-ticket items (32%). During the holiday season, specifically, 53% say that general price increases will likely affect their spendin