2025假日展望：季节性重构：价值、意义与代际变迁

A seasonal remix: Value, meaningand generational shifts 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, 5%drop in average holiday spend 11% drop in average gift spend According to PwC’s 2025 Holiday Outlook survey,consumers expect their seasonal spending to declineon average by 5% from 2024 — the first notable dropsince 2020. More broadly, 84% expect to cut back overthe next six months, citing rising prices, new tariffsand the higher cost of living. But that's only part of the It’s worth noting, however, that these findings reflectsentiment captured in June, at a time where there wasmore uncertainty around tariffs, which have sincebeen delayed or paused (and therefore might not have 23%drop in holiday spend ~40%of all planned gift spendingin 5 days (Thanksgiving to Consumers are approaching holiday purchases moredeliberately, deciding what matters most, where toscale back and what feels worth the splurge. Brandsthat recognize these nuances, and meet shoppers The sharpest breaks fall along generational lines.Gen Z respondents (ages 17 to 28) — many dealingwith major life transitions and early careers in a toughjob market, often without much in savings — saythey expect to reduce their holiday budgets by 23%,more than any other generation. That means retailers “ price cuts — and to understand how lifestage, values and emotions drive spending. Spending slows,celebration stays Retail is facing a reality check, with cost concerns front and center.According to PwC’s 2025 Holiday Outlook survey, 84% of consumerssay they expect to cut back in general over the next six months,especially on dining out (52%), clothing (36%) and big-ticket items Even with expectations of spending slightly less this holiday season(US$1,552 per person on average, down 5% from 2024), consumersremain committed to preserving cherished traditions. This marks thefirst noteworthy dip since the pandemic in 2020, but holiday outlaysare still relatively substantial. The biggest adjustment is in gift spending,which is down 11% to an average of $721 — compared with $814 in 10% lower average gift spend by thoseconcerned about tariffs Consumers concerned about tariffs, whether because of higher pricesor limited availability, are tightening their wallets more than others.On gifts, they expect to spend 10% less — $690 compared with $756for those who don’t express concern. And the restraint doesn’t stop Even though consumer sentiment is down according to the University ofMichigan, and overall spending is expected to dip based on our HolidayOutlook survey, we believe people will continue to prioritize holidayrituals and meaningful experiences. Our survey shows that many arestill planning to travel, host celebrations and exchange gifts, even if itstrains budgets and means adjusting elsewhere. And based on historical Why it matters Consumers may be pulling back, but they’re not stepping away. Evenas cost concerns mount and the average expected holiday spend ticksdown, many shoppers are still planning to travel, host and give—justmore selectively. The tension between what consumers say and whatthey actually do may also emerge this season, as the desire to preserve One season,many shoppers Beneath the topline dip in holiday spend lies a deeper shift: Not allconsumers are behaving the same way. Gen Z is cutting back moresharply than other groups, while baby boomers plan to increase Gen Z is pulling back the most of any group, saying they plan to slashholiday budgets by 23%. This marks a sharp reversal from 2024, whenGen Z’s holiday budgets surged 37% year over year, highlighting howquickly spending patterns can swing in response to shifting economicrealities. Likely due to today’s tougher job market combined with Among millennials, expected holiday spending is nearly flat YoY, downjust 1%, likely balancing peak earning years with high fixed expenses,higher cost of living and tariff concerns. Meanwhile, the averagespend for baby boomers is up 5% compared to 2024. Together, thesetrends point to a broader “spending reset” driven less by simple cost-consciousness and more by life stage pressures and evolving priorities. Interestingly, Gen Z plans to balance budget concerns with a focuson sustainability and wellness when choosing what to buy this year.According to the survey, 63% are opting for resale and upcycledproducts, and 1 in 3 say they’re cutting consumption to reduceenvironmental impact. In addition, 34% of Gen Z (versus 27% overall)say sustainability or health and wellness are top factors they consider In addition to the generational divide, other demographics like locationand family status play a role in consumer behavior. Households withchildren are expected to spend more than twice as much as those Why it matters The holiday season is now a mosaic of distinct shop