美国关税调查系列：关税压力下的假日消费

U.S. Tariff SurveySeries: HolidaySpending Under TariffPressure A special report on a holiday season defined byprice pressure, value-seeking, and divergingconsumer mindsets. December 2025 Executive SummaryHoliday 2025: Caution, Creativity, and the Searchfor Value As 2025 draws to a close, U.S. consumers are navigating one of the most price-sensitive holiday seasons inrecent memory. Tariffs and inflationary pressure continue influencing everyday decisions, and the Decembersurvey shows a marketplace defined not by retreat, but by recalibration. Shoppers are engaged — but they arealso cautious, calculating, and increasingly strategic. They are adjusting how they shop, when they shop, howmuch they spend, and which brands they trust. Economic confidence remains uneven: while younger consumers maintain pockets of optimism, oldergenerations express significantly more strain. Men report higher economic confidence than women, yet bothgenders show strong value-seeking patterns. The central theme across all demographics:every dollar mustfeel justified. Black Friday/Cyber Monday (BFCM) acted as a testing ground for how consumers interpret value in atariff-shaped landscape. Many shoppers participated and remained steady in spend, while others skipped theevent altogether — creating open opportunity for December activation. Buyers who did engage leaned onfamiliar tactics: waiting for price drops, comparing across channels, hunting for free shipping, and abandoningcarts when taxes and fees felt inflated. Executive Summary This mini-report equips brand marketers with theinsights they need to align messaging andpromotional strategies to evolving consumerexpectations ahead of Black Friday/Cyber Monday2025. Across the board,transparency has become aloyalty accelerant, especially among youngershoppers. Consumers reward clarity, honesty, andpredictability — particularly in a season when pricesfeel volatile. This expectation for truth in pricing mirrorsbroader sentiment captured earlier in the year,reaffirming transparency as a competitive advantage. It is based on survey data collected December 2-42025, from 371 U.S. consumers, evenly split acrossgenders and adult age groups. Looking ahead into December, price sensitivity, channelfragmentation, and demographic divergence will shapethe remainder of the holiday season. To win, brandsmust combine clarity with personalization, deliveringreliable value and frictionless experiences whileadapting outreach to the emotional and economicposture of each demographic group. Inside, we outline the new rules of engagement forbrands navigating economic turbulence andplanning for revenue resilience in this pivotal month. The result? A holiday season where value is king, trustis currency, and the brands that communicate withempathy, transparency, and precision will finish theyear strongest. Consumer ConfidenceA Holiday Season Defined by Caution Consumer confidence remains fragile as shoppers navigate inflation, tariffs, and a year ofvolatile pricing. While a small share of the population expresses optimism, a much largerportion enters December with worry and restraint.A full 26% of consumers say they feelmore cautious in their spending than they were at the start of the year, accompaniedby another 21% who feel less secure and 12% who describe themselves as panicked.This emotional landscape is heavily influenced by age: Millennials and Gen Z continue toshow resilience, with optimism between 26–30%, while Boomers report only 17%optimism and Gen X stabilizes in the low twenties. Gender divides intensify thesecontrasts, with men reporting optimism at 32% and women significantly lower at 13%. 26% of consumers say they feelmore cautious enteringDecember These differences shape how shoppers approach December promotions. Youngeraudiences may be receptive to time-sensitive deals that frame purchases asopportunities, while older consumers need messaging rooted in stability and clarity.Economic strain is not uniform — but it is strong enough to require empathy-firstcommunication across all channels. Price SensitivityTariffs and Rising Prices Reshape Holiday Behavior Price sensitivity has become one of the defining forces of the 2025 holiday season.Many shoppers areadjusting their habits in clear response to retail volatility: 49% now seek deals more often,38% saythey are spending less or reallocating their budgets, and 29% report prioritizing essentials over gifts. Theseshifts are especially notable across age groups — Gen X leads the surge in deal-seeking at 56%, whileMillennials and Gen Z each reach 50%, reinforcing that younger consumers are highly proactive inmaximizing value. Boomers show fewer changes to shopping routines but remain financially constrained. Tariffs influence behavior even when shoppers donʼt cite them directly. For example, high shipping fees,taxes, and total-cost surprises have become major sources of abandoned carts, suggesting that consumersare sensitive to any