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1、Holiday Outlook 2025A seasonal remix:Value,meaning and generational shiftsPwCAccording to PwCs 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,citin

2、g rising prices,new tariffs and the higher cost of living.But thats only part of the story.While discounts matter this season,shoppers arent just searching for deals.Theyre looking for a sense of normalcy,value and brands that“get”them.The sharpest breaks fall along generational lines.Gen Z responde

3、nts(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 Zs discretion

4、ary dollars this season.By contrast,millennials,Gen X and baby boomers expect to maintain or even increase their holiday spending.Its 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

5、 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,wher

6、e 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 sp