Holiday travel holds its nerve as shoppers pull back: Takeaways for tourism from PwC’s 2025 Holiday Outlook

PwC Holiday Outlook 2025: Spending slips

NEW YORK — U.S. consumers are bracing for their first holiday spending dip since 2020, according to PwC’s 2025 Holiday Outlook survey. Shoppers expect to spend an average of $1,552 this season, down 5% from last year, with gift budgets falling 11%. Gen Z is pulling back the most, planning to reduce spending by 23%, while baby boomers expect to spend 5% more.Even with tighter wallets, traditions remain strong. Families still plan to travel, gathe…

Holiday travel holds its nerve as shoppers pull back: Takeaways for tourism from PwC’s 2025 Holiday Outlook

Even as US consumers signal the first notable 5% decline in overall holiday spending since 2020, travel demand looks surprisingly resilient. PwC’s latest Holiday Outlook suggests travel and entertainment will be “holding steady,” ticking up by about 1% year over year — a bright spot in an otherwise tighter season.