Deloitte study: holiday spending is slightly down this year. The largest budgets go to clothing and accessories, while gift cards are gaining ground

Holiday spending is decreasing slightly this year, by about 10%, compared to the previous year, as three-quarters of consumers (77%, compared to 69% in 2024) expect higher prices on holiday goods, and more than half (57%, compared to 30% in 2024) estimate the economy to weaken in the coming year, according to the Deloitte Holiday Retail Survey 2025. Clothing and accessories lead buyers' preferences as share of spend (20% of the total), but gift cards are expected to gain ground (17%, up four percentage points compared to the previous year), while the share of electronics decreases to 12%, from 15% last year.

On the other hand, more buyers (47%, compared to 39% in 2024) choose to offer experiences (restaurants, event tickets, spa, etc.), which is why expenses of this type would decrease less (by 6% year-on-year) than those allocated to retail items (-14%).

The study also shows that seven out of ten consumers are engaging in multiple deal-seeking behaviours, and 68% plan to use digital tools (social media – 59%, generative artificial intelligence – 33%, price comparison, and chatbots) for holiday shopping.

By age groups, only the Generation X representatives (45 to 60 years old) intend to spend more on holiday presents this year (by 3%), while young people from Generation Z (18 to 28 years old) are planning to spend 34% less than a year ago. Moreover, the latter are more likely to seek deals (95%), but they are also turning to social media (74%), artificial intelligence (43%), and influencers to find the best prices. On the other hand, Gen Zs are the most interested in luxury goods (57%, compared to 44% of all participants in the study), considering them as a worthy investment.

"The domestic and international economic context urges consumers to be cautious, including during the winter holidays. Deals are in high demand, and Generation Zs are proving to be the most challenging buyers. This caution is also confirmed by the consumption data this year, especially in Romania, where it indicates a 4% annual decrease (October data), as prices are higher due to VAT increase starting with August 2025, but also to other factors that have acted in this direction. Consequently, in order to remain relevant to their customers, retailers need to analyse consumer behaviour and act proactively to meet their expectations with deals and shopping experiences that differentiate them from their main competitors," said Raluca Baldea, Tax Partner, Deloitte Romania, and the Leader of the retail and consumer goods industry.

Online retailers are once again this year attracting more than half of the holiday budget (56%), while in-stores retailers are preferred for food and beverages (82%), home and kitchen (56%) or clothing and accessories (55%).

On the other hand, 58% of consumers consider holiday gift shopping stressful, and 77% are dissatisfied when shopping online, especially due to slow or delayed shipping (37%) or items being out of stock (36%). Under these conditions, buyers would appreciate if retailers helped them find the right gifts (45%) or provided wish lists or gift registries (25%).  

The Deloitte Holiday Retail Survey 2025 was conducted among nearly 4,300 US consumers and analyses their consumption behaviour during winter holidays.

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