Surveys

10-Year Rewind: Comparing 2024 Holiday Shoppers With the Consumers of 2015

SurveysDec 02, 2024

10-Year Rewind: Comparing 2024 Holiday Shoppers With the Consumers of 2015

PricewaterhouseCoopers’ 2024 holiday trends survey took a 10-year look back to see what mattered to consumers then versus now.

Holiday presents
For its 10th annual “Holiday Outlook” report, PricewaterhouseCoopers compared shoppers today with the consumers of 2015. PwC surveyed a total of 4,000 consumers for the report.
New York—With the end of 2024 approaching, many of us are looking to the year ahead.

For its 10th annual “Holiday Outlook” report, PricewaterhouseCoopers (PwC) is glancing in the rearview mirror instead, comparing the priorities of today’s shoppers with the values of shoppers in 2015.

From online versus in-store shopping to cautious spending, here are the top four takeaways from the report.

Consumers this year are more pessimistic than they were in 2015.
While “2015” may not sound like that long ago, a lot has changed in the last decade, from our technological capabilities to our political climate.

In 2015, Instagram was only five years old, and there were no Reels or TikTok. 

Barack Obama was in the middle of his second term as president.

“Jurassic World” was the summer box office hit while series fans bid adieu to “Glee,” “Parks and Recreation,” and “Mad Men.” Notably, these shows aired on network TV while many of today’s top shows are available via streaming services.

The pandemic that would bring the world to standstill was five years away. 

In 2015, 85 percent of consumers told PwC they plan to spend the same or more on holiday gifts than they did in 2014. 

This year, only 66 percent of consumers plan to spend the same or more than last year, while 26 percent plan to spend more.

Meanwhile, the percentage of shoppers planning to spend less (29 percent) has nearly doubled when compared with 2015.

“This shift signals a more cautious market, requiring businesses to refine their value propositions and adapt strategies to capture diverse consumer segments,” said PwC.

Notably, millennials are the biggest spenders, both in 2015 and now.

Millennials, defined by PwC as ages 28-43, continue to drive overall spending, the report said, with their average holiday spend up 22 percent year-over-year to $2,222.

Millennials are also more likely to buy and receive experience-type gifts, and plan to allocate 20 percent of their overall holiday budget to entertainment.

Gen Z, defined as ages 17-27, is catching up, with holiday spending among this age group up 37 percent year-over-year to $1,752. 

Members of Gen Z also are more likely to buy gifts for themselves, with 37 percent of their budget allocated to personal purchases. For all consumers, it’s 32 percent. 

“While Gen Z leads in budget increases across the board, Gen X (defined as ages 44-59) plans to scale back this holiday, especially on gifts and travel,” said the report.

Gen X and the baby boomers, defined as ages 60-78, plan to reduce their budgets by 9 percent and 6 percent year-over-year, respectively.

Shoppers overall plan to spend an average of $1,638 on gifts, travel, and entertainment this holiday season, said PwC, a 7 percent increase from 2023.

PwC attributed the increase in part to the impact of inflation. There has also been an emphasis on experiences and travel, with consumers valuing these options even more after being restricted during the height of the COVID-19 pandemic.

In 2015, consumers planned to spend $1,018 on holiday gifts, travel, and entertainment. 

Though this year’s average may suggest higher overall spending, individual behaviors can vary.

“While some consumers are spending more and others are cutting back, the numbers reflect both varied spending habits and the influence of inflation, which has driven up costs across the board,” said the report.

The study noted some regional differences in projected spending, with the South experiencing the largest jump year-over-year at 29 percent, followed by the West (15 percent), the Midwest (12 percent), and the Northeast (0.4 percent).

 Related stories will be right here … 

As shoppers prioritize price, retailers may want to focus on marketing and promotions.
Offering promotions may seem obvious for the holiday season, but it’s a particularly good strategy for attracting shoppers this year, according to PwC.

In 2015, 70 percent of holiday shoppers said price was the primary driver of their spending choices. This year, 89 percent cited price as being paramount.

“This year’s diverse spending patterns reflect broader economic trends and changing consumer priorities. They also signal a holiday season of evolving purchasing behaviors that should shape how retailers approach pricing and promotion in the coming year,” said the report.

Shoppers will likely take a mixed approach to holiday shopping, looking for deals while spending more on select gifts.

The report suggested retailers focus on upping consumer marketing and offering strategically timed promotions.

In-store shopping is less popular now than it was in 2015.
In 2015, nearly 60 percent of consumers planned to do their holiday shopping in a physical store. 

This year, it’s 45 percent as shoppers turn to a “mixed-mode” approach, said PwC, shopping both in stores and online.

Despite the decline in the last decade, PwC said physical stores still play an important role in holiday shopping, due in part to their experiential appeal.

Nearly one-fifth of those surveyed (22 percent) said holiday displays and store atmosphere got them to head to a store, followed by holiday-specific products (21 percent), and making an event out of holiday shopping (17 percent).

 “Physical storefronts are still important … By blending innovative, experience-driven offerings with trusted, tactile shopping environments, they can effectively cater to both emerging and established consumer bases.” — PwC 2024 “Holiday Outlook” report 

Notably, customers who shop in stores more often spend more, averaging $2,307 compared with $1,297 for those who do more of their shopping online.

The report also noted a preference for tech-enhanced shopping experiences, with 63 percent of frequent in-store shoppers saying self-checkout technology and mobile payment solutions are important.

“Physical storefronts are still important. To run them effectively, retailers should clearly define how these stores serve their target customers,” said PwC.

“By blending innovative, experience-driven offerings with trusted, tactile shopping environments, they can effectively cater to both emerging and established consumer bases.”

Holiday spending may hit a plateau this year.

In its report, PwC outlined how consumer behavior has changed during the last 10 years.

From 2015 to 2019, the percentage of shoppers planning to spend more increased steadily each year due to a “robust” economy, rising disposable income, and increases in consumer confidence, PwC said.

“[The year] 2020 marked a significant departure from the previous trend. The COVID-19 pandemic led to widespread uncertainty, economic disruptions, and a dramatic shift in consumer priorities,” said PwC.

For the first time in a decade, the percentage of customers planning to spend more for the holidays sank, with the focus going to essential spending due to economic uncertainty and health concerns.

From 2021 to 2023, holiday spending began to rebound, with online shopping continuing to grow while in-store shopping began its slow recovery, leading to a hybrid model by 2023.

This year, consumers are taking a more cautious approach to the holiday season.

“Despite economic growth, the percentage of consumers planning to spend more has hit its lowest point since 2020, reflecting a shift toward saving and financial security,” said PwC.

“However, fewer consumers plan to cut spending, indicating a stabilization. Many are taking a cautious ‘wait-and-see’ approach, balancing financial prudence with holiday traditions.”

To read the full report, visit the PwC website.

The Latest

Bellman’s Jewelers The Truthful Jeweler Alex Bellman
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes Off

The New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”

Stock image of police cars with lights flashing
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, Robbed

The latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.

Oris New York Harbor Limited Edition II Watch
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster Restoration

The new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Jewelers for Children logo
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ Challenge

Participants who attend any three Rings of Strength events will be awarded a special medal.

Weekly QuizAug 15, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Lulo Rose pink diamond
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner Lucapa

The investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.

National Jeweler columnist and jewelry sales expert Peter Smith
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry Retail

Smith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Fake Van Cleef & Arpels Alhambra earrings
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ Earrings

The counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.

MJSA Logo
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally Recognized

The MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.

Masaki Obu
WatchesAug 19, 2025
Casio America Names New Timepiece Division Manager

Casio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.

Michael Barabash and husband Raymond Cuadrado
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58

Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.

John Hardy Dot Coil Necklace and Dot Hoop Earrings
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on Point

Originally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.

IJO Vendor of the Year Allison-Kaufman
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the Year

Allison-Kaufman has received the honor for the fourth year in a row.

Image of Winona Ryder and Iman from Pandora’s Be Love marketing campaign
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans

The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.

Taylor Swift Etho Maria ruby earrings The Life of a Showgirl TS12
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings

Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.

Audemars Piguet Starwheel Watch
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in Manufacturer

Its investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.

Nicolette Bianchi
MajorsAug 15, 2025
Rio Grande Names New Marketing Director

Nicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.

Pippa Small Myanmar Fish Cluster
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’

Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.

Casio America CEO Yusuke Suzuki
MajorsAug 14, 2025
Casio America Names New CEO

Longtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.

LA Trading Day
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LA

The full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.

Cristiano Ronaldo and Stephanie Gottlieb Ring
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut Diamond

Model Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.

International Colored Gemstone Association logo
SourcingAug 13, 2025
ICA Names 2025 Board of Directors

The board elected 9 new directors at its recent ICA Congress in Brazil.

Whiskey Barrel Ring
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring Giveaway

Three winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.

Columbia Gem House Winza sapphires and rubies
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, Rubies

The new inventory, all untreated, features vibrant hues and unique bicolor combinations.

Gemfields Faberge
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50M

Acquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.

Shipping containers on a ship
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump Says

President Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy