SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesSurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure
In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.
PwC’s 2025 holiday forecast is out, and it calls for decreased spending among Gen Z consumers and a more cautious consumer in general who is searching for a sense of normalcy, good value, and to feel a connection with brands and retailers.
New York—‘Tis the season for dropping temperatures, falling leaves, pumpkin spice lattes, and holiday season predictions.
Earlier this month, PricewaterhouseCoopers (PwC) released its 2025 Holiday Outlook Survey.
Conducted over the summer, the survey showed that consumers expect their seasonal spending to decline on average by 5 percent when compared with 2024, the first notable drop since 2020, PwC said.
Average gift spend is anticipated to drop 11 percent.
PwC’s forecast seems less merry than the prediction Deloitte recently released, with PwC stating that retail is facing a “reality check, with cost concerns front and center.”
According to the survey, the drop in holiday spending is expected to be concentrated among the youngest consumers, members of Generation Z (ages 17-27).
Facing a tougher job market and inflation, and with limited savings given that they are early in their careers, Gen Z survey-takers said they plan to cut their holiday budgets (including gifts, travel, and entertainment) by 23 percent, from $1,752 last year to $1,357 this year.
When they do buy, a majority of Gen Z survey-takers (63 percent) said they will opt for resale and upcycled products, while one in three said they’re cutting consumption to reduce environmental impact.
Earlier this month, PricewaterhouseCoopers (PwC) released its 2025 Holiday Outlook Survey.
Conducted over the summer, the survey showed that consumers expect their seasonal spending to decline on average by 5 percent when compared with 2024, the first notable drop since 2020, PwC said.
Average gift spend is anticipated to drop 11 percent.
PwC’s forecast seems less merry than the prediction Deloitte recently released, with PwC stating that retail is facing a “reality check, with cost concerns front and center.”
According to the survey, the drop in holiday spending is expected to be concentrated among the youngest consumers, members of Generation Z (ages 17-27).
Facing a tougher job market and inflation, and with limited savings given that they are early in their careers, Gen Z survey-takers said they plan to cut their holiday budgets (including gifts, travel, and entertainment) by 23 percent, from $1,752 last year to $1,357 this year.
When they do buy, a majority of Gen Z survey-takers (63 percent) said they will opt for resale and upcycled products, while one in three said they’re cutting consumption to reduce environmental impact.
“Consumers are approaching holiday purchases more deliberately, deciding what matters most, where to scale back, and what feels worth the splurge.” — PwC
Meanwhile, holiday budgets for millennials (ages 28-43) surveyed are expected to decline slightly ($2,222 in 2024 vs. $2,190 in 2025).
Gen X consumers (ages 44-59) are expected to spend a little more ($1,454 in 2024 vs. $1,483 in 2025), as are baby boomers (ages 60-78), $1,126 in 2024 vs. $1,180 in 2025.
PwC said for retailers, it won’t be just about offering deals this holiday season.
While consumers are worried about rising costs, they’re also searching for a sense of normalcy, products that feel like a good value to them, and brands that “get” them.
“Consumers are approaching holiday purchases more deliberately, deciding what matters most, where to scale back, and what feels worth the splurge,” PwC said.
“Brands that recognize these nuances, and meet shoppers where they are, have an opportunity to build loyalty that lasts beyond December.”
In its summary of the survey results, published Sept. 3, PwC noted its findings reflect consumer sentiment as it stood in June, a figurative lifetime ago in the current economic environment.
“Economic signals continue to shift and, between now and December, purchasing behavior could evolve in response,” PwC said.
It’s also worth noting that while jewelry has proven resilient to broader economic headwinds so far, the full effects of the tariffs have yet to be felt.
In a recent post on LinkedIn, Sherry Smith, director of business development at Edge Retail Academy, said independent jewelers delivered a “modest” 1 percent increase in gross sales in August, with average retail sale increasing but number of units sold decreasing.
Tariffs continue to impact consumer confidence, creating uncertainty about how the holiday season will play out.
In her post, Smith advised retailers to plan cautiously, be disciplined with their finances, optimize their inventory, and remain agile.
“Despite uncertainty, one truth remains—independent jewelers are resilient,” she wrote.
“With focus, strategy, and adaptability, you can finish 2025 strong. We’ve weathered challenges before, and with discipline and creativity, we’ll do it again.”
Conducted online between June 26 and July 9, PwC’s holiday survey consisted of 4,000 U.S. consumers who are representative of the country’s population across gender, region or state, and generation, PwC said.
There were 1,000 respondents each from the baby boomer, Gen X, millennial, and Gen Z demographic groups.
Editors' Picks
Sponsored by
More on Surveys
The Latest
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
