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
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
MajorsAug 19, 2026
Mike Alexander To Succeed Scott Murphy as Jewelers Mutual CEO Murphy will retire at the end of the year and Alexander, currently the company’s president, will take over at the start of 2027.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
