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.
More on Surveys
The Latest
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
