A preview of the holiday season based on early consumer signals

Early insights from our 7th Annual Holiday Shopping Study show consumers are taking control of how, when, and why they buy. Businesses need to plan for a different kind of season. 

This holiday season is taking shape in the context of an uncertain and uneven economy. 2025 has brought continued volatility, from shifting consumer demand to the impact of tariffs and pricing pressure across categories. Shoppers are responding with more deliberate decisions about where and when they spend. There is no single narrative driving the consumer behavior. Instead, consumers are making value-based decisions shaped by timing, personal priorities, and trust.