Sayre Balk, 24, is spending less on holiday gifts this year. The administrative assistant just moved to New York City and is feeling the pinch on her wallet from the move and "rising prices for everything."
Other Gen Z shoppers are also cutting back their holiday spending by an average of 23%, according to a new holiday outlook.
Overall, U.S. consumers of all ages said they'd be spending 5% less this holiday season, citing rising prices, tariffs and higher cost of living, according to the latest PwC 2025 Holiday Outlook.
That was the first notable drop since the COVID-19 pandemic broke out in 2020, according to the global professional services firm.
But Gen Z shoppers, who are ages 13 to 28, have had a particularly dramatic reversal of their planned holiday spending compared with last year's results, Ali Furman, PwC consumer markets industry leader, told USA TODAY. Last year, they planned to spend 37% more on holiday shopping, she said.
