A recent poll from SurveyMonkey, in partnership with CNBC, reveals that rising prices and economic uncertainty are significantly affecting Americans’ plans for the 2025 holiday shopping season.
Many households say they will reduce spending on gifts and non‑essentials, while shifting preferences toward value and practicality are emerging.
Many Americans plan to spend less this holiday season
According to the SurveyMonkey–CNBC survey, 40 % of U.S. consumers intend to spend less this holiday season compared with last year.
Among cost‑saving strategies: 58 % plan to buy fewer gifts, 48 % will rely more on sales and discounts, and 46 % anticipate cutting back on non‑essential purchases.
The survey also shows widespread concern about rising costs: 78 % of respondents said holiday shopping feels more expensive than last year.
For many, that means scaling back on travel, decorations, entertainment and other extras — not just gifts.
Small‑business shopping loses ground
Despite being a traditional moment for support of independent and local retailers, the poll found only 23 % of Americans plan to shop on Small Business Saturday this year.
Lower awareness of local stores, higher prices compared with major retailers, and lack of preferred brands were cited as top reasons for skipping small‑business shopping.
This trend may be worrisome for smaller retailers who often count on holiday traffic for a significant portion of annual revenue. Considering fewer shoppers are participating, those businesses may struggle unless they adapt with more competitive pricing or targeted promotions.
Stronger online sales despite caution — a shift in shopping patterns
Despite widespread caution over budgets, the holiday season’s biggest commercial event, Black Friday, delivered record online sales. According to Adobe Analytics, U.S. online spending on Black Friday reached US $11.8 billion — a 9.1 % increase compared with 2024.
E‑commerce growth outpaced in‑store retail: according to Mastercard SpendingPulse, online sales rose 10.4 % year‑on‑year, while physical store purchases inched up just 1.7 %.
Part of this surge reflects changing consumer behaviour: shoppers are using digital tools, waiting for deep discounts, and spreading out purchases over time rather than concentrating all spending on promotional days.
What this means for retailers and supply‑chain stakeholders
For large retailers and e‑commerce platforms, the combination of price sensitivity and robust online behaviour could be a silver lining: demand persists, but buyers are carefully hunting for value.
Promotional strategies, AI‑driven deal‑finding tools and mobile‑first shopping experiences may prove decisive in capturing share.
For small and independent retailers, the drop in consumer interest in Small Business Saturday is a concern. To stay relevant, many may need to rethink pricing, marketing and value proposition, emphasising affordability, uniqueness or convenience to attract cost‑conscious holiday shoppers.
Across the board, 2025’s holiday season seems defined less by indulgence and more by pragmatism — a shift that may reframe how holiday commerce looks from now on.
