US Holiday Spending Set for Steepest Drop Since Pandemic, PwC Survey Shows

Holiday spending by U.S. consumers is set for its steepest drop since the pandemic as shoppers — particularly Gen Z — pull back amid economic uncertainty, a PricewaterhouseCoopers survey showed.

PwC, which polled about 4,000 U.S. consumers between June and July, said shoppers on average plan to spend about $1,552 per person, down 5.3% from last year. The last comparable decline was in 2020, when average spend fell 7.6% to $1,187.

About 84% of consumers expect to curb spending over the next six months, especially on apparel, big-ticket items and dining out. More than half said price increases are likely to affect their holiday decisions...

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