A seasonal remix: Value, meaning and generational shifts

Holiday shopping typically plays out like a well-rehearsed melody – steady rhythms, familiar refrains. But this year, it feels more like jazz: improvisational and less predictable, with shifting consumer behavior, smarter spending and a younger generation leading the key change. According to PwC's 2025 Holiday Outlook survey, consumers expect their seasonal spending to decline on average by 5% from 2024 – the first notable drop since 2020.