New national surveys from Mercury Analytics show most Americans cutting back, with finances influencing holiday shopping for six in ten consumers.

Washington, D.C., Dec. 23, 2025 – As Americans head into the holiday season, new research from Mercury Analytics finds that financial pressure is playing a significant role in how people are approaching holiday spending this year.

The findings are based on findings from two national omnibus surveys conducted by Mercury Analytics among 1,013 and 1,015 U.S. adults.

Sixty percent of respondents say their financial situation is influencing them to cut back on holiday shopping, while 8% say they expect to spend more overall.

“Six in ten consumers saying finances are influencing their holiday spending is a clear signal,” said Ron Howard, CEO of Mercury Analytics. “It shows that economic pressure is shaping holiday decisions for a majority of households this year.”

Holiday Sentiment Reflects Both Anticipation and Stress

Emotional responses to the holidays are mixed. Fifty-three percent of respondents say the holidays primarily make them think about family togetherness, while 36% associate the season with financial stress. Another 27% describe their feelings as mixed or negative.

Older Adults Are Most Likely to Reduce Spending

Spending intentions differ by age. Seventy percent of adults ages 55 to 64 say they plan to reduce holiday spending, the highest share among all age groups. Among adults ages 65 and older, 55% say they will cut back, making them less likely to reduce spending than those approaching retirement.

Younger adults, particularly those ages 25 to 34, are more likely to maintain or increase spending and account for a larger share of the 12% of consumers planning to give higher-end gifts.

Consumers Are Adjusting How They Give

Rather than eliminating gift-giving, many consumers say they are changing their approach. Forty-one percent plan to buy fewer gifts, and 39% say they will focus on practical or budget-friendly items. At the same time, 17% plan to make gifts themselves and 15% plan to give experiences or acts of service.

Retail Leads Holiday Shopping, While Digital Discovery Expands

Traditional retail remains central to holiday shopping decisions. Seventy-seven percent of respondents say they rely on physical retail stores, and 74% use retail websites. Social platforms also influence discovery, with 49% using Facebook.

Younger consumers are more likely to use TikTok (27%) and Instagram (26%), while 25% report using Google Gemini and 17% say they use ChatGPT to help guide holiday purchases. 

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Methodology

These findings are based on two national online omnibus surveys conducted by Mercury Analytics among 1,013 and 1,015 U.S. adults.

About Mercury Analytics 

Mercury Analytics develops and delivers industry-leading research technology designed to help organizations uncover deep, actionable insights with speed and precision. Combining a veteran team of researchers and in-house developers, Mercury provides clients with a unique blend of methodological expertise and advanced analytics tools, including its flagship platform, the Mercury Analytics Workbench.

From open-ends to full-scale mixed-method studies, Mercury supports a wide range of research needs across industries. The company is known for its hands-on partnership model, high standards of service, and ability to scale solutions without compromising quality. With a strong focus on automation, accuracy, and client experience, Mercury is committed to making high-quality research more accessible, efficient, and impactful.