Consumer Behavior
Holiday shopper spending projected to hit 2nd highest in 23 years
October 23, 2025
Consumers are projected to spend $890.49 per person on average this holiday season, according to a National Retail Federation survey and the amount is the second-highest in the survey's 23-year history.
The projection is just 1.3% less than last year's record of $901.99, according to a press release on the survey's findings. The survey was conducted by Prosper Insights & Analytics.
"Time and again, Americans prioritize spending on loved ones for holidays despite economic uncertainty," NRF Vice President of Industry and Consumer Insights Katherine Cullen said in the release. "With more consumers planning to seek out sale events this year, retailers are prepared to deliver on deals and value to ensure consumers have everything they need to make the holiday special."
Out of the total, $627.93 will go to gifts for family and friends. The remaining $262.56 will be used on seasonal items like food or candy, decorations and greeting cards.
Tariffs remain top of mind for most holiday shoppers, with 85% anticipating higher prices because of tariffs, according to the survey. Nearly two-thirds (63%) plan to wait until Thanksgiving weekend to do most of their holiday shopping, up from 59% last year.
"Despite consumers' economic concerns, the winter holidays remain an important occasion to celebrate with loved ones," Prosper Executive Vice President of Strategy Phil Rist said in the release. "This is particularly true for those families with children who are expected to increase their gift budgets by more than $30 on average."
