A Thrivent survey finds inflation, tariffs and household pressure are reshaping seasonal budgets, with dining, gifts and travel facing the sharpest cuts.
Thrivent’s 2025 Holiday Spending Survey finds that two-thirds of Americans plan to reduce holiday spending in at least one area, while half are concerned about managing their finances during the season. The findings suggest that seasonal celebrations are being shaped as much by household affordability as by tradition, with inflation and tariffs weighing on financial confidence. The survey was conducted by Ipsos for Thrivent among 2,279 American adults, using a nationally representative probability sample.
Economic concerns extend beyond the immediate cost of gifts. Seven in ten respondents say inflation is negatively affecting their finances during the holiday season, followed by tariffs at 60% and global economic conditions at 55%. Among those worried about their holiday finances, 64% cite the general cost of goods as a concern, while 32% say they are living paycheck to paycheck; 37% also feel pressured to spend more than they can afford.
The areas most likely to absorb reductions are dining out, gifts and travel. Among respondents intending to spend less on gifts, 56% plan to buy fewer items and 50% expect to choose less expensive alternatives, while more than half of those reducing travel say they will not travel at all. Parents report greater financial concern than non-parents, at 58% compared with 45%, and 79% of mothers plan to cut back on holiday spending.
The survey also points to an emotional dimension to the pressure. Forty-two percent of women associate stress with holiday shopping, compared with 35% of men, while 44% of parents make that connection compared with 34% of non-parents. Gen. Z, Millennials and Gen. X report higher levels of shopping stress than Baby Boomers, and Millennials are the most likely generation to say holiday spending feels worse than last year.
Thrivent Financial Advisor Sarah Hamlen recommends that households set a realistic budget before shopping, focus on shared experiences rather than spending, and adapt traditions to current circumstances. Her suggestions include tracking expenses, setting agreed spending limits and replacing costly exchanges with shared meals or activities. For Thrivent, the findings place financial guidance alongside seasonal consumption, indicating how affordability concerns are influencing both purchasing decisions and the way families define celebration.
