Survey: Inflation, tariffs lead consumer concerns ahead of holidays
Financial strain is adding up for holiday shoppers.
Seven-in-10 consumers say inflation is negatively impacting their finances this holiday season, followed by tariffs (60%) and global economic conditions (55%), reveals a new survey from financial services organization Thrivent.
Among those concerned about their holiday finances, the top two reasons for concern according to Thrivent’s survey include worrying about the general cost of everything given rising prices (64%) and living paycheck to paycheck (32%). More than a third (37%) of Americans say they feel pressured to spend more than they can afford during the holidays.
For respondents who intend to scale back on gifts, the majority indicate they will either purchase fewer items overall (56%) or opt for less expensive alternatives (50%). More than half of those who plan to cut back on travel say they plan not to travel at all.
Women are more likely to feel concerned about managing their holiday finances than men (54% to 46%) and parents are more concerned than non-parents (58% to 45%). Adding to this concern, moms are also feeling the greatest worry about their finances (61%). Roughly eight-in-10 (79%) moms plan to cut back on holiday spending this year.
Gen Z (39%), millennial (44%) and Gen X (44%) respondents are feeling more stressed about holiday shopping than baby boomers (28%), according to the survey. When comparing how they feel about holiday spending this year versus how they recall feeling last year, millennials say this year is worse than last (39%), which is more negative than Gen Z (33%), Gen X (35%) and baby boomers (31%).
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“While there’s still so much to celebrate and be thankful for, we expect the pressure of higher prices and less disposable income to change holiday traditions and spending for many people,” said Thrivent financial advisor Sarah Hamlen. “Working with a financial advisor can give people clarity and confidence so they can focus on what truly matters – celebrating the season without the stress of overspending.”
Thrivent’s survey was conducted by Ipsos from Sept. 29 to Oct. 6, 2025, using the probability-based KnowledgePanel. The poll is based on a nationally representative probability sample of 2,279 general population Americans.
