As the holidays approach, many people are bracing themselves for an expensive shopping season amid tariffs, inflation, and an overall higher cost of living. As a result, 84% of consumers said they plan to cut back on spending — particularly on dining out, clothing, and big-ticket purchases — over the next six months, according to PwC’s 2025 Holiday Outlook. Even so, respondents expect to spend an average of $721 on holiday gifts (down from $814 in 2024). And more than half plan to lean on credit cards to ...