The holiday shopping season has already begun, with some retailers having stocked shelves in late summer to get ahead of potential tariffs and supply chain issues, according to a new Bank of America (BoA) survey. Regardless of whether you have already started tackling your gift list, are planning to soon, or always wait until the last minute, most holiday shoppers are clamoring for the same thing: discounts.
Pricing is the most important factor (68%) influencing consumers’ holiday purchase decisions, with 87% of all consumers surveyed indicating they planned to take advantage of discount retailers. More than half (54%) will shop at wholesalers, an increase from 2024 (39%).
Other factors include:
📦Convenience (e.g. fast shipping, easy access, one-click payments): 39%
🧾Accumulating loyalty rewards (e.g. points, future credit, exclusive member access): 22%
🗣️Social media trends/influencer recommendations: 18%
Meanwhile, outlet malls and e-commerce sites are seeing a decrease in consumers’ interest, according to the survey.
More than half of consumers (52%) are kicking off holiday shopping earlier than usual and purchasing gifts before October. Top reasons include:
💲Spreading out expenses to avoid holiday stress: 35%
📈Concerns that tariffs will lead to increased prices: 27%
🤖Worry over product availability or shipping delays: 21%
🤹Taking advantage of summer sales: 17%
Shopping Spend Will Go Up a Scooch
Even though 62% of consumers said the current economic climate would cause additional financial strain from holiday expenses, 58% are still planning to spend the same or more buying gifts as they did last year from Thanksgiving to New Year’s.
Nearly six in ten (58%) of people surveyed said holiday gifts feel more expensive this year, which they attribute to:
💸Inflation: 62%
💰Tariffs: 58%
📈Companies prioritizing profit: 33%
Among those anticipating financial strain this holiday season, consumers surveyed said their top strategies for reducing stress include:
💵Sticking to a budget: 53%
🛒Shopping at discount stores: 38%
💳Redeeming rewards/points: 36%
🎁Buying fewer gifts for fewer people: 31%
Consumers are pulling back on gift-giving this holiday season and taking on the following approaches:
• 38% plan to only buy gifts for immediate family and closest friends.
• 23% have agreed with family members to scale back on gifts.
• 23% say they’ll give to the same number of people, but with smaller/less expensive gifts.
• 21% plan to give more practical or experiential gifts (e.g., gift cards, shared experiences).
Black Friday Still Rules
Black Friday remains the most popular time for holiday shopping, with 25% of consumers shopping during this sale. Among Gen Z (born after 1995), 41% plan to make the majority of their purchases on this day, up from 36% in 2024.
According to Bank of America aggregated credit and debit card data, in 2024, average daily retailer spending between Black Friday and Cyber Monday was 43% higher than the average over the other days during the holiday season (November and December).
AI, Social Media, Our Pet Babies
Half of consumers said they will use AI to support their holiday shopping this year, with Gen Z leading at 71%. Across generations, top uses include:
- Comparing prices or deals: 28%
- Getting gift ideas or inspiration: 23%
- Tracking spending or staying on budget: 19%
- Writing gift messages or cards: 16%
As for social media influence, 32% of Gen Z and 28% of Millennials (1978-1995) are more likely to be influenced by social media than the general population (18%). More than half of Gen Z (55%) and Millennials (52%) plan to buy gifts directly from social media.
Pets are making the “nice list” too this holiday season, as 79% of pet owners plan to spoil them with toys and treats. Some Gen Z (20%) and Millennial (19%) pet owners are spending more on their pets than humans.
For more information and methodology, see the full survey.