Surprising Canadian Holiday Season Insights from the PwC 2025 Survey

cut spending on family members, they do plan to cut spending on gifts for friends, pets, and themselves compared to last year. Reducing reliance on credit cards and increasing debit card use is another notable trend, as consumers strive for better control over their budgets and spending habits.

Generational Spending Differences The most significant declines in holiday budgets are seen among Gen Z and millennials, who plan to spend 34% and 11% less than last year, respectively.

These groups are navigating economic uncertainty, entering the workforce, moving into their own homes, beginning new mortgages, and—particularly for millennials—starting families. The survey authors explained that more Gen Z consumers have entered the workforce and set up their own residences.

Many millennials have now had children, are early into mortgages, and could be affected by job losses. Beyond budget constraints, younger Canadians place a premium value on brand transparency, sustainability, and digital convenience…