Inside The VCA Retail Spend Monitor And The 2025 Holiday Reset

U.S. holiday shoppers delivered another resilient season in 2025, with spending rising steadily as consumers embraced AI-powered discovery, omnichannel convenience, and tech-forward gifting. New data from Visa Consulting & Analytics (VCA) shows that while digital channels accelerated, physical stores remained the backbone of holiday retail.

Holiday spending climbs 4.2%

Preliminary data from the VCA Retail Spend Monitor shows that overall U.S. holiday retail spending increased by 4.2% year over year across all payment types, including cash and checks. These figures cover a seven-week period beginning November 1 and are not adjusted for inflation, giving a nominal view of consumer outlays.

The monitor draws on a subset of U.S. Visa payment network data at retail merchants, complemented by survey-based estimates for other payment methods. It excludes categories such as auto, gasoline, and restaurants, focusing on core retail activity.

Stores still dominate, but e-commerce accelerates

Despite growth in digital channels, in-person shopping…