Holiday Season Retail Trends and Insights for Retailers and Lenders

Although 2024 broke records in terms of spending during the holiday season, 2025 data is showing a change in trends. Many prominent groups of spenders are experiencing increased delinquencies, wealth and income volatility, student loan impacts and high savings rates. All of these factors are causing consumers to tread lightly, reducing spending going into the holiday season.

The typical US consumer has seen a 12% decrease in median total assets over the past 3 years, driving some of the most important behavior trends to watch for the 2025 holiday season. Early shopping, Buy Now, Pay Later options, data-driven marketing and the rise of domestic travel are all products of these changes.

This data helps to inform both lenders and retailers of best practices and what to expect when facing consumer behavior during holiday shopping. For lenders, these holiday season retail trends help to anticipate the demand for card originations and higher card balances. Additionally, lenders should prepare for increased credit and loan requests. For retailers, less consumer savings means less discretionary spending money and a higher focus on value when purchasing at different businesses.

Although consumers will always spend on non-negotiable categories like family or children’s gifts, recreational or extraneous spending is on the decline. Keeping this in mind will guide key financial players through the holiday season.

Source: Equifax