Thrivent finds most Americans cutting back on holiday spending

MINNEAPOLIS (November 11, 2025)—Thrivent today released the results of its 2025 Holiday Spending Survey, which shows Americans are approaching the holidays with caution—many say they’ll be scaling back spending to keep their finances in check. The shift in seasonal spending shows financial concerns will be center stage this fall with the unease around inflation and tariffs setting in for most Americans.

“We often think of the holidays as a time full of joyful moments—like gift giving, celebratory gatherings and family travel—and we know those things can also bring financial challenges and stress,” said Thrivent Financial Advisor Sarah Hamlen. “While there’s still so much to celebrate and be thankful for, we expect the pressure of higher prices and less disposable income to change holiday traditions and spending for many people. Working with a financial advisor can give people clarity and confidence so they can focus on what truly matters—celebrating the season without the stress of overspending.”

Thrivent’s survey, conducted by Ipsos, answers questions about the drivers of people’s financial concerns for the upcoming holiday season and reveals who’s feeling the burden most intensely.

What’s driving Americans’ unease behind holiday spending this year?

The broader economic environment—namely inflation and tariffs—is a main contributor to financial concerns, according to Thrivent’s survey. Seven in ten respondents say inflation is negatively impacting their finances this holiday season, followed by tariffs (60%) and global economic conditions (55%).

Among those concerned about their holiday finances, the top two reasons for concern include worrying about the general cost of everything given rising prices (64%) and living paycheck to paycheck (32%). There will be some longer-term impacts, as well, as 37% of Americans say they feel pressured to spend more than they can afford during the holidays.

Who is most likely to feel financial strain during the holidays?

Thrivent’s survey shows that as pressure to spend rises, women are more likely to feel concerned about managing their holiday finances than men (54% to 46%) and parents are more concerned than non-parents (58% to 45%). Adding to this concern, moms are also feeling the greatest worry about their finances (61%). Accordingly, 79% of moms plan to cut back on holiday spending this year.

The financial strain can take an emotional toll, as well, with 42% of women associating stress with holiday shopping, compared to 35% of men. Similarly, 44% of parents connect stress to holiday shopping, outpacing non-parents (34%).

How are people planning to cut back on spending during the holidays?

Among those planning to cut back on spending in at least one area this holiday season, dining out, gifts, and travel are the most common. For respondents who intend to scale back on gifts, the majority indicate they will either purchase fewer items overall (56%) or opt for less expensive alternatives (50%). More than half of those cutting back on travel say they plan not to travel at all.

How do different generations feel about holiday spending this year?

Gen. Z (39%), Millennial (44%) and Gen. X (44%) respondents are feeling more stressed about holiday shopping than Baby Boomers (28%). When comparing how they feel about holiday spending this year versus how they recall feeling last year, Millennials say this year is even worse than last (39%), more negative than Gen. Z (33%), Gen X (35%) and Baby Boomers (31%).*

How can Americans manage the increased stress around holiday spending?

Americans of all backgrounds and financial situations can work together with a financial advisor to build a plan that helps them navigate the challenges of holiday spending—and make the season a more joyful one. Here are three tips Thrivent Financial Advisor Sarah Hamlen frequently discusses with her clients leading up to the holiday season:

• Make a Plan and Check it Twice: Planning ahead allows you to enjoy the holidays with more confidence and less financial stress. Before you shop or book travel, take time to map your priorities and your budget. Outline what you can realistically spend and align your budget with what matters most — whether that’s family experiences, giving back, or simply staying debt-free. Track your spending as you go and treat your plan as a tool that helps you focus on what matters most during the holiday season and avoid overspending.
• Find Magic in Moments, Not Spending: For parents, the holidays can bring pressure to create picture-perfect moments, but real holiday magic doesn’t just come from what you put under the tree. I encourage my clients to focus on experiences that strengthen their family’s connection, like baking cookies together, watching a favorite movie, or volunteering in your community. These traditions not only ease financial strain, but also teach kids that joy comes from family and generosity, not spending. By simplifying the season and focusing on experiences, you can manage expenses while creating lasting memories.
• Reimagine Traditions to Fit Today’s Reality: Traditions can be meaningful without being expensive. If rising costs are making old holiday habits feel out of reach for you and your family, consider updating them to reflect what works for your life now. Swap a big gift exchange for a potluck or a shared experience or set spending limits that everyone agrees to in advance. By adapting traditions with intention, you can preserve their spirit while easing financial pressure for yourself and others.