72% of Americans Expect Record-High Holiday Prices Due to Tariffs, as 56% Cut Back on Spending

Three-quarters of Americans (72%) say the economy is worsening as the holidays approach. They are most likely to blame high holiday prices this year on the Trump administration (30%), inflation (28%), and tariffs (16%).

ST. LOUIS, Dec. 3, 2025 /PRNewswire/ -- Nearly three-quarters of Americans (72%) expect tariffs to make 2025 the most expensive holiday season yet, according to a new report from Clever Real Estate, a St. Louis-based real estate company.

Over half (56%) of Americans say they're cutting back on holiday spending to afford basic living expenses this year, and more than a third (38%) report this is the first year they've worried about affording holiday shopping.

The average consumer plans to spend $550 on holiday shopping this year — down from $600 in 2024 — with top reasons for cutting back including inflation (55%), tariffs (38%), and losing SNAP benefits (15%).

Despite plans to limit spending, over a quarter of Americans (28%) are worried they'll go into debt this year due to holiday spending, with 1 in 7 (14%) already planning to buy gifts on a credit card they can't pay off. As a result, two-thirds of Americans (68%) say the holidays have become more financially stressful than joyful.

Tariffs are hitting shoppers hard: 71% of Americans believe retailers are passing the full cost of tariffs on to consumers, 56% anticipate gift shortages, and 46% are changing their typical shopping habits in response.

Notably, only 15% of consumers say they'd buy a more expensive American-made product if tariffs raised the prices of imported goods, challenging the Trump administration's claim that tariffs boost domestic demand.

About 38% of Americans say lower tariffs would help them afford holiday spending, while 69% say lower grocery prices, and 24% say SNAP benefits would help. Support for SNAP is strong, with 60% backing increased benefits during the holiday season.

Amid soaring political tensions, 1 in 4 Americans (25%) won't shop at certain retailers this season due to their political stance. Even more, 56% of those boycotting would feel uncomfortable receiving a gift from that retailer.

With 40% of Americans saying they can't comfortably afford gifts this year, however, 59% admit they'd buy from a retailer they don't politically agree with to save money — including 43% of those who had planned to boycott.

About 72% of Americans say the economy is worsening as the holidays approach, and 55% feel guilty spending on gifts when others can't afford essentials.

Read the full report at: https://listwithclever.com/research/holiday-spending-2025

About Clever
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CONTACT: 
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Clever Real Estate
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SOURCE Clever Real Estate