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Holiday shoppers are adjusting rapidly to economic pressures according to new data from Qlik®, a global leader in data integration, data quality, analytics, and artificial intelligence (AI).
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As part of Qlik’s second annual holiday shopping survey, 83% of respondents say they are making changes to their holiday shopping plans to address economic realities.
Inflation is the defining influence
Of those changing their plans, 40% are buying fewer gifts and over a third (35%) started their shopping earlier to stretch budgets across more pay periods. Inflation is the defining influence, cited by 39% as the primary factor shaping their spending decisions, far ahead of tariffs (15%) or economic concerns about an “AI bubble” (9%).
One of the clearest trends is the rise of lower-cost alternatives to premium brands, led by Gen Z. Nearly one in three (32%) Gen Z shoppers say they deliberately seek out substitutes for premium brands – for example, choosing Costco leggings instead of pricier Lululemon styles, or “Lafufus” instead of Pop Mart’s Labubu dolls.
Younger shoppers determined to keep up with trends
These choices often involve value retailers, private labels, or less expensive emerging brands rather than like-for-like copies. These swaps show how younger shoppers are determined to keep up with trends while staying within tight seasonal budgets.
Retailers are seeing a shift in consumer behavior with secondhand gifting going mainstream across generations. The Silent Generation (aged 80+) shops at secondhand or thrift stores for holiday gifts at nearly the same rate as Millennials (23%) and Gen X (21%), with 31% of Gen Z doing the same. Boomers, at just 13%, are the only generation that largely avoids pre-owned gifts.
“Gen Z is giving retailers a preview of the next decade,” said Qlik CEO Mike Capone. “They want the latest trends, they are ruthless about value, and they treat returns as a normal part of how they shop.”
Gen Z again over-indexes
Returns remain an overlooked opportunity for retailers. As in last year’s findings, one in five consumers (20%) spend more at the time of return than the value of the item they are returning. Gen Z again over-indexes: 30% routinely top up their return to purchase something more desirable. Furthermore, a majority (54%) of Gen Z have purchased something online expecting they will likely return the item, followed by Millennials (43%) and Gen X (32%).
Capone continued, “Our research shows the real opportunity is to design for that entire journey, from the first search to the moment a customer walks in with a return and leaves with something better. The retailers that come out ahead will use solid data and agentic AI to get their price points right, protect their brands, and turn returns from a cost center into one of the most profitable parts of the season.”
Methodology
The research was conducted by Censuswide, among a sample of 2,000 nationally representative US respondents (18+). The data was collected between November 27 and December 1, 2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.
