Holiday tradition is beating financial anxiety in the American consumer’s budget — but only just, and often on borrowed money. The International Council of Shopping Centers’ 2026 Holiday Intentions Survey, released this week, found shoppers determined to preserve the season while quietly absorbing real strain.
Some 83 percent of consumers say they can keep up with essential expenses, yet many report rising financial pressure. Nearly half — 49 percent — are concerned about being able to afford holiday gifts this year, and 50 percent say personal or household debt will affect their holiday spending. Worries about the job market are shaping budgets for 49 percent of shoppers too, up from 43 percent a year earlier.
The trade-offs are concrete. Nearly half of consumers, 49 percent, expect to borrow money to cover purchases they cannot pay for in full immediately. Forty-seven percent anticipate holiday spending will delay or reduce debt repayments, savings or retirement contributions, and 23 percent expect to still be paying for their 2026 holiday purchases well into 2027.
What shoppers will not sacrifice is the ritual itself. And they are not staying loyal while they protect it: 58 percent expect to try a new brand this season and 52 percent plan to shop with a retailer they have not used before. Twenty-seven percent plan more research and comparison shopping, 25 percent expect to switch to lower-priced products, and even among those spending more overall, over four in ten expect to buy fewer items, choose cheaper alternatives or buy secondhand.
Physical stores sit firmly inside this value hunt. Sixty-eight percent of shoppers say discounts, promotions and exclusive offers will encourage additional store trips, and 93 percent expect to visit a store to buy an item or collect an online order — including 97 percent of Gen Z. The ICSC’s read is that value gets shoppers through the door, while shared experience gives the store a purpose beyond the transaction.
The findings align with the season’s other major research. PwC’s Holiday Outlook 2026 found gift spending down just 2 percent to an average of $708 despite a sharp fall in consumer confidence, and Accenture reported planned spending up nearly 12 percent to $737, driven largely by higher prices rather than higher spirits.
Together the surveys describe the same household from three angles: determined, deal-driven and quietly stretched. For retailers, that combination rewards clear pricing, visible promotions and stores worth visiting — and punishes anyone assuming that tradition alone guarantees a sale. On Friday, October 9, 2026, the holiday consumer is loyal to the occasion, not the brand.
Related reading: Shoppers Trust AI to Advise Them — Just Not to Buy for Them · PwC: Holiday Shoppers Feel Squeezed but Keep Spending on Gifts
