The latest Consumer Trends Report from Resonate offers new insights into U.S. consumer spending patterns and highlights key areas for retailers to capitalize on ahead of the holiday shopping season.

  1. Consumers are not fully feeling the effects of tariffs (yet): 62 percent of consumers never or rarely find that the items they want are not available because of the imposition of tariffs. And despite ongoing economic pressure, 47 percent of surveyed respondents reported they do not plan to delay or cancel any financial decisions. Instead, nearly half (49 percent) are spending the same as they were six months ago, and 30 percent said they have not made any changes to their spending habits to accommodate higher prices.
  2. Consumers are not afraid to cut back on non-essential spending when they feel the pinch from tariffs: Surveyed respondents are prepared to make adjustments if U.S. economic conditions decline, with 37 percent stating they would stop dining out or ordering takeout, 26 percent will cut vacation and travel spending, and 24 percent will halt entertainment and events purchases. Additionally, 24 percent will cut back on luxury purchases, while 19 percent will avoid them entirely.
  3. Confidence in personal finances is waning: Despite only 22 percent of surveyed respondents noting that they are worried about the economy (a 19 percent decrease since March 2025), a quarter (23 percent) expect to be financially worse off in the next six months. With 70 percent of respondents in debt, 16 percent of the group are struggling to meet their debt obligations, which could be a reason why 34 percent stated they are also saving less than they were six months ago.
  4. Budget-friendly travel is on the rise: 55 percent of respondents in the survey do not have a plan to travel this fall/winter holiday season, and for those who do, they plan to change their vacation habits, with 32 percent of respondents planning to spend less than $2,000. As a result, 21 percent are opting for shorter trips, 11 percent are choosing domestic over international travel, and 13 percent are switching to budget-friendly travel options like camping or road trips.
  5. Holiday spending will be slower: Over the last two years, Resonate data shows a 38 percent increase in consumers opting out of buying holiday gifts completely, with 25 percent intending to shop exclusively during events like Black Friday and Cyber Monday, showing little change since 2024, but a focus on consumers pursuing deals to get the best bang for their buck.’

“Americans aren’t pulling back yet, but tariffs have the potential to cause consumer behaviors to shift overnight,” said Bryan Gernert, CEO of Resonate. “The brands that win won’t just be focused on cutting costs — they’ll drive growth by understanding why people buy and acting on it in real time, keeping customers loyal even in uncertain times.”

With shifting consumer perceptions of inflation, debt and pricing pressure, the report emphasizes that brands can no longer rely solely on “holiday intuition” or historical campaign performance to connect with consumers during times of economic uncertainty.

To view the full report, go here.

The Resonate Consumer Trends Report is a bi-monthly report offering current sentiment shifts on key issues impacting American consumers. This analysis is powered by Resonate’s proprietary system of AI-powered models known as rAI. rAI employs advanced AI algorithms to identify patterns and uncover correlations from a variety of sources, including observations of 30 billion daily online behaviors, data from the U.S. Consumer Study and offline consumer data. This analysis enables Resonate to develop a comprehensive understanding of consumer and voter values, preferences, motivations, and intent, spanning over 15,000 attributes across 250 million US adults. Resonate is headquartered in Reston, VA.

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