In addition, more than half (57%, compared to 30% in 2024) estimate the economy to weaken in the coming year, according to the Deloitte Holiday Retail Survey 2025.

Clothing and accessories lead buyers' preferences with 20% of total spend, but gift cards are gaining ground at 17%, up four percentage points from last year. Electronics' share decreased to 12% from 15% last year. More buyers (47%, compared to 39% in 2024) choose to offer experiences like restaurants, event tickets, and spa visits, which is why expenses of this type would decrease less (by 6% year-on-year) than those allocated to retail items (-14%).

Seven out of ten consumers are engaging in multiple deal-seeking behaviours, and 68% plan to use digital tools including social media (59%), artificial intelligence (33%), price comparison, and chatbots for holiday shopping. Only Generation X representatives (45 to 60 years old) intend to spend more on holiday presents this year (by 3%), while Generation Z (18 to 28 years old) are planning to spend 34% less than a year ago.

"The domestic and international economic context urges consumers to be cautious, including during the winter holidays," said Raluca Baldea, Tax Partner at Deloitte Romania and Leader of the retail and consumer goods industry. "This caution is also confirmed by the consumption data this year, especially in Romania, where it indicates a 4% annual decrease, as prices are higher due to VAT increase starting with August 2025."

Online retailers are attracting more than half of the holiday budget (56%), while in-store retailers are preferred for food and beverages (82%), home and kitchen (56%) or clothing and accessories (55%). The Deloitte Holiday Retail Survey 2025 was conducted among nearly 4,300 US consumers.