Americans are expected to rein in spending this holiday season by the most amount since the pandemic, as they continue to face pressure from high prices and tariffs.

That's according to a new survey released by accounting firm PwC on Wednesday, which predicts Americans this year will reduce holiday spending to $1,552 a person on average, which is 5% less than in 2024. That includes spending on gifts, travel, food and entertainment.

If the predictions come to pass, it would represent the most significant drop in holiday spending since 2020. While consumers are not cutting purchases entirely, they are getting smarter about how they stretch their dollars, according to Alison Furman, PwC's consumer markets industry leader.

"Inflation is kind of creeping in, and they're seeing it affect th

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