Understanding current spending trends is important for lenders and retailers. 2024 set records for holiday shopping, but new patterns have emerged in 2025, reflecting an increase in consumer caution.
The current Equifax Market Pulse Index sits at 61.4. This Index measures data points such as credit, debt and income. Several factors impacted this year’s Index, such as increasing delinquencies, wealth and income volatility, student loan impacts and high savings rates.
What does this mean for spending habits? The data suggests that consumers are moving slower with their spending; for example, real consumer spending was lower in May 2025 than in December 2024.
However, consumers do not want to cut out spending entirely. Rather, spenders are approaching the holiday season in new ways. For example, instances of early shopping are on the rise, with 80% of all planned holiday gift spending being expected to occur by the end of Cyber Monday. Additionally, more consumers are taking advantage of Buy Now, Pay Later (BNPL) options. In fact, 43% of consumers report that BNPL influences where they shop.
As lenders and retailers prepare for the holidays, knowing the ins and outs of current consumer behavior is important. 2025 has seen consumers placing an emphasis on value, while still being willing to spend for the holidays.
Source: Equifax