Holiday Retail Tariffs: How Much Are You Paying This Christmas Season vs. Last Year?

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Money flows during the winter holidays. The National Retail Federation’s (NRF) annual consumer survey found that consumers spent $901.99 on gifts, decor, food and other seasonal goods last year. Spending is expected to decrease slightly this year — down to $890.49 — but not because costs are suddenly lower.

In fact, inflation and tariffs have hiked up prices across the board. From Christmas gifts to greeting cards, you’re likely to spend more money this year for the same thing than you did before.

But how much exactly are you paying this Christmas season compared to last year? Here’s what you should know.

The Impact of Tariffs on Shoppers

The NRF survey found that the majority of consumers (85%) anticipate higher prices due to tariffs. This doesn’t necessarily mean they’ll quit shopping altogether. They just might not spend as much to try to combat the rising costs.

In fact, the product experience company Akeneo reported 42% of consumers anticipate spending less this holiday season because of inflation and tariffs. Another 42% plan to spend around the same amount as in 2024. Since many everyday goods are more expensive, this could mean purchasing less to keep to last year’s budget.

“Tariff-related cost increases are expected this holiday season and 69% of shoppers have already noticed rising prices,” said Romain Fouache, CEO of Akeneo. “Consumers aren’t outright rejecting higher prices; they’re just demanding proof of why it’s happening for the goods they want and want to make sure they are still getting their money’s worth.”

How Costs Have Risen With Inflation and Tariffs

If you want to know how much costs have risen this Christmas season, start with inflation. The average annual inflation rate for the 12 months ending in September was 3%, according to the U.S. Bureau of Labor Statistics (BLS). This means an item that cost $100 last year could now theoretically cost $103 (though admittedly inflation rates aren’t the same across the board).

But tariffs have had an even greater impact on the cost of holiday shopping. Major retailers like Amazon have hiked up their prices since last year. According to ConsumerAffairs using data from third-party research firm DataWeave, here’s how prices have changed this year:

• Amazon: 13% price increase
• Target: 5% price increase
• Walmart: 5% price increase

Breaking this down further, the following products are up in price this year:

• Apparel: 11% increase
• Home and garden goods: 10% increase
• Pet supplies, health products and beauty goods: 6% to 7% increase
• Appliances and electronics: 8% increase

Here’s an example of what this might look like if you were to add items from these key categories to your shopping cart:

• $1,000 laptop computer could now cost $1,080
• $100 facial cream could now cost $106 or $107
• $100 in home decorations or gardening supplies could cost $110
• $50 T-shirt would now cost $55

Tariffs have been cited as the main reason behind these price hikes.

On top of that, the “de minimis” exemption is now gone. Before, items valued under $800 could come from abroad without hefty import duties or taxes, according to DHL. This includes everything from face cream to strollers. Now, these same goods could also be subject to these extra fees.

Yearly Price Differences Between Key Holiday Items

So how much are you paying this holiday season versus last year? Well, it depends on what you’re buying.

According to NRF, the top holiday gifts consumers prefer are:

• Gift cards: 50%
• Apparel and accessories: 46%
• Books and media: 27%
• Beauty or personal care items: 23%
• Electronics: 22%

And here’s a look at how much key holiday gifts and related items have gone up since last year (estimated):

• Video game consoles: up 69%, per Technology Magazine
• Laptops: up 68%, per Technology Magazine
• Baby-related gear (like strollers and car seats): up 20%, per BabyCenter

According to the Peterson Institute for International Economics (PIIE), U.S. tariffs have risen by 26.8% since the start of January 2025. Chinese tariffs rose by 10.7% during that same time. The average tariffs on goods imported from China sits at 47.5%.

Worried about rising costs? Go in with a strategy, stick to a budget and if you see a great deal on something you need, get it while it’s on sale.

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