3 States Where Holiday Spending Has Fallen the Most
Written by
Stacy Sare Cohen
Edited by
Jenna Klaverweiden
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Holiday shopping has become less merry for some households in 2025. Sixty-eight percent of Americans have said financial strain has taken some of the joy out of their season, according to a Clever Real Estate survey of 1,000 consumers. And that may lead to some spending less during the holiday season.
However, when looking across states nationwide, not all are created equal. Holiday spending has decreased more in some than in others. Here’s a look at this year’s holiday spending, as well as the three states where holiday spending decreased the most.
Also see how much middle-class families should spend during the holidays.
A Look at Holiday Spending
Holiday shopping and spending has caused some strain on many budgets this year.
One culprit is likely the tariffs imposed by the Trump administration. According to Clever, sweeping tariffs have raised the prices of toys, tech, clothing and other goods, with many costs being passed on to consumers. In addition, layoffs and the temporary government shutdown, as well as the delay in Supplemental Nutrition Assistance Program benefits, impacted lower-income household budgets, according to Clever.
As such, 56% of respondents reported cutting back on holiday spending to afford essentials, like food, housing and utilities. Additionally, 38% of Clever’s survey participants said that this year is the first holiday season they’re anxious about being able to afford holiday gifts.
Where Has Holiday Spending Dropped the Most?
According to a SmartAsset study that compiled monthly state retail sales data from the U.S. Census Bureau from 2021 to 2024, holiday spending dropped the most in three states. Data from every state was obtained, except for West Virginia and Florida, which were unavailable.
Here are the three states where holiday spending declined the most, as well as end-of-year percentages from 2021 to 2024.
Vermont
- 2024: -8.20%
- 2023: -3.05%
- 2022: -9.65%
- 2021: -4.35%
Wyoming
- 2024: -3.00%
- 2023: 8.40%
- 2022: -6.10%
- 2021: 14.90%
New Jersey
- 2024: -1.90%
- 2023: 7.55%
- 2022: 7.80%
- 2021: 9.50%
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