U.S. holiday shoppers delivered another resilient season in 2025 , with spending rising steadily as consumers embraced AI-powered discovery, omnichannel convenience, and tech-forward gifting.
New data from Visa Consulting & Analytics (VCA) shows that while digital channels accelerated, physical stores remained the backbone of holiday retail. Holiday spending climbs 4.2% Preliminary data from the VCA Retail Spend Monitor shows that overall U.S. holiday retail spending increased by 4.2% year over year across all
payment types, including cash and checks. These figures cover a seven-week period beginning November 1 and are not adjusted for inflation, giving a nominal view of consumer outlays. The monitor draws on a subset of U.S.
Visa payment network data at retail merchants, complemented by survey-based estimates for other payment methods. It excludes categories such as auto, gasoline, and restaurants, focusing on core retail activity.
Stores still dominate, but e-commerce accelerates Despite growth in digital channels, in-person shopping remained the default choice for most consumers. Visa reports that 73% of holiday payment volume occurred in physical stores, while 27% of retail spend happened online.
At the same time, e-commerce continued to expand faster than overall spending. Online retail spending rose by 7.8%, buoyed by early-season promotions and the convenience of browsing, comparing, and buying from anywhere…
