Retailers face a new landscape where younger generations dictate the pace of the season. According to Deloitte’s 2026 Holiday Retail Survey, Gen Z and millennials are expected to account for 50% of total holiday spending for the first time, signaling a departure from traditional demographic dominance. These groups are not only spending more but are also the primary drivers behind the rising trend of self-gifting, which has seen a 13% increase in value since last year.

Despite a lean toward value-conscious shopping—with 38% of consumers identifying as "holiday value seekers"—spending on retail goods is expected to rise by 10%. Consumers are increasingly blending physical items with experiences, though the preference for traditional shopping windows remains strong. While early sales events in June and October continue to gain traction, the bulk of activity still concentrates in the weeks surrounding Thanksgiving. Natalie Martini, vice chair at Deloitte, noted that the ability to offer personalized experiences and faster delivery will be the deciding factor for retailers aiming to capture the attention of these younger, tech-savvy buyers.