The number of "non-buying Americans" is increasing ─ The Christmas shopping season reflects the seriousness of the "savings mode"

1. The Shift Before the Christmas Shopping Season

The United States is often called the "world's largest consumer nation." Many people might imagine Americans using credit cards to buy things, even if it means borrowing against future income.

However, before the 2025 holiday season, an "unusual phenomenon" is occurring in the U.S. Not only are everyday goods seeing a slowdown in consumption, but even the mainstays of the Christmas shopping season, such as clothing and electronics, are experiencing sluggish growth.Idemo S Vijet

According to a report from a European media outlet, many Americans are now steering towards "consciously not spending money." This is not just a temporary saving trend but is pointed out as a "warning sign" reflecting the economy and social atmosphere.Idemo S Vijet

2. The Scars of Inflation, High Interest Rates, and "Shutdown"

Underlying this are the steadily rising prices and high interest rates. The inflation rate appears to be stabilizing at around 2.8%, but the prolonged price increases have already exhausted household budgets.Idemo S Vijet

Additionally, due to conflicts over the federal budget, a "shutdown" occurred, leading to some government agencies being closed and about 1.4 million federal employees being left unpaid for approximately six weeks.Idemo S Vijet

Households that suddenly lost income dipped into their savings to manage rent, loans, and medical expenses, but the fear of "what if it stops again" has led them to avoid significant expenditures for a while.Idemo S Vijet

Complicating matters further, the shutdown also halted the release of government statistics, leaving the latest economic indicators and consumption data outdated. Without official data, businesses and market participants are forced to rely on private surveys and individual company earnings reports to gauge the economic "temperature."Idemo S Vijet

3. Retailers Speak of a "Sober Holiday"

The changes are also reflected in the figures of retail companies, the main players of the holiday season.

Abercrombie & Fitch, a clothing chain that includes the casual brand "Hollister," has seen its annual sales grow compared to the previous year, but it remains cautious about expecting significant growth towards the Christmas season.Idemo S Vijet

Major electronics retailer Best Buy predicts a sales growth rate of about 1% for the holiday shopping season, but considering the inflation rate is around 2.8%, it can be said to be effectively "negative."Idemo S Vijet

Furthermore, some companies are heavily affected by U.S. tariff policies. Companies dealing with clothing and youth fashion are reportedly facing an annual cost increase of around $90 million due to strengthened tariffs on imports.Idemo S Vijet

Products that were once bought cheaply and sold at higher prices are now in a bind: "Even if we buy at high prices, customers can't withstand the price increases."

4. Statistics Show "Polarized Consumption"

According to the private research organization "Conference Board," current personal consumption is mainly driven by those with high income and stable jobs. Meanwhile, many people with lower incomes or unstable jobs are refraining from expensive purchases and keeping their wallets tightly closed even during the holiday season.Idemo S Vijet

The consumer sentiment index published by the University of Michigan is also sluggish, and expectations for the future are worsening. The survey analyst notes, "Consumers are disappointed with the persistent high prices and stagnant income growth."Idemo S Vijet

In other words,

• those with financial leeway continue to enjoy shopping

• while those without are struggling with daily expenses

leading to a "polarized holiday season."

5. The "True Feelings" of the Holidays on Social Media

This atmosphere is clearly reflected on social media. Below is a typical post image reconstructed based on actual discourse (not a quote from real posts, but a fictional reflection of trends).

① Voices from Those with Limited Household Budgets

• "My credit card is maxed out. This Christmas, I'm giving my child just one present."

• "My bonus is gone on gas and rent. I wanted a new TV, but Black Friday was just 'window shopping' for me."

② Voices from Those Still with Financial Leeway

• "The mall is still crowded, but I feel like everyone is more cautious about checking price tags than before."

• "With investments and salary going well, I think now is the time to buy, so I'm actually bulk buying. Isn't the media too pessimistic?"

③ Whispers from the Retail Scene

• "The store is somewhat busy, but the purchase amount per person is clearly down."

• "There's a huge increase in customers saying, 'I'm just browsing today. I'll come back on payday.'"

④ Perspectives from Economists and Investors

• "The deterioration in consumer sentiment reflects not just a mood but the actual worsening of household finances. Depending on the holiday sales figures, next year's economic outlook could change significantly."

• "If this saving mode strengthens, pressure on the Federal Reserve (FRB) to cut interest rates will undoubtedly increase."

Looking at social media, one can see the coexistence of "self-protective saving" like "reducing gifts" and "giving up on travel," alongside the "apparent bustle" of "malls still full of people." Although it may seem like the usual Christmas shopping season on the surface, households are continuing a tightrope walk behind the scenes.

6. Choosing "Not to Buy" as a Message to Politics and the Economy

This movement carries a message that goes beyond mere financial circumstances.

• Shutdowns due to government budget conflicts

• Rising import prices due to tariff policies

• Dissatisfaction with inflation and high interest rates

These factors are overlapping, leading to a quiet anger of "please don't pass the buck to households any further."
While not as conspicuous as street demonstrations or hashtag movements, the act of "not buying" or "not buying as much as before" itself can be seen as a statement towards politics and the economy.

7. The Significance of Observing This Phenomenon from Japan

From Japan's perspective, hearing about the "American Christmas shopping season" might feel like an event in a distant country. However, the shift towards saving in the world's largest consumer market, the U.S., is a signal that cannot be ignored for the global economy, including Japan.

• Impact on exports to the U.S. and the performance of global companies

• Ripple effects in financial markets in the form of "rate cut expectations" or "recession concerns"

• Ultimately, this chain reaction could affect Japanese companies' investments and employment

In other words, American holiday consumption serves as a "thermometer" for gauging the global economy.

At the same time, Japan also faces issues of rising prices and stagnant wages.
The "polarized consumption" in the U.S. is one potential future scenario that Japan might face.
If only high-income groups continue to buy while others focus solely on defending their livelihoods, there is a risk that the majority will feel "unable to experience prosperity" even in an economy that should be growing overall.

8. Behind the Glittering Illuminations

In 2025, New York's Fifth Avenue and Los Angeles shopping malls will likely still feature giant Christmas trees and dazzling illuminations. Popular stores with lines and Instagram-worthy displays will undoubtedly continue to attract many people.

However, taking a step back from that scene reveals something different.

• People reducing the number of shopping bags while fearing credit card payments

• Parents continually cutting other expenses to keep their children's smiles

• Store managers struggling with inventory and pricing behind the sales excitement

These are the real faces of the 2025 holiday season.

American consumers are now making the quiet choice of "saving to protect their lives" rather than flashy spending.
This choice will eventually be reflected in corporate earnings, stock prices, and the numbers of the global economy.

As they gaze at their reflections in the glittering shop windows, Americans are seriously calculating their lives for the coming years.

That might be the message this year's Christmas shopping season is conveying to us.

※This article is an original commentary reconstructed by referencing an article on U.S. consumption and the Christmas shopping season reported by Tagesschau, while incorporating typical reactions seen on social media and perspectives from Japan.Idemo S Vijet