by Mia Taylor
Last updated: 6:40 PM ET, Tue October 14, 2025
There’s no place like home for the holidays….
In addition to being the hook of one of the most famous holiday songs of all time, that sentiment appears to be dominating Americans’ travel plans for the festive season ahead amid increasing cost of living pressures brought about tariffs.
A new Fall Consumer Trends Report from the consumer data company Resonate reveals that when it comes to Americans’ holiday plans and priorities for 2025, 55 percent don’t plan to travel at all.
And those who do plan to travel are reigning in their budgets, limiting spending to less than $5,000. In fact, 13 percent are budgeting less than $500 for a holiday trip this year.
Why the slowdown in travel? According to the report the rising cost of living is putting a serious dent in consumer spending.
“Americans are directing much of their ire towards tariffs and other trade policies,” says the report, which adds: “Prices are rising, more consumers are finding they’re unable to get products they want due to tariffs, and, overall, people are uncertain of what comes next or what they should be doing.”
The result of all of this economic uncertainty? About 29 percent of Americans say they’re traveling less frequently overall, while 21 percent are opting for shorter, less expensive trips and 11 percent plan to stick with domestic travel.
Separately, 36 percent say they won’t change their leisure activities, but they are spending more strategically.
It's also worth noting that it’s not just the travel industry that’s taking a hit amid consumer frustration surrounding the U.S. presidential administration’s new tariffs on imports from dozens of countries.
Tariffs are affecting spending on everything from vacations to homes, cars, and luxury goods as the holiday season draws near, says the report. In addition, nearly 70 percent (68.8) of consumers rate the economy as “fair” to “poor” at the moment.
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