An Update on European consumer sentiment : cautious, but gearing up for the holidays

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<title>Update on European consumer sentiment</title>
<subTitle>: cautious, but gearing up for the holidays</subTitle>
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<abstract displayLabel="Summary">The document is an in-depth analysis of European consumer sentiment in 2025, based on McKinsey's ConsumerWise research across France, Germany, Italy, Spain, and the UK. Despite global uncertainty and inflation concerns, consumer spending intentions remain stable heading into the holiday season. Key trends include the rise of gift cards, the importance of omnichannel shopping, and generational differences in spending: Gen Z favors material goods like apparel and electronics, while older generations prefer experiences such as travel and dining. Inflation is still a top concern, but its stabilization in much of the eurozone has helped maintain consumer confidence. The report also highlights regional nuances, trading-down behaviors, and varying attitudes toward tariffs and discretionary spending</abstract>
<tableOfContents displayLabel="Contents">Consumer sentiment and spending intentions remain steady this holiday season, even amid global uncertainty and inflation concerns -- An update on European consumer sentiment: outlook holds, despite dismay abroad -- Caution prevails, but some are ready to treat themselves</tableOfContents>
<note type="statement of responsibility">Jessica Moulton... [et al.]</note>
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