NEW YORK CITY, New York: When the last gifts were unwrapped, and the Christmas rush faded, a different picture of holiday shopping began to emerge, one shaped less by impulse buying and more by caution, bargain hunting, and careful planning.

Spending during the holiday season still climbed past last year's levels, with purchases made using cash or cards topping 2024 totals, according to data from Visa Consulting & Analytics and Mastercard SpendingPulse. But concerns about the U.S. economy and higher prices partly linked to President Donald Trump's tariffs influenced where and how Americans shopped.

Data from Placer.ai, which tracks store visits using cellphone signals, shows more shoppers bypassed malls in favor of thrift stores and discount chains. At the same time, consumers appeared more deliberate with purchases, helping push return rates below last year's levels, according to Adobe Analytics.

Here are three early trends shaping the holiday season:

Traditional Gift Shopping Loses Momentum

Americans continued buying gifts, but increasingly did so at thrift and off-price retailers rather than traditional department stores, Placer.ai data shows. That shift is forcing legacy retailers to fight harder for traffic.

Clothing and electronics, mainstays of holiday shopping, saw seasonal bumps but struggled to grow overall. Traffic at department stores doubled during the week before Christmas compared with an average week in 2025, but still fell 13.2 percent from the same period last year. Apparel-only retailers saw traffic surge 61 percent versus the rest of the year, yet visits slid 9 percent compared with last Christmas.

Some of that demand flowed to off-price chains such as TJ Maxx, where traffic jumped 85.1 percent seasonally and rose 1.2 percent year on year. Thrift stores stood out the most, with visits climbing nearly 11 percent in the week before Christmas compared with 2024.

"Whether hunting for a designer deal or uncovering a one-of-a-kind vintage piece, consumers increasingly favored discovery-driven experiences over the standardized assortments of traditional retail," said Shira Petrack, head of content at Placer.ai.

Thrifting goes Mainstream

Second-hand shopping, once seen as niche or budget-driven, broadened its appeal amid inflation and economic uncertainty. Placer.ai said thrift stores have posted at least 10 percent traffic growth in the second half of 2025, reflecting both financial caution and environmental concerns.

Even during Black Friday weekend — typically dominated by big-box retailers — thrift store visits rose 5.5 percent. In November, while traffic at traditional apparel stores fell more than 3 percent, thrift store traffic surged 12.7 percent.

The customer base is also shifting. Average household income for thrift shoppers reached US$75,000 in October and November, up from prior years, according to Placer.ai data. At Savers Value Village, U.S. sales rose 10.5 percent in the three months ended Sept. 27, with momentum continuing into October.

"High household income cohort continues to become a larger portion of our consumer mix," CEO Mark Walsh told analysts. "It's trade down for sure, and our younger cohort also continues to grow in numbers."

Returns Slow for Now

Returns have so far been lower than last year, suggesting shoppers planned purchases more carefully. Adobe Analytics reported return rates fell 2.5 percent from November 1 to December 12 compared with a year earlier, and dipped 0.1 percent in the week after Cyber Week.

"I think it's very indicative of consumers and how conscientiously they've purchased," said Vivek Pandya, lead analyst at Adobe Digital Insights. "Many of them are being very specific with how they spend their budget."

Returns are still expected to spike after Christmas. Adobe forecasts a 25 percent to 35 percent increase in returns between December 26 and December 31 compared with early-season levels, with elevated activity continuing into January, a familiar post-holiday pattern, even as shopping habits continue to evolve.