LendingTree’s study reveals that at current rates, tariffs would have raised the overall cost of 2024 winter holiday gift shopping by $40.6 billion. Crucially, $28.6 billion—over 70% of this increase—would have been passed directly onto consumers. That translates into an estimated $132 in extra costs for the every holiday shopper in the United States.
Maybe it isn’t “earth-shattering for some,” he said, but he predicted it may prompt people to cut back on gift-giving this year or even take on extra debt, calling it “a choice no one wants to have to make.”
With 88% of all clothing and 69% of electronics being imported, the holiday shopping lists of many Americans are tightly linked to global supply chains—and thus, to tariff policies. In total, consumers spent an estimated $377.7 billion on imported goods for gifts during the 2024 winter holiday shopping season.
Retailers are not immune to the pressure, either, as the analysis calculated they would have absorbed about 29.5% of the total tariff burden in 2024, some $12 billion. While retailers share in the pain, experts say much of the cost ultimately makes its way to consumers, particularly as companies pass on expenses to remain profitable.
Despite the significant costs outlined by LendingTree, Americans are unlikely to abandon electronics and clothing as go-to holiday gifts. Schulz acknowledged that, though prices are climbing, demand for these categories remains strong, and families may simply be forced to “suck up the higher costs or give fewer of those items as gifts.”
