BMO SURVEY: HOLIDAY SALES GROWTH TO BE SLOWER IN 2025 BMO Capital’s survey of 1,000 U.S. consumers finds holiday spending will rise more modestly this year. Only 50% plan to increase spending (down from 62% last year), while 24% plan to cut back, reflecting a 3.5-year low in consumer confidence. Retail sales are expected to grow 3.6% vs. 4.3% in 2024, and e-commerce 6.9% vs. 8.3%, though resilient shoppers could provide upside. Online channels lead, with 52% boosting e-commerce vs. 44% in stores, and Amazon dominates holiday shopping at 94% of consumers. Despite an extra day between Black Friday and Christmas, 71% plan to start shopping before Black Friday.(*Walter Bloomberg)