Consumer Sentiment Update: Stability Prevails (November 2025)

As the 2025 holiday season progresses, stability continues to define consumer and brand behavior across the retail landscape. PMG’s latest Insights, Unwrapped report, Stability Prevails As Consumers Balance Value & Optimism, captures how shoppers and marketers alike are pacing themselves ahead of Black Friday and Cyber Week, maintaining steady engagement and measured promotional activity.

Each week throughout the holiday season, PMG’s strategy and intelligence teams deliver these insights to our customers, translating live data into actionable guidance across media and commerce. Now, through Insights, Unwrapped, these weekly briefings are publicly available, offering marketers a window into how PMG provides clarity for the critical quarter and helps ambitious brands move with agility.

What You’ll Learn

• A Steady Retail Rhythm Ahead of Peak Week: Promotional activity remains consistent, with roughly half of tracked retailers offering deals, primarily in the 20–40% range for full-price items and up to 70% for clearance. Brands are pacing themselves strategically, introducing holiday-themed messaging and early Black Friday previews while protecting margins and sustaining engagement.

• Value-Driven Consumers Show Resilient Intent: Foot traffic rose +1.4% year-over-year, led by apparel (+5.5%), discount (+4.8%), and home improvement (+4.1%) stores, according to Placer.ai. While higher-income shoppers are prioritizing quality and convenience, middle- and lower-income consumers remain cautious and value-focused. The recent resolution of the federal government shutdown provided a small boost to optimism, but purchasing decisions remain grounded in practicality and affordability.

• Disciplined Media Investment Drives Efficiency: Across PMG’s portfolio, performance remained steady as brands pre-prime demand ahead of peak week. Meta continues to deliver the lowest CPCs across platforms, while programmatic video and connected TV drove a +10% YoY traffic lift. Paid search CTRs climbed +20% despite fewer impressions, reflecting how AI-driven SERP evolution is improving ad relevance and engagement.

• Affiliate and Ecommerce Channels Build Momentum: Affiliate programs across PMG’s portfolio delivered +45% YoY revenue growth, fueled by +20% higher traffic and +15% stronger conversion. Ecommerce traffic continues to outpace 2024 levels, though Amazon’s early-season discount activity is lagging last year (7.2% of products marked down versus 11.9% in 2024). These indicators point to a market emphasizing sustained value over aggressive discounting.

As consumers balance optimism with value sensitivity, the brands winning this season are those combining pricing discipline with relevance and storytelling. With consumer intent strengthening and media efficiency holding steady, the path to peak week will reward marketers who stay focused, adaptable, and insight-led.

Download the full November W2 readout to explore PMG’s latest holiday intelligence.