OBS Report: A Recalibrated Christmas, between desire and limits
The cultural shift that will mark the Christmas campaign
- The Christmas campaign will grow moderately, with a third of Spanish households spending less.
- A hyper-rationalised consumer who prioritises experiences and travel over luxury products, and who values price over sustainability.
- TikTok and Instagram are becoming the major direct sales channels.
December 2025. OBS Business School, part of the Planeta Formación y Universidades higher education network, publishes the report ‘A Recalibrated Christmas: between desire and limits’, led by Professor Claudio Aros. The study, one of the school's flagship reports, analyses Christmas gift buying trends and offers a series of recommendations to retailers.
This year's Christmas campaign is marked by hyper-rationalised consumers: wanting to celebrate, but doing so with unprecedented planning. Christmas is leaving impulsive spending behind and becoming a cautious celebration, marked by efficiency and anticipation. In 2024, Spaniards planned to spend €583 on Christmas, but ended up spending €499, a 14% less. This last-minute adjustment confirms that we are talking about an extremely cautious consumer.
By 2025, moderation will continue: one in three Spaniards plan to reduce their spending, while the majority will maintain it and only a minority plan to increase it. Average spending is estimated at €462, reflecting more cautious consumption in an economic context still marked by inflation and the need to control a family budget.
Priorities of the cautious consumer
Although overall trends naturally point towards caution, younger consumers are tightening their budgets more noticeably, while those with greater financial stability tend to maintain theirs, highlighting clear generational differences.
We highlight the consumer priorities identified in this year's study:
- Experiences and adventures are growing in popularity compared to traditional products.
- Practical and useful gifts remain popular, while luxury goods are losing ground.
- Sustainability is interpreted from the perspective of saving rather than as an ethical value.
- Advance purchases and online promotions remain key.
The role of social media
Direct purchases through social media (social commerce) are growing by 30%, consolidating their position as a strategic channel, especially among younger people. Platforms such as TikTok and Instagram are transforming shopping into a social and aesthetic experience, where people not only buy a product but also engage with trends, share with their community and express their identity. As Professor Claudio Aros says:
‘Brands that do not adapt their content and formats to these platforms risk losing relevance to more agile and connected competitors.'
The report highlights the importance of empathetic efficiency, which involves understanding the needs of each consumer segment while optimising processes. It also offers practical recommendations for organisations to move towards a more agile, personalised and profitable model.
