Washington, Aug. 28 -- US consumers remain wary of the economy and are cutting back on discretionary purchases, but holiday spending is expected to remain broadly steady, with nearly half of consumers planning to spend the same amount as last year, according to a latest report by McKinsey & Company.

The latest ConsumerWise research found that 47 per cent of respondents expected to spend about the same during the 2026 holiday season, while 23 per cent planned to spend more and 21 per cent expected to spend less. Another 9 per cent had not yet decided.

The findings come as consumer sentiment remains cautious. In the third quarter of 2026, 41 per cent of US consumers reported mixed feelings about the economy, while 34 per cent were optimis...