As Black Friday deals flood inboxes and storefronts across the United States, millions of Americans say they're tightening their budgets, not because they want to, but because they feel they have no choice.
New data from Deloitte shows U.S. shoppers plan to spend 4% less than last year between Black Friday and Cyber Monday, reversing the post-pandemic expectation that holiday spending always increases.
The pullback spans both the wealthy and the financially stretched:
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Americans earning under $50,000 expect to cut spending by 12%,
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while those earning over $200,000 plan to cut by 18%.
Consumer confidence is hovering just above its lowest level on record , inflation expectations have climbed, unemployment concerns are rising, and retail data shows Americans quietly shifting from splurge stores toward discounters like Walmart, Gap, and TJX.
But this holiday season comes with a surprising twist. Some Americans say they're cutting retail spending so they can buy crypto instead.
TheStreet Roundtable spoke to five U.S. buyers, who say inflation has reshaped what they consider worth spending on.
Related: Bitcoin, XRP crash as 'Black Friday' approaches
'Shopping doesn't make me money. Crypto might.' — New York teacher
Maria Lopez, 32, a public-school social studies teacher from Queens, stood outside a Target in Astoria on Monday night with a basket of only three items: toilet paper, a discounted Lego set, and a single candle.
"This is the first year I came for Black Friday and left with less than I planned," she said. "Usually it's the opposite."
Her reason? Not fear, she says, but strategy.
"Everything is so expensive. Groceries are expensive, rent is expensive. I'm not boosting Target's revenues this year."
Instead, she has a new plan.
"Shopping doesn't make me money. Crypto might. So whatever I save this weekend is going into Bitcoin."
Lopez says she first heard about crypto in 2021 during "the TikTok boom," but didn't buy any until two months ago when a colleague explained Bitcoin's fixed supply and compared it to the U.S. dollar's 3% inflation rate.
She put $150 into Bitcoin (BTC) in October, and now she wants to invest at least $500 by year-end.
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Inflation is the real Black Friday villain
Deloitte's survey shows that both low-income and high-income households feel the pressure of persistent inflation:
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University of Michigan data shows consumer sentiment is near the lowest level in recorded history.
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69% of Americans expect unemployment to rise next year.
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Inflation expectations for 2026 have jumped to 4.5%.
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Retailers report consumers "trading down" to cheaper goods.
Even households that can technically "afford" to spend are choosing not to.
Dr. Kevin Zhong, 28, a Chinese-American postdoctoral researcher in computational biology, says his lab cohort has a running joke.
"We don't buy gifts anymore. We buy dips."
Zhong says he usually spends $700–800 during Black Friday week. This year, he capped himself at $120, and moved the rest into crypto.
"Honestly, I'd rather own Solana than another pair of headphones," he said. "At least one of them might go up in value."
Related: 'Rich Dad Poor Dad' author predicts 'biggest crash in history', says he's buying Bitcoin
'We cancelled gifts this year — but not Ethereum'
In Edison, New Jersey — home to one of the largest Indian-American communities in the U.S. — Sanya Patel, 41, and her husband decided to do something they've never done.
Cancel holiday gifts entirely.
"We told our two kids: no big presents this year. Maybe one small item each," she said.
Why?
"Eggs are expensive. Milk is expensive. Rent is insane. It's not like we're poor, but everyday life is just swallowing money."
Instead, Patel and her husband (both IT professionals) agreed on a different holiday plan:
"Every dollar we don't spend in December goes into Ethereum. We think of it as our 10-year savings strategy."
Patel says she bought her first ETH in April 2024 after a colleague explained staking yields. Today, she owns 3.8 ETH and hopes to reach 5 by early 2026.
"When we moved to America, people used to say the U.S. dollar was the safest," she said. "Now I'm not so sure."
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'I can't afford Christmas. But I can afford Bitcoin.'
A 19-year-old computer science student, Alex Nguyen, says Black Friday used to be "the Super Bowl" for him and his friends.
"My dad lost his job last month. My family is cutting everything — eating out, Netflix, even Christmas," he said.
Nguyen works 20 hours a week at a coffee shop and says every paycheck is split automatically:
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80% to help his parents
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10% to savings
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10% into Bitcoin
"That last 10% is the only thing that feels like it has a chance to grow," he said.
He first heard about BTC in a Discord gaming server in 2022, but only started buying during the August 2025 dip.
"Think about it: if I spend $100 on shoes, that's gone. If I spend $100 on Bitcoin, maybe in five years, it's $300. Or $500."
He says he hopes to accumulate "at least 0.1 BTC" by graduation.
Many shoppers say the Bitcoin dip — falling from $126,000 to the mid-$80,000s — feels like a better "deal" than Black Friday itself. They're cutting retail spending and redirecting extra cash to buy the dip, hoping to lock in BTC at a discount.
Crypto becomes a 'substitute purchase'
Economists say Americans traditionally cut spending during inflationary periods — but they don't usually redirect that spending into alternative assets.
This year is different.
Linda Forrester, 54, a retail cashier in Tampa, remembers "Christmas Club accounts"— small savings accounts banks used to offer where customers deposited money all year to afford holiday shopping.
She says she's re-creating that tradition, except with Bitcoin.
"Every Friday, I buy $25 of BTC," she said. "That's my new Christmas Club."
Why Bitcoin?
"The dollar is not holding value. Groceries are killing us. My rent just went up $300. I'm scared for the future."
Forrester says she will spend only $40 per grandchild this year — down from $150–$200 just three years ago.
"I'm not being cheap. I'm being realistic. The future is more important than gifts."
Bitcoin and Ethereum see a small uptick as U.S. shoppers pull back
While retail sales soften, the crypto market is showing slight upward momentum:
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Global crypto market cap: $3.07 trillion, +1.6%
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Bitcoin: $86,885, +1.6%
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Ether: $2,909, +3.8%
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XRP: $2.20, +5.9%
Analysts say holiday cutbacks won't move BTC in the short term, but the cultural shift toward treating crypto as a savings hedge could matter in the long run.
Crypto adoption often accelerates in times of economic uncertainty, and the U.S. is now in one of its most pessimistic consumer cycles in decades.
Inflation has pushed Americans away
from consumption and toward preservation.
And for a growing number of households, preservation now means Bitcoin.
Related: Amazon is selling a top-selling $149 crypto wallet for only $74.50 in Black Friday sale
This story was originally published by TheStreet on Nov 26, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
