Consumers Seen Spending $127 Billion Over Thanksgiving Weekend

While retailers seem to be starting their year-end holiday shopping events earlier and earlier on the fall calendar, the Thanksgiving weekend still remains a major lure for consumers, a new study from ICSC reports. Between Thanksgiving Day and Cyber Monday this year, 88% of U.S. adults – representing roughly 235 million people – plan to spend a total of $127 billion, the trade group found.

“Despite the longer holiday season, Thanksgiving Weekend remains a vital moment for retailers and shoppers alike, and we see no signs of momentum slowing,” said ICSC President and CEO Tom McGee. “This year’s results reinforce what we’ve seen all year: Consumers are ready to spend, but they expect value from their dollars. Every year, there’s a question about whether the long holiday weekend still matters. And every year, the answer from consumers is the same: it does.”

Among the survey’s findings:

• Consumers remain highly motivated by deals, with 59% citing discounts and exclusive offers as their primary reason for shopping during the weekend, a 2-percentage-point increase over 2024. Nearly two-thirds of shoppers say they will do all or most of their seasonal purchasing between Thanksgiving and Cyber Monday, led by Gen Z (76%) and Millennials (71%).
• Malls and shopping centers remain a centerpiece of the season. Eighty percent of Thanksgiving Weekend shoppers plan to visit a retail center during the period, with many intending to combine shopping with dining, entertainment, and holiday-themed experiences: 59% expect to shop, 48% plan to dine, 28% will attend holiday events.
• AI is set to play a more prominent role in holiday shopping this year, with 63% of shoppers planning to use AI tools, such as ChatGPT, Gemini, or retail chatbots, to assist them in finding deals, comparing prices, generating gift ideas, or organizing their shopping. Usage is highest among Gen Z (80%) and Millennials (72%), but three in five Gen Xers also plan to use AI tools.
• As in previous years, shoppers expect to support a diverse mix of retailers. Sixty-four percent plan to shop with large national chains or big-box retailers, 62% with online marketplaces, and 34% with local independent businesses.

Click here for more from the ICSC survey, which gathered just over 1000 responses Nov. 10-12.