ICSC predicts $125 billion in consumer spending over Thanksgiving weekend
• Sixty-one percent agree that higher prices make Thanksgiving Weekend’s deals and discounts all the more influential on their purchasing decisions — taking advantage of deals and discounts were the top-cited reason (58%) for shopping during the weekend.
“While high inflation and rising rates may impact how consumers spend this holiday weekend, it’s clear that they do intend to spend on Black Friday and beyond,” said Tom McGee, president and CEO of ICSC. “The earlier start to the holiday season this year hasn’t dampened enthusiasm for traditional milestones like Black Friday and Cyber Monday, and we anticipate consumers will increase spending compared to last year across the holiday weekend.”
“We’re continuing to see an evolution and a more regular cadence of sales and promotional events throughout the holiday season – and increasingly earlier in the year,” added McGee. “Consumers are taking notice; two-thirds are placing less emphasis on specific deal events like Black Friday, and 38 percent cited an earlier start to shopping as a reason for that shift. Nonetheless, shoppers are still prioritizing deals in the current economic environment, and that includes Thanksgiving Weekend.”
The 2022 ICSC Thanksgiving Weekend Intentions Survey was conducted online from November 11 - 13, 2022. The survey represents a demographically representative sample of 1,013 respondents.