ICSC: Retail sales to hit nearly $125 billion Thanksgiving through Cyber Monday
Most (88%) consumers plan to visit stores during the five-day period between Thanksgiving and Cyber Monday.
That’s according to ICSC's Thanksgiving Weekend Intentions survey, which said that consumer spending is expected to reach nearly $125 billion during the five-day period as 90% of consumers — or 236 million people — plan to shop. Most (82%) consumers expect to visit a mall or shopping center for shopping, dining, entertainment and holiday experiences.
“Two-thirds of consumers plan to do all or most of their holiday shopping during those five days, and four in five plan to shop on Black Friday and Cyber Monday, highlighting the opportunity for brands to create memorable holiday moments,” said ICSC president Tom McGee.
Promotions continue to be a key driver of consumer activity, with 57% of shoppers citing deals and discounts as their primary motivators for shopping over the long weekend. Many intend to use the weekend to purchase everyday essentials or items they delayed purchasing earlier in the year due to high prices, and 68% plan to research products ahead of time to find the best deals.
Higher shares of Gen Z and millennials plan to shop compared to older generations. However, millennials and Gen X will spend the most, with an expected average spend for each of these generations exceeding other generations by about 50%.
“Thanksgiving weekend reflects the enduring significance of physical retail as the cornerstone of holiday shopping,” said McGee. “Shopping centers are no longer just destinations for transactions; they are dynamic spaces where people gather, connect, and make memories – and retailers are making use of new opportunities and creative avenues to bring consumers into physical stores.”
Methodology
The 2024 ICSC Thanksgiving Weekend Intentions Survey was conducted online from November 8-10, 2024. The survey represents a demographically representative sample of 1,013 respondents.
