ICSC: Shoppers to spend average of $542 over Thanksgiving weekend
Despite uncertain economic conditions, a large majority of consumers are expected to make purchases over Thanksgiving weekend this year.
Eighty-eight percent of U.S. adults, or approximately 235 million people, plan to spend approximately $127 billion in total between Thanksgiving Day and Cyber Monday, according to a new survey from ICSC.
Shoppers expect to spend an average of $542 over the five-day period, slightly up from $529 last year. Millennials in particular are expected to outspend all other generations, with their average spending reaching $764 per person. More than a third (36%) of shoppers say they plan to spend more than last year, while 40% say they will spend the same amount. Gen Z shows the strongest momentum, with nearly six-in-10 planning to increase their spending compared to 2024.
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Omnichannel shopping continues to define Thanksgiving weekend behavior. ICSC found that among those planning to buy items, 83% say they will shop in physical stores – led by Gen Z – and 83% will shop online for delivery, while 58% intend to order online and pick up their purchases in-store.
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. Fifty-nine percent expect to shop, while 48% plan to dine, and 28% will attend holiday events.
Shoppers expect to support a diverse mix of retailers. Nearly two-thirds (64%) plan to shop with large national chains or big-box retailers, while 62% plan to shop online marketplaces, and 34% will shop local independent businesses.
“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.”
A recent estimate from the National Retail Federation found that retail sales in November and December are expected to grow between 3.7% and 4.2% over 2024, which translates to total spending between $1.01 trillion and $1.02 trillion.
Additional insights from ICSC’s Thanksgiving Weekend Intentions survey include the following:
- Consumers remain highly motivated by deals, with 59% citing discounts and exclusive offers as their primary reason for shopping during the weekend, a two-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%).
- Fifty-seven percent agree that deals offered during Thanksgiving weekend are just as or more important to them than in the past, and 56% say their purchases this year will be heavily influenced by promotions rather than buying exactly what they want. This is a notable increase from 50% in 2024.
- Nearly three-quarters (72%) of consumers plan to use the weekend’s sales to stock up on everyday, non-holiday items, and 70% will take advantage of discounts to buy products they have delayed purchasing due to price increases.
- More than six-in-10 (63%) shoppers plan 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%).
The 2025 ICSC Thanksgiving Weekend Intentions Survey was conducted online from Nov. 10-12, 2025. The survey represents a demographically representative sample of 1,015 respondents.
