Thanksgiving weekend shopping expected to hit $130 billion

Most consumers plan to shop over the Thanksgiving holiday weekend — in-store and online.

Ninety-percent of consumers plan to shop during the period beginning on Thanksgiving Day and ending on Cyber Monday, with 80% planning to shop on Black Friday and 81% planning to shop on Cyber Monday, according to the ICSC's 2023 Thanksgiving Weekend Intentions survey. Consumers are expected to spend a total of $130 billion over the holiday weekend, an increase of 4% from last year’s spending estimates. 

However, a majority of shoppers don’t just plan to use the weekend to buy holiday gifts. Seven-in-10 shoppers plan to use promotions to stock up on everyday essentials. Another 71% plan to research prices of items they want to buy in advance to ensure they’re getting the best deals.

“Shoppers continue to remain optimistic about the upcoming holiday shopping weekend despite inflation,” said Tom McGee, President and CEO of ICSC. “While they expect to encounter higher prices this holiday season, they’re turning to smart and savvy shopping techniques to make sure they’re getting the best deals on the things they buy to maximize what they have to spend."

According to the survey, nearly half of respondents said they expect to rely on social media and apps more than they have in previous years to find the best discounts. However, 90% of shoppers plan to visit a store to buy an item or pick up an online purchase, while 84% plan to spend online. Among physical stores, eight-in-10 shoppers plan to visit a retail marketplace during Thanksgiving weekend.

Other insights from the ICSC survey include:

• 64% of consumers say price and value are a key factor when choosing where to shop during Thanksgiving weekend, convenience is also important.
• Three-in-five shoppers say they will shop in stores or use click-and-collect more to avoid shipping delays.
• 56% plan to shop online and pick up in-store, an increase from 48% in 2022.  
• 65% of consumers plan to use debit cards during the shopping weekend, followed by credit cards (49%) and cash (45%).
• Only 13% of shoppers plan to use buy now, pay later for purchases. 

“Deals and promotions are top-of-mind for consumers this holiday shopping weekend, but retailers can’t forget that offering a positive customer experience is also vital,” added McGee. “In deciding where to shop, additional key factors for consumers beyond pricing and promotions include in-stock products, quick pickup and shipping options, and easy returns or exchanges. Ensuring that shoppers have an enjoyable and convenient experience in stores and online while shopping during the holidays can help build trust through the holiday season and beyond.”