ICSC’s 2024 Post-Thanksgiving Survey Shows 207 Million Consumers Went Shopping

ICSC’s 2024 Post-Thanksgiving Weekend Survey Shows 207 Million Consumers Shopped

ICSC, the leading membership organization serving the commercial real estate and retail industries, has released data from its 2024 Post-Thanksgiving Weekend Survey, revealing that 207 million U.S. consumers—about 79% of all adults—shopped between Thanksgiving and Cyber Monday. This marks an increase from the 75% who shopped during the same period in 2023, signaling continued strong consumer engagement during one of the most crucial shopping weekends of the year.

Key Insights from the 2024 Survey

According to Tom McGee, President & CEO of ICSC, the results highlight a strong consumer appetite for shopping. “Thanksgiving weekend showed clear signs that consumers are maintaining strong spending habits, with shoppers driving significant in-store and online traffic over the 5-day period. Cooling inflation rates and the opportunity to snag the best deals influenced a strong shopper turnout, and retailers who successfully balanced deals with value and experience captured consumer attention during the most central shopping weekend of the year. Despite the condensed period between Thanksgiving and Christmas, our Post-Thanksgiving Weekend Survey found that a majority of consumers have a substantial amount of shopping left to do – signaling strong momentum for the remainder of the season and ample opportunities for retailers to build on the success of this past weekend with consumers,” McGee said.

The survey, which was conducted in two rounds, on November 29 and December 2, 2024, involved a demographically representative U.S. sample of over 2,000 respondents. Here are the key findings:

  • High Shopper Participation: 207 million people, or 79% of U.S. adults, participated in shopping activities during the 5-day period, which was slightly higher than the 75% recorded in 2023.
  • Gift Spending Dominates: As in 2023, 69% of shoppers spent money on gifts for others. Additionally, 46% spent on dining, and 22% on entertainment and activities, showcasing a balanced mix of holiday-related spending.
  • Steady Shopping Habits: Over half of the respondents, 57%, said they shopped just as much or more than they did in previous years, similar to the 56% who expressed the same sentiment in 2023. This indicates that consumers are not only continuing their shopping traditions but are also embracing the evolving retail landscape.
  • Importance of the Weekend Remains Strong: Despite the growing trend of spreading deals throughout the holiday season, 68% of shoppers said that Thanksgiving weekend remains just as important for holiday purchases as it was in previous years.
  • In-Store Shopping’s Enduring Appeal: Brick-and-mortar stores remain a critical part of the shopping journey. 78% of consumers made purchases either in-store or through online orders for in-store pickup. Notably, 70% of those picking up online orders in stores made additional purchases, demonstrating the continued relevance of physical retail spaces.
  • Price Sensitivity and Consumer Behavior: While price sensitivity remains, fewer consumers felt constrained by higher prices this year. 53% of shoppers said they cut back on non-holiday items to save money for gifts, down from 58% in 2023, signaling a shift in consumer behavior as inflationary pressures ease. Furthermore, 70% of respondents took advantage of promotions to purchase items they had delayed buying due to high prices.
  • Stocking Up on Essentials: Among consumers purchasing non-holiday items, 82% used the opportunity to stock up on essentials, while 58% bought non-essential products. This trend highlights how consumers are leveraging holiday deals to meet both practical and discretionary needs.
  • Ongoing Holiday Shopping: Despite the significant shopping activity during Thanksgiving weekend, 60% of respondents indicated they still have a substantial amount of shopping left to do. This signals that retailers will continue to be busy throughout the remainder of the holiday season.
  • Black Friday and Cyber Monday Lead the Way: Black Friday remains the dominant shopping day, accounting for 39% of the weekend’s purchases. Cyber Monday follows with 19%, showing that online shopping is continuing to gain traction.

About ICSC

ICSC is the premier membership organization representing the commercial real estate and retail industries. The organization plays a vital role in advancing the spaces where people shop, dine, work, and socialize. ICSC’s initiatives foster industry connections, advocate for policy changes, create impactful marketing strategies, and provide valuable professional content. With a focus on innovation and growth, ICSC is committed to driving the future of the retail and real estate sectors. For more information, visit ICSC.com.

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