Thanksgiving Weekend 2024 Consumer Spending Projected to Hit $125 Billion

Consumers to Spend $125 Billion Over Thanksgiving Weekend, Led by Younger Shoppers and In-Store Visits

ICSC’s Thanksgiving Weekend Intentions Survey forecasts nearly $125 billion in consumer spending during the five-day period from Thanksgiving to Cyber Monday, with 90% of consumers—representing 236 million people—planning to shop.

Retailers can expect Gen Z and Millennials to lead the charge, as higher percentages of these younger demographics plan to shop compared to older generations. However, Millennials and Gen X are projected to spend the most, with average expenditures exceeding those of other generations by about 50%.

“While the holiday shopping season and promotions start earlier each year, Thanksgiving weekend remains a cornerstone for retailers,” said Tom McGee, President and CEO of ICSC. “Two-thirds of consumers plan to complete most or all of their holiday shopping during these five days, and four in five are set to shop on Black Friday and Cyber Monday. This period offers a unique opportunity for brands to create memorable holiday moments.”

Promotions will play a central role, as 57% of shoppers identify deals and discounts as their primary motivation. Many plan to use the weekend to buy essentials or items postponed due to earlier high prices, with 68% intending to research deals in advance.

Physical retail remains integral to the holiday experience, with 88% of shoppers planning to visit stores and 82% intending to shop at malls or shopping centers. These spaces, now hubs for dining, entertainment, and holiday experiences, highlight the evolving role of retail environments in fostering community connections.

“Shopping centers have transformed into dynamic spaces where people gather, connect, and make memories,” added McGee. “Retailers are leveraging innovative approaches to attract shoppers to physical stores, reinforcing the enduring relevance of in-person shopping during the holiday season.”

Methodology

The 2024 ICSC Thanksgiving Weekend Intentions Survey was conducted online from November 8-10, 2024, with a nationally representative sample of 1,013 respondents.

About ICSC

ICSC is a leading membership organization serving the commercial real estate and retail industries. It champions marketplaces and spaces as essential community and economic pillars. Through events, advocacy, marketing, and thought leadership, ICSC fosters innovation and growth within the industry. For more information, visit www.ICSC.com.

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