Consumers Expected to Spend $125 Billion Over Thanksgiving Weekend 2024
Traditional “deal days” like Black Friday and Cyber Monday remain valuable for price-conscious consumers looking to prioritize deals
ICSC’s Thanksgiving Weekend Intentions survey shows that consumer spending is expected to reach nearly $125 billion during the five-day period between Thanksgiving and Cyber Monday, as 90% of consumers – or 236 million people – plan to shop.
“Thanksgiving weekend reflects the enduring significance of physical retail as the cornerstone of holiday shopping”
Retailers should expect younger shoppers to lead store and website visits over the holiday weekend, as 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%.
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“While the holiday shopping season and holiday promotions continue to start earlier each year, traditional milestones like Thanksgiving weekend remain solid shopping periods for retailers, and we expect this year to be no different,” said Tom McGee, President and CEO of ICSC. “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.”
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.
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Physical retail remains central to the shopping experience, with 88% of consumers planning to visit stores during the five-day period. In tandem, 82% of consumers anticipate visiting a mall or shopping center to shop and take advantage of offerings like dining, entertainment, and holiday experiences, showcasing the evolution of these centers into multi-purpose community hubs.
“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.”
