NEW YORK — U.S. consumers are preparing to spend more than ever over Thanksgiving Weekend, reinforcing the five-day stretch as a bedrock of the holiday shopping season despite a longer promotional calendar, according to new research from ICSC, an organization representing the commercial real estate and retail industries.
The industry group’s 2025 Thanksgiving Weekend Intentions survey projects that 88% of U.S. adults — roughly 235 million people — plan to shop between Thanksgiving Day and Cyber Monday, collectively spending an estimated $127 billion, up from last year. On average, consumers expect to spend $542, an increase from $529 in 2024.
Millennials are set to lead all generations, with anticipated spending of $764 per person, while Gen Z shows the strongest growth momentum: Nearly six in ten plan to spend more than last year.
“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 Tom McGee, ICSC president and CEO. “Consumers are ready to spend, but they expect value from their dollars.”
Value Still Drives Behavior
Discounts remain central to shoppers’ motivations. Fifty-nine percent cite deals and exclusive offers as their primary reason for shopping over the weekend — a two-point increase from last year — and a majority say this period is as important or more important than in the past.
Promotions will carry more weight than product preferences for many consumers: 56% say their purchases will be driven largely by deals rather than buying exactly what they want, up from 50% in 2024. Nearly two-thirds of shoppers plan to complete all or most of their holiday purchases between Thanksgiving and Cyber Monday. That share climbs to 76% for Gen Z and 71% for Millennials.
Economic pressures remain part of the backdrop. Roughly 72% of consumers intend to use steep discounts to stock up on non-holiday essentials, and 70% will buy items they have postponed due to price increases. Sensitivity to pricing remains elevated: two-thirds say they will avoid retailers that significantly raise prices, and more than half express concern about product shortages.
“Younger generations are steadily growing in their spending power,” McGee noted. “With tighter financial constraints, these younger consumers tend to be more value-driven, making deals and promotions especially influential.”
Omnichannel Behaviors Solidify
ICSC’s findings underscore the increasingly hybrid nature of holiday shopping. Among those planning to make purchases:
- 83% will shop in physical stores, led by Gen Z.
- 83% will shop online for home delivery.
- 58% plan to use buy-online, pick-up-in-store services.
Malls and shopping centers remain key seasonal destinations. Four in five Thanksgiving Weekend shoppers expect to visit a retail center, and many plan to combine shopping with other activities. Nearly half will dine out, and more than a quarter plan to attend holiday-themed events.
AI Becomes a Shopping Companion
New this year is the growing role of artificial intelligence in consumer decision-making. Sixty-three percent of shoppers plan to use AI tools — including ChatGPT, Gemini and retail chatbots — to search for deals, compare prices, generate gift ideas or stay organized.
Adoption is highest among younger consumers: 80% of Gen Z and 72% of Millennials expect to lean on AI, though usage is gaining traction across older generations as well, with three in five Gen Xers planning to use such tools.
Wide Range of Retailers to Benefit
Shoppers say they plan to spread their spending across multiple retail formats. Sixty-four percent expect to shop at national chains or big-box stores, 62% at online marketplaces, and 34% at local independent retailers, pointing to another highly diversified Thanksgiving Weekend in terms of traffic and transactions.
The survey, conducted Nov. 10–12 among 1,015 adults, highlights the continued strength of Thanksgiving Weekend as a commercial engine — and an indicator of holiday season performance.
“Every year, there's a question about whether the long holiday weekend still matters,” McGee said. “And every year, the answer from consumers is the same: it does.”
