The ICSC’s 2024 Thanksgiving Weekend Intentions survey projects consumer spending to reach $125 billion during the five-day shopping period from Thanksgiving to Cyber Monday. With 90% of consumers, or 236 million people, planning to shop, the holiday weekend remains a crucial time for retailers.
Millennials and Gen X are expected to lead spending, averaging 50% more than other generations, while Gen Z and Millennials are likely to dominate store and website visits. Deals and discounts are key motivators, with 57% of shoppers citing promotions as their primary reason to shop. Many plan to purchase essentials or items they delayed due to high prices.
Physical retail continues to play a pivotal role, with 88% of consumers planning in-store visits. Shopping centers, evolving into community hubs, will attract 82% of shoppers with dining, entertainment, and holiday experiences.
This year’s Thanksgiving weekend demonstrates the enduring importance of both physical and digital retail channels, with opportunities for brands to engage customers through strategic promotions and memorable shopping experiences.
