ICSC, formerly the International Council of Shopping Centers, has released results from its 2024 Thanksgiving Weekend Intentions survey, revealing that consumer spending is expected to reach nearly $125 billion during the five-day period between Thanksgiving and Cyber Monday.
ICSC reported that 90 percent of consumers, or 236 million people, plan to shop during this period based on the survey results.
“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 than 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 percent,” the ICSC said in a media release regarding the survey.
“While the holiday shopping season and 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 the 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.”
The trade association said promotions continue to be a key driver of consumer activity, with 57 percent 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 percent plan to research products ahead of time to find the best deals,” the ICSC noted.
The survey results reportedly indicate that physical retail remains central to consumers’ shopping experiences, with 88 percent planning to visit stores during the five-day period. At the same time, the survey results also indicate that 82 percent of consumers anticipate visiting a mall or shopping center to shop and take advantage of offerings, including 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,” added 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.”
Methodology: The 2024 ICSC Thanksgiving Weekend Intentions Survey was conducted online from November 8-10, 2024, and represents a demographically representative sample of 1,013 respondents.
The ICSC is a membership organization serving the commercial real estate and retail industries.
