The ICSC, a member organization advancing the Marketplaces Industry, in its 2025 post-Thanksgiving weekend survey, found that 152 million consumers visited shopping centers during the four-day shopping weekend, with 9 in 10 of the Gen Z demographic spending time there.

The survey further found that 84 percent of consumers shopped in-store or used in-store pickup, up 6 percentage points from 2024.

Click-and-collect also continued to drive incremental spending, as 64 percent of consumers made additional purchases when picking up orders in-store.

The survey of roughly 1,000 U.S. consumers, conducted between November 28 and December 1, overall found that 206 million people (77 percent of U.S. adults) shopped during the 5 days between Thanksgiving and Cyber Monday this year, led by Millennials (88 percent) and Gen Z (84 percent).

“Thanksgiving weekend is a cornerstone of holiday shopping, and this year’s results show that shoppers are not only resilient but increasingly strategic in their shopping behaviors. They continue to leverage technology to find value and efficiency while still prioritizing in-person experiences to make the season special. Retailers that can deliver on price, convenience and memorable engagement are positioned for success, not just during the holiday season but also into the new year.”

Other findings from the ICSC (formerly the International Council of Shopping Centers) survey found:

  • Roughly two-thirds of consumers (65 percent) purchased gifts for others, with dining and experiences continuing to play a role. Forty-four percent of respondents reported spending at restaurants over the weekend, while 23 percent spent on entertainment and activities.
  • Over the five-day period, Black Friday remained the most popular shopping day. Respondents estimated that 38 percent of their total Thanksgiving weekend spend occurred on Friday, November 28.
  • Spending on Small Business Saturday (November 29) and the following Sunday (November 30) outpaced Cyber Monday, as consumers viewed the entire weekend as an opportunity to find deals rather than concentrating their spending on a few select days.
  • 61 percent of consumers who shopped said Thanksgiving weekend remains as important for their holiday spending as it has in the past, even though retailers offer more promotions throughout the season.
  • Half of those who made purchases during the five-day period used AI tools to assist with shopping, including to compare prices, collect gift ideas and recommendations or find the best deal. AI users were led by Gen Z (66 percent) and Millennials (61 percent), though half of Gen X consumers also leveraged AI tools.
  • Despite robust spending over Thanksgiving weekend, 65 percent of respondents said they still have significant holiday shopping remaining, giving retailers an opportunity to capture additional spending in the weeks ahead.
  • As consumers remain price-sensitive, 69 percent said they took advantage of weekend deals to buy items they had previously delayed because the price was too high.
  • 59 percent of consumers felt this year’s promotions were as good as in past years, broadly consistent with 2024’s sentiment.
  • Food and beverage was the most popular category for 56 percent of respondents during the long weekend. Other categories included apparel (51 percent), toys and games (42 percent) and health and beauty (36 percent).