ICSC’s 2025 Thanksgiving Weekend Intentions Survey found that consumers expect to spend an average of $542 over the five-day period, November 27-31, up 2.5 percent from $529 last year.
The survey also identified strong participation across all generations; however, Millennials are expected to outspend all others, with an average spend of $764 per person.
ICSC, formerly the International Council of Shopping Centers, found that this year, between Thanksgiving Day, November 27, and Cyber Monday, November 31, 88 percent of U.S. adults, representing approximately 235 million people, will spend $127 billion, more than last year.
Among those surveyed, 36 percent plan to spend more than they did last year, and 40 percent will spend the same amount. Gen Z has the strongest momentum, with nearly six in ten surveyed planning to increase their spending compared to 2024.
“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 ICSC President and CEO Tom McGee. “This year’s results reinforce what we’ve seen all year: Consumers are ready to spend, but they expect value from their dollars. Every year, there’s a question about whether the long holiday weekend still matters. And every year, the answer from consumers is the same: It does.”
Consumers remain highly motivated by deals, with 59 percent of those surveyed citing discounts and exclusive offers as a primary reason for shopping during the holiday weekend, a two-percentage-point increase from 2024. Nearly two-thirds of respondents plan to do all, or most of, their seasonal purchasing between Thanksgiving and Cyber Monday, led by Gen Z (76 percent) and Millennials (71 percent). Fifty-seven percent agreed that sales offered during the Thanksgiving Weekend are just as important, or more so, to them than in the past, and 56 percent said this year’s purchases will be heavily influenced by promotions rather than buying exactly what they want, an uptick from 50 percent in 2024.
Omnichannel shopping continues to define Thanksgiving Weekend behavior. Among those respondents planning to buy merchandise, 83 percent said they will shop in-store, led by Gen Z. Meanwhile, 17 percent will shop online and have the items delivered, and 58 percent intend to order online and pick up in-store.
Malls and shopping centers remain at the center of the 2025 holiday shopping season. Eighty percent of respondents to the survey noted that they plan to visit a retail center during the Thanksgiving Weekend, with many intending to combine shopping with dining, entertainment, and holiday-themed experiences. Specifically, 59 percent expect to shop, 48 percent plan to dine and 28 percent will attend holiday events.
Against the current economic environment, 72 percent of respondents plan to use the Thanksgiving weekend sales to stock up on every day, non-holiday items, and 70 percent will take advantage of discounts to buy products they have delayed purchasing due to price increases. Surveyed Respondents also expressed heightened sensitivity to prices and tariffs, with two-thirds stating they will avoid retailers that significantly raise prices, and 51 percent reported concern about product shortages or limited inventory.
“Younger generations are steadily growing in their spending power, and we expect to see that reflected during Thanksgiving Weekend,” McGee added. “For many Gen Z and Millennials, this is the most important shopping period of the season, with a large share planning to do the majority of their holiday shopping then, more than older generations. With tighter financial constraints, these younger consumers tend to be more value-driven, making deals and promotions especially influential.”
The report noted that AI will play a more prominent role in holiday shopping this year, with 63 percent of those surveyed planning to use AI tools, such as ChatGPT, Gemini or retail chatbots, to assist them in finding deals, comparing prices, generating gift ideas, or organizing their shopping. Usage is highest among Gen Z (80 percent) and Millennials (72 percent), but three in five Gen X respondents also plan to use AI tools for their holiday shopping during the Thanksgiving five-day period.
As in previous years, those surveyed expect to support a diverse range of retailers. Sixty-four percent plan to shop with large national chains or big-box retailers, 62 percent with online marketplaces and 34 percent with local independent businesses.
The 2025 ICSC Thanksgiving Weekend Intentions Survey was conducted online with 1,015 respondents from November 10 to 12.
Image courtesy Pion/Walmart
