ICSC survey finds shoppers prepared to spend more as they turn to promotions and AI tools to maximize value throughout the weekend

NEW YORK --(BUSINESS WIRE)

ICSC’s 2025 Thanksgiving Weekend Intentions survey found that Americans are once again gearing up to spend during a weekend of deals and promotions. Between Thanksgiving Day and Cyber Monday this year, 88% of U.S. adults – representing approximately 235 million people – plan to spend $127 billion, more than last year.

ICSC’s survey showed that shoppers expect to spend an average of $542 over the five-day period, up from $529 last year, as strong participation across all generations continues to reinforce the significance of Thanksgiving Weekend. Millennials in particular are expected to outspend all other generations, with their average spending reaching $764 per person.

Spending intentions remain healthy as we approach the most significant shopping period of the holiday season, with 36% of shoppers saying they plan to spend more than last year and 40% saying they will spend the same amount. Gen Z shows the strongest momentum, with nearly six in ten 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% citing discounts and exclusive offers as their primary reason for shopping during the weekend, a two-percentage-point increase over 2024. Nearly two-thirds of shoppers say they will do all or most of their seasonal purchasing between Thanksgiving and Cyber Monday, led by Gen Z (76%) and Millennials (71%). Fifty-seven percent agree that deals offered during Thanksgiving Weekend are just as or more important to them than in the past, and 56% say their purchases this year will be heavily influenced by promotions rather than buying exactly what they want – an uptick from 50% in 2024.

Omnichannel shopping continues to define Thanksgiving Weekend behavior. Among those planning to buy goods, 83% say they will shop in physical stores – led by Gen Z – and 83% will shop online for delivery, while 58% intend to order online and pick up their purchases in-store.

Malls and shopping centers remain a centerpiece of the season. Eighty percent of Thanksgiving Weekend shoppers plan to visit a retail center during the period, with many intending to combine shopping with dining, entertainment, and holiday-themed experiences: 59% expect to shop, 48% plan to dine, 28% will attend holiday events.

Against the current economic backdrop, 72% plan to use the weekend’s sales to stock up on everyday, non-holiday items, and 70% will take advantage of discounts to buy products they have delayed purchasing due to price increases. Consumers also express heightened sensitivity around pricing and tariffs, with two-thirds saying they will avoid retailers that significantly raise prices and 51% reporting 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.”

AI is set to play a more prominent role in holiday shopping this year, with 63% of shoppers 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%) and Millennials (72%), but three in five Gen Xers also plan to use AI tools.

As in previous years, shoppers expect to support a diverse mix of retailers. Sixty-four percent plan to shop with large national chains or big-box retailers, 62% with online marketplaces, and 34% with local independent businesses.

Methodology

The 2025 ICSC Thanksgiving Weekend Intentions Survey was conducted online from November 10-12, 2025. The survey represents a demographically representative sample of 1,015 respondents.

About ICSC

ICSC is the preeminent membership organization serving the commercial real estate and retail industries. The organization promotes and elevates the marketplaces and spaces where people shop, dine, work, play and gather as foundational and vital ingredients of communities and economies. ICSC produces experiences that create connections and catalyze deals; aggressively advocates to shape public policy; develops high-impact marketing and public relations that influence opinion; provides an enduring platform for professional success; and creates forward-thinking content with actionable insights–all of which drive industry innovation and growth. For more information, please visit www.ICSC.com.

ICSC
Stephanie Cegielski, Vice President, Research & Public Relations
[email protected]

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